FHA vs Conventional Loans 2020 | Which Is Best For You?

The most two popular first time home buyer programs are the FHA Loan and Conventional Loans. In this video, I look at the best first time home buyer programs, the FHA vs Conventional Loans 2020, and determine which is best for you! These first time home buyer programs are both great loan programs, but there's only one that's right for you...

FHA loans are federally backed mortgages designed for low-to-moderate-income borrowers who may have lower than average credit scores.

A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government. This loan is backed by a private lender rather than the government.

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🎴 Comparison 🎴

Conventional loans
▪ Require higher credit scores
▪ Allow slightly smaller down payments
▪ Loan terms are more flexible
▪ Require private mortgage insurance when the down payment is less than 20%, however it may be canceled once you build enough equity in the home.
▪ Fannie Mae HomeReady & Freddie Mac Home Possible 97% LTV programs

FHA loans
▪ Allows lower credit scores
▪ They require slightly higher down payments
▪ There are only two loan terms of 15 and 30 years
▪ FHA mortgage insurance is mandatory regardless of the down payment amount, and it can’t be canceled unless you refinance into a conventional loan.

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⏲ Timestamps ⏲
FHA & Conventional Loan Description - 0:59
FHA & Conventional Loan Comparison - 1:20
Which Loan Is Right For You - 4:48
Summary - 5:32

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Video Links:
↪︎ FHA Loan Requirements in 90 Seconds:
↪︎ How To Buy A House For $0:
↪︎ FHA Loan Limits For Your Area:

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