What Types of Loans Are Available?

Ever find yourself puzzled by the different home loan options? FHA, VA, USDA, Conventional... What does it all mean, and which one is right for you? 🤔

We've got you covered! Our latest video, "Understanding Loan Types: A Comprehensive Guide," breaks down the complex world of mortgages into easy-to-understand segments. 🎥

✨ 🔍 What You'll Discover: The ins and outs of FHA, VA, USDA, and conventional loans. How to determine the right loan based on your situation (including a handy downloadable worksheet!). The impact of your choice on down payment and loan amount. The role of mortgage insurance and how it varies across loan types. Whether you're a first-time homebuyer or considering your next property purchase, this guide is invaluable. 💼

🏠 Don't navigate this journey alone! Let us simplify the process and help you make an informed decision. 🛤️ 👉 Download the workbook by copying and pasting this link: https://docs.google.com/spreadsheets/d/1mFk10qpKVYdYFenUtP9r-Wnf7Y2w848Q2OQowVnkoMU/edit?usp=sharing

0:00 Intro Down Payment Requirement by Loan Type

1:46 Down Payment Requirement by Loan Type

2:15 Conventional Down Payment Requirement and Calculation

3:45 FHA Down Payment Requirement and Calculation

4:10 FHA upfront MIP

4:35 USDA Down Payment Requirement and Calculation

5:15 USDA Guarantee Fee (upfront cost)

5:40 VA Down Payment Requirement and Calculation

6:00 VA Funding Fee (upfront cost) and Calculation

8:15 Summary of All Loan Types and Down Payment Requirement Monthly Mortgage Insurance by Loan Type

9:35 Monthly Mortgage Insurance

9:42 FHA MIP Monthly Cost & Calculation

11:06 Conventional Mortgage Insurance & Calculation

11:48 Conventional Monthly Mortgage Insurance Matrix

14:22 Credit Scores Tiers for Conventional Monthly Mortgage Insurance (See Credit Score Video for more detail on mortgage credit scores)

17:58 Brief Overview of Qualification Amounts by Loan Type (See Qualification Video for Detail)