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Down payment on their first house

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Jim and Ester have saved $25,000 for a down payment on their first house which costs $100,000. The FHA loans for which they qualify requires them to put $10,000 down. A FHA mortgage will be 5.5%. A conventional 30-year mortgage will be 4.5% interest but requires 20% down payment.

  • Which loan should they choose and why?
  • What considerations must they make in deciding to buy versus rent?
  • Use the facts found in the text to back your ideas and suggestions for Jim and Ester?

Reference no: EM131300691

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