FHA vs Conventional Loans

Рет қаралды 29,201

5 жыл бұрын

When you're shopping for a home loan, there are so many options to choose from! The biggest choice you might run across is FHA vs Conventional...
What are the differences between FHA and Conventional loans? FHA loans are easier to qualify for and can be more expensive. Conventional loans are the best cost-saving option if you are well qualified.
Read the article here: kyleseagraves.com/fha-vs-conventional-loans/
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Kyle Seagraves
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www.winthehouseyoulove.com/
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Пікірлер: 64

@Yourooteeah 3 жыл бұрын

I appreciate videos with great sound quality, thank you

@WinTheHouseYouLove 3 жыл бұрын

Glad you like them!

@rickf254 3 жыл бұрын

Just got my license and your videos are helping

@AsIs2884 4 жыл бұрын

You make it so easy to understand! Ok subscribing and going to watch the rest of your videos now! I thought the only down payment for conventional was 20% based off other videos. Glad I found you!

@WinTheHouseYouLove 4 жыл бұрын

Thanks so much!! I'm glad to help!

@iamasia_perez Жыл бұрын

Thank you for this video. you are the 1st person to explain it so well on here . great break down !

@WinTheHouseYouLove Жыл бұрын

Appreciate it! Thank you so much!

@ruthngu3183 2 жыл бұрын

Glad I found you! Easyyyy to understand and Super helpful ❣️

@WinTheHouseYouLove 2 жыл бұрын

Glad it was helpful!

@Alessandro1983 8 ай бұрын

Thank you for the valuable information I appreciate the internet for giving us much information and abundance that we didn't have before 10 plus years ago

@user-yn4ru6uw1g 4 жыл бұрын

Thank you a lot it was helpful 👍

@WinTheHouseYouLove 4 жыл бұрын

Glad to help! :)

@xojodijoxo6412 Жыл бұрын

thank you for explain it with all these other ones that have big terms

@WinTheHouseYouLove Жыл бұрын

Thank you so much for watching!! :)

@tmarie1158 3 жыл бұрын

thank you needed this!

@WinTheHouseYouLove 3 жыл бұрын

Glad it was helpful!

@Embersval 2 жыл бұрын

Thank you for this video! I’ve always heard FHA goes up over time, any truth in that? And if there’s truth, is there a way to make sure it stays the same? Sorry first time home buyer here, looking at options that fit my budget and credit score.

@andybrown8981 2 жыл бұрын

Which is better for a person buying a rental property living in one of the units for 1 year or till 25% equity then dong it again. I can’t seem to find videos specifically for this situation. Sure there are part that briefly scratch the surface of this subject Ben then go back to concentrating on single family purchases. Any help you could give me on this issue would help, thanks!

@danielsoltesz1997 2 жыл бұрын

Honestly a fantastic video for a relatively small creator

@WinTheHouseYouLove 2 жыл бұрын

Thanks for watching!

@genderly12 10 ай бұрын

Thank you 😊

@WinTheHouseYouLove 10 ай бұрын

My pleasure! 😊

@natestrades 3 жыл бұрын

the only problem with the FHA to refinancing strategy is that rates will almost undoubtedly go up between now and then since the FED cannot operate like this forever. So cheaper loan FHA today would likely still be cheaper than conventional even in the future

@WinTheHouseYouLove 3 жыл бұрын

Thank you for sharing your perspective

@SoulSheIS 4 жыл бұрын

Thank you for sharing this information. With an FHA loan, can you have co-borrowers?

@WinTheHouseYouLove 4 жыл бұрын

Yes you can!

@SoulSheIS 4 жыл бұрын

@@WinTheHouseYouLove Thank you for answering!

@kizune1 2 жыл бұрын

Thank you so much for the explanation! So just so I understand (and credit aside), FHA loans cost less monthly but longer to pay off and cost more in the long run, and Conventional loans cost more a month over a shorter time period of time while paying less in the long run?

@WinTheHouseYouLove 2 жыл бұрын

Usually!

@kizune1 2 жыл бұрын

@@WinTheHouseYouLove Gotcha, thank you!

@blizte3 4 жыл бұрын

can a modular home dealer screw loan if loan goes through if modular home dealer trying back out? especially if loan goes through can this cause trouble with if home modular dealer is trying jump prices before closing ? in ohio my parents got home dealer trying jack price after loan was okayed though before closing is done can this do something?

@WinTheHouseYouLove 4 жыл бұрын

Hmm, I'm not too familiar with modular dealers. I'd talk to the dealer to see what's going on • Kyle Seagraves → winthehouseyoulove.com

@Vicbenz 4 жыл бұрын

Kyle my credit is not good for a conventional loan but when i look on my credit report i got 3 different scores witch score I should go for? Experian transunion or fico ?

@WinTheHouseYouLove 4 жыл бұрын

Hey Victor! Lenders use the median score to qualify on a loan.

@zoewimmers9330 3 жыл бұрын

You explained the credit part very well!

@Thejasonrogers 2 жыл бұрын

Also the whole title seasoning period is all bs because the lender is going to sell off your loan to a federal housing agencie Freddie Mac or Fannie mae and they don’t do a bed check, as long as they are getting their payments and even if you fail to make the payments foreclosures can take a whole year to complete it’s a long drawn process. So if you really wanted to use FHA to invest there would be no problem unless you were going to flip it then the due on sale clause would be triggered. But even then that only happens when title is exchanged aka after you sell and now you have the funds to pay back the lender.

@Thejasonrogers 2 жыл бұрын

Can’t you refinance the FHA to conventional to then get rid of the permanent PMI??? sanctioning a refinance doesn’t make sense so I see no way for this not to be a viable opportunity. Or am I missing something?

@WinTheHouseYouLove 2 жыл бұрын

You can refinancing to Conventional to remove PMI (must have 20% equity to remove PMI on Conventional). A refinance will require closing costs.

@cnunez352 4 жыл бұрын

Cute and helpful 😍

@WinTheHouseYouLove 4 жыл бұрын

Thank you! 😊

@RobbieXO 3 жыл бұрын

I have a mid-range credit score about 640 and I shopped a FHA & Conventional. The FHA was for 3.375% and the Conventional 3% . There is no bankruptcys, foreclosures or so! Seemly the conventional is better. What would you suggest with the currently lower mortgage rates

@WinTheHouseYouLove 3 жыл бұрын

Conventional will be a much better option :)

@sdanzey6441 3 жыл бұрын

So you pay only 3% a month on the cost of your home or is that just a down payment?

@RobbieXO 3 жыл бұрын

S D not quite the interest rate is calculated as a percentage of your mortgage amount and that is broken down to a portion of your monthly payment

@oscararredondo9672 4 жыл бұрын

Good credit but paying below 20%, should I do conventional?

@WinTheHouseYouLove 4 жыл бұрын

Hey Oscar! Great question. If you have credit in the 720+ range, conventional is most likely your best loan option. Mainly, because even though FHA might give you a better rate on paper, the FHA mortgage insurance will be more costly than a conventional loan. To get the best answer, I would ask your Mortgage Advisor to give you a quote for both a conventional and FHA for the same purchase price and down payment so you can get a solid idea between the two. If you're in TN, FL, or OH, let me know and I can help you out with a quote and comparison!

@oscararredondo9672 4 жыл бұрын

Kyle Seagraves - Mortgage Advisor thanks for your help Kyle, also would the upfront premium be something that could be a part of closing costs since their lender is covering that.

@WinTheHouseYouLove 4 жыл бұрын

You're welcome! The upfront mortgage insurance premium (UFMIP) will only be on an FHA loan and it will be 1.75% of your loan amount. Usually, this is added to the loan amount instead of being an up front fee

@LydiaSantiago 4 жыл бұрын

This was incredibly helpful. I am glad I ran into your video.

@ADRE3ZY420 Жыл бұрын

If I’m straight out of college and will start my engineering job soon in January and my credit score is 750+, is there a possibility that I can get approved for a conventional loan?

@WinTheHouseYouLove Жыл бұрын

I just recorded a personal video reply for you: share.descript.com/view/egPZDyl9x7b Feel free to email me at kyle@winthehouseyoulove.com Schedule a call with my team: www.winthehouseyoulove.com/lender

@franksoler598 3 жыл бұрын

Kyle Thank you for your help. Question, First time home buyer the home is 200k and I have the 20% down with a credit score of 750, Do I still have to pay PMI with a FHA loan?

@WinTheHouseYouLove 3 жыл бұрын

Yeah you'd have to pay mortgage insurance for 11 years on an FHA loan. A conventional loan is probably your best option.

@franksoler598 3 жыл бұрын

@@WinTheHouseYouLove Again thank you so much for your help.

@houston_pmd 3 жыл бұрын

@@WinTheHouseYouLove and with a conventional, if you put 5% down..does pmi stop when paid 20% of the home purchase value?

@ComeBackKid1 3 жыл бұрын

@@houston_pmd yes