Do you get more money for a VA or FHA loan?
Can you qualify for more money if you use a VA or FHA loan instead of a conventional loan? Will this usually come at a higher interest rate? I have tried the home affordability calculators but they do not take into consideration different kinds of loans.
my question is will I be approved for a higher amount with a VA or FHA loan vs a conventional loan?
For example, if I would normally be approved for 150,000, would my approval amount for a VA or FHA amount be significantly higher?
FHA and VA loans will generally have LOWER rates than conventional when you compare them apples to apples.
Lets say you need a loan at 97% loan to value and you have a credit score of 620 the rate for a conventional loan with all of the lender adjustments will be higher than either FHA or VA.
Conventional loans will also have a much higher monthly mortgage insurance payment.