FHA vs Conventional vs VA Mortgage Loans - Which is Better?
10.3 هزار بار بازدید -
3 سال پیش
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What Is a Federal Housing Administration Loan (FHA) Loan?
A Federal Housing Administration (FHA) loan is a mortgage that is insured by the Federal Housing Administration (FHA) and issued by an FHA-approved lender. FHA loans are designed for low-to-moderate-income borrowers. They require a lower minimum down payment and lower credit scores than many conventional loans.
Understanding Federal Housing Administration (FHA) Loans
In 2021, you can borrow up to 96.5% of the value of a home with an FHA loan. This means you'll need to make a down payment of just 3.5%. You'll need a credit score of at least 580 to qualify. If your credit score falls between 500 and 579, you can still get an FHA loan as long as you can make a 10% down payment. With FHA loans, your down payment can come from savings, a financial gift from a family member, or a grant for down-payment assistance.
It's important to note that with an FHA loan, the FHA doesn't actually lend you money for a mortgage. Instead, you get a loan from an FHA-approved lender—a bank or another financial institution. However, the FHA guarantees the loan. Some people refer to it as an FHA-insured loan, for that reason.
In order to secure the guarantee of the FHA, borrowers who qualify for an FHA loan are also required to purchase mortgage insurance, and premium payments are made to FHA. Your lender bears less risk because the FHA will pay a claim to the lender if you default on the loan.
Conventional Mortgage or Loan
What Is a Conventional Mortgage or Loan?
A conventional mortgage or conventional loan is any type of home buyer’s loan that is not offered or secured by a government entity. Instead, conventional mortgages are available through private lenders, such as banks, credit unions, and mortgage companies. However, some conventional mortgages can be guaranteed by two government-sponsored enterprises; the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
What Is a VA Loan?
A VA loan is a mortgage loan available through a program established by the U.S. Department of Veterans Affairs (VA) (previously the Veterans Administration). With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to no down payment and no private mortgage insurance and generally get a competitive interest rate.
What Is a Conforming Loan?
A conforming loan is a mortgage that meets the dollar limits set by the Federal Housing Finance Agency (FHFA) and the funding criteria of Freddie Mac and Fannie Mae. For borrowers with excellent credit, conforming loans are advantageous due to their low interest rates.
00:00 - Intro
00:36 - Three Kinds of Loans
02:21 - Eligibility
03:15 - FHA Need to Know
03:59 - Conventional Loan
05:23 - Debt to Income Ratio
06:48 - Mortgage Insurance
10:18 - Interest Rates
11:45 - Final Thoughts
================
📧 E-mail me at: JakeBroeYT [at] gmail [dot] com
Official business inquiries can be sent here. Personal e-mails will be discarded.
================
#FHALoans #VALoans #ConventionalLoans
================
DISCLAIMER:
This video is for entertainment purposes only. I am not a legal or financial expert or have any authority to give legal or financial advice. While all the information in this video is believed to be accurate at the time of its recording, realize this channel and its author makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in this video.
ADVERTISER DISCLOSURE:
Jake is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com. Additionally, other referral links are included and this channel does receive compensation for sending traffic to partner sites. Shopping through our links is an easy way to support the channel and we appreciate and are super grateful for your support!
Become a channel member to get access to great perks: 🌟 🎓 👑 @jakebroe
💯 LET’S CONNECT 💯
📷 Instagram @JakeBroe 👉 Instagram: jakebroe
🐦 Twitter @Broe_Jake 👉 Twitter: broe_jake
Check out my entire playlist on buying a home here:
Buying a Home
👇 👇 Watch My Other Videos Here 👇 👇
★ How to Buy a House - FULL Step by Step Process
How to Buy a House - FULL Step by Ste...
★ VA Loan Explained - Understanding the Full Process
VA Loan Explained - Understanding the...
★ Why Does Dave Ramsey Hate the VA Loan?
Why Does Dave Ramsey Hate the VA Loan?
================
What Is a Federal Housing Administration Loan (FHA) Loan?
A Federal Housing Administration (FHA) loan is a mortgage that is insured by the Federal Housing Administration (FHA) and issued by an FHA-approved lender. FHA loans are designed for low-to-moderate-income borrowers. They require a lower minimum down payment and lower credit scores than many conventional loans.
Understanding Federal Housing Administration (FHA) Loans
In 2021, you can borrow up to 96.5% of the value of a home with an FHA loan. This means you'll need to make a down payment of just 3.5%. You'll need a credit score of at least 580 to qualify. If your credit score falls between 500 and 579, you can still get an FHA loan as long as you can make a 10% down payment. With FHA loans, your down payment can come from savings, a financial gift from a family member, or a grant for down-payment assistance.
It's important to note that with an FHA loan, the FHA doesn't actually lend you money for a mortgage. Instead, you get a loan from an FHA-approved lender—a bank or another financial institution. However, the FHA guarantees the loan. Some people refer to it as an FHA-insured loan, for that reason.
In order to secure the guarantee of the FHA, borrowers who qualify for an FHA loan are also required to purchase mortgage insurance, and premium payments are made to FHA. Your lender bears less risk because the FHA will pay a claim to the lender if you default on the loan.
Conventional Mortgage or Loan
What Is a Conventional Mortgage or Loan?
A conventional mortgage or conventional loan is any type of home buyer’s loan that is not offered or secured by a government entity. Instead, conventional mortgages are available through private lenders, such as banks, credit unions, and mortgage companies. However, some conventional mortgages can be guaranteed by two government-sponsored enterprises; the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
What Is a VA Loan?
A VA loan is a mortgage loan available through a program established by the U.S. Department of Veterans Affairs (VA) (previously the Veterans Administration). With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to no down payment and no private mortgage insurance and generally get a competitive interest rate.
What Is a Conforming Loan?
A conforming loan is a mortgage that meets the dollar limits set by the Federal Housing Finance Agency (FHFA) and the funding criteria of Freddie Mac and Fannie Mae. For borrowers with excellent credit, conforming loans are advantageous due to their low interest rates.
00:00 - Intro
00:36 - Three Kinds of Loans
02:21 - Eligibility
03:15 - FHA Need to Know
03:59 - Conventional Loan
05:23 - Debt to Income Ratio
06:48 - Mortgage Insurance
10:18 - Interest Rates
11:45 - Final Thoughts
================
📧 E-mail me at: JakeBroeYT [at] gmail [dot] com
Official business inquiries can be sent here. Personal e-mails will be discarded.
================
#FHALoans #VALoans #ConventionalLoans
================
DISCLAIMER:
This video is for entertainment purposes only. I am not a legal or financial expert or have any authority to give legal or financial advice. While all the information in this video is believed to be accurate at the time of its recording, realize this channel and its author makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in this video.
ADVERTISER DISCLOSURE:
Jake is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com. Additionally, other referral links are included and this channel does receive compensation for sending traffic to partner sites. Shopping through our links is an easy way to support the channel and we appreciate and are super grateful for your support!
3 سال پیش
در تاریخ 1400/07/25 منتشر شده
است.
10,349
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