I'm Bond Peter Njoku (NMLS #2670329), based right here in Garland TX. For Garland buyers with 680+ credit, conventional financing typically beats FHA — lower mortgage insurance, no upfront MIP, and PMI that cancels once you hit 80% equity. Garland's $220,000–$380,000 price range fits comfortably within the $806,500 Dallas County conforming limit.
Garland is my home base — I know this market as well as anyone. Most Garland buyers are first-time or move-up buyers in the $220,000–$380,000 range. FHA is popular here because of low down payments, but for buyers with 680+ credit, conventional typically saves more money over a 5-year period — primarily because monthly PMI is lower and there's no upfront mortgage insurance premium of 1.75%.
The decision point is usually credit score. Below 660, FHA wins. Above 680, conventional wins. I'll run both for your exact file so you see the real numbers — not a general estimate.
| Minimum credit score | 620 (best pricing: 680+) |
|---|---|
| Down payment | 3% – 20%+ |
| Upfront MIP | None |
| PMI (if <20% down) | Yes — cancels at 78% LTV |
| Income limits | None (standard conventional) |
| 2026 loan limit (Dallas County) | $806,500 |
| Typical Garland range | $220,000–$380,000 |
| Conventional | FHA | |
|---|---|---|
| Purchase price | $300,000 | $300,000 |
| Down payment (5%) | $15,000 | $15,000 |
| Upfront fee | $0 | $4,978 (1.75%, rolled in) |
| Monthly MI | ~$100/mo (PMI) | ~$205/mo (MIP) |
| MI removal | Cancels at 80% LTV | Stays for life if <10% down |
| 5-year MI total | ~$6,000 | ~$17,278 (incl. upfront) |
Estimates based on 700 credit, 5% down, 30-yr fixed. Actual rates and MI vary.
At 700 credit and 5% down on a $300,000 Garland home, the conventional buyer saves roughly $105/month vs. FHA — and PMI eventually cancels. The FHA buyer's MIP never cancels unless they refinance. Over 5 years, the total difference is over $11,000.
Below 660 credit, this math flips — FHA's fixed MIP pricing becomes more competitive. I'll run your exact scenario at your actual credit score and down payment so you see where you stand.
I'm Bond Peter Njoku (NMLS #2670329), based in Garland TX. I offer conventional, FHA, VA, and USDA loans. For buyers with 680+ credit, I almost always recommend running a conventional comparison first. Call or text 469-545-7180.
Above 680 credit, conventional typically wins on monthly cost and total cost. Below 660, FHA often wins. I'll run both for your specific file. I'm Bond Peter Njoku (NMLS #2670329). Call 469-545-7180.
$806,500 for Dallas County. Garland's $220,000–$380,000 range is well below this, so jumbo financing is not needed. I'm Bond Peter Njoku (NMLS #2670329). Call 469-545-7180.
As low as 3% through HomeReady or Home Possible (income limits apply). Most Garland buyers put 5–10% down. At 20%, PMI is eliminated. I'm Bond Peter Njoku (NMLS #2670329). Call 469-545-7180 and I'll run every down payment scenario for you.
I'm Bond Peter Njoku (NMLS #2670329), based in Garland TX — your local conventional loan officer. Call, text, or WhatsApp me at 469-545-7180 — I'll run conventional vs. FHA for your exact file and have pre-approval ready fast.
Also serving nearby: Garland · Conventional in Mesquite · Conventional in Dallas · Conventional in Richardson · Conventional Loans Overview · FHA Loans in Garland · VA Loans in Garland