Conventional Loans vs FHA Loans | What is the Difference?
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- Опубліковано 7 вер 2024
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Are you wondering what is the difference between a Conventional Loan vs a FHA Loan? If so, then this video is for you!
In this video, we cover:
✅ What is an FHA Loan?
✅ The differences between a Conventional Loan vs a FHA Loan?
✅ The benefits of each, Conventional Loans & FHA Loans.
✅ How mortgage insurance works for each Conventional Loans & FHA Loans.
✅ And more!
Watch until the end of this video for my #1 tip if you are married and are purchasing a home in a community property state!
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KELLY ZITLOW, NMLS 164330
Sr. Mortgage Advisor
EVP, Sales & Marketing
KellyZitlowGroup@houseloan.com
www.kellyzitlowgroup.com
480.725.0150
Kelly Zitlow is a Public Speaker, Sr. Mortgage Advisor & EVP of Sales & Marketing with Cornerstone Home Lending, a Division of Cornerstone Capital Bank, SSB. All information presented is for educational purposes only and is used to help you as the viewer in your home buying or selling process.
Cornerstone Home Lending, a Division of Cornerstone Capital Bank, SSB. Cornerstone Capital Bank, SSB. Member FDIC. NMLS ID# 2258 | Equal Housing Lender 14635 | N Kierland Blvd Ste 140, Scottsdale, AZ 85254
#ConventionalLoans #FHALoans #MortgageTips
So when does the mortgage insurance drop off on a fha loan if I already put 20% down ?
If your loan was amortized on 30 years and you put down more than 10%, your mortgage insurance will drop off in 11 years.
@@MortgageHowDoI Thanks. My other question is why should I have to pay mortgage insurance for 11 years if I’m putting at least 20% down? Also what if my mortgage is a 15 year mortgage? When does the mortgage insurance fall off?
Hello Are there minimum house prices for either of these options ? Also , can / how can I attach down payment assistance and closing cost assistance programs?
These programs don’t have minimum house prices but do have specific property eligibility requirements that must be met. Down payment and closing cost assistance programs requirements vary widely by program. Best to consult a lender familiar with these programs in the county/state you are interested in purchasing a home.
@@MortgageHowDoI Okay thank you
I refinanced to a FHA streamline when can the PMI be removed or can it.
Thanks for the comment Anthony! FHA loans don’t use current market value to eliminate MIP. Contact your servicer and they will be able to tell you if your MIP will drop off at some point in the life of the loan. It’s dependent on the Loan to Value from the last loan that an appraisal was performed.