FHA loans have lower down payments, but the mortgage insurance is higher;
FHA adds a set fee to the balance (so you pay principal *& interest* on MI!), plus they charge a monthly fee.

Conventional requires a higher down payment, & they're sometimes stricter on credit, but there's no limit on the number of conventional loans you can have, although a lender would undoubtedly require a larger down payment if you wanted to bu a secondary home or a rental property.

Seeing that you have airforceguy as your screen name, are you eligible for a VA loan?

Thanks for the responses.

No, I was in the Canadian Air Force. Now reside (citizen) in the USA. Thanks

Hi AFG,

Question #1
Whats the difference between a FHA and a conventional loan? (pro's, cons)

FHA requires rather pricey mortgage insurance premiums, where conventional can avoid mortgage insurance.

Question #2
Is it true that if we refinance our conventional mortgage (on our condo) with another conventional mortgage that we can't get a conventional loan for our new home for a period of one year?

Not, not at all... no idea where that came from.

Luck!
Dave Donhoff
Leverage Planner

Thanks all. Not counting anyone out,but I have been a long time lurker and the "Dave Donhoff" name appears over and over,many thanks