Discover Which of Our Mortgage Loan Programs in Albuquerque, NM, Is the Right Choice for You

Academy Mortgage Services, Inc. will examine your financial information and provide you with the best loan product to meet your needs, since every buyer has different needs. Academy will provide a pre-qualification to get you pre-approved as soon as possible in the loan process to provide you with any pre-approval requirements set by the lender.

Loan Type Comparisons: Conventional and FHA Loans

Conventional FHA
Minimum Down Payment 5% can be homebuyer’s and/or gift refunds 3.5% can be homebuyer’s and/or gift refunds
Maximum Seller Assistance 3% (<10% down payment)


6% (>10% down payment)

Mortgage Insurance (MI) Private Mortgage Insurance (PMI) – Dependent on credit score, down payment, loan purposes, and loan term Upfront Mortgage Insurance Premium (UFMIP) – Factored at 1.75% of the base loan amount (can be financed in the loan)


Monthly Mortgage Insurance Premium (MIP) – Usually factored at 1.35% of the base loan amount and life of loan.

Possible Advantages

Conventional FHA
Typically lower mortgage insurance can be cancelled at 20% equity is achieved or investment in value or principle reduction. Can use gift funds for down payment. Less money out of pocket. Lower credit score requirements. Can use gift funds for all cost and down payment. Expanded lending guidelines to first time homebuyers.

Possible Disadvantages

Conventional FHA
More money out-of-pocket. Higher credit score requirements. Less flexible lending guidelines and debt-to-income ratios. Higher mortgage insurance costs than conventional mortgage insurance. Mortgage insurance is included for the life of the loan and cannot be cancelled.

Call Academy Mortgage Services Inc. to discuss loan products to meet your specific needs.

*FHA scenarios assume a standard 3.5% down payment for a 30-year, fixed rat FHA loan. The mortgage insurance requirements may change if the homebuyer is putting down more than 10% or desires a term less than 30 years.

All mortgage products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available for all amounts. Additional conditions, qualifications, and restrictions may apply. This is not an offer for extension of credit or a commitment to lend. Please contact Academy Mortgage Services Inc. for more information.

Academy Mortgage Services Inc.
2800 San Mateo Blvd., N.E.
Suite 101
Albuquerque, NM 87110
Phone: 505-265-1271
Fax: 505-265-3574
Tommy Martinez NMLS#192577
Mary Ann Martinez NMLS#192493
Academy Morgage NMLS #191392
Equal Housing Lender New Mexico Association Logo BBB Accredited Business Albuquerque 64