Guests: Kieth HobartSummaryIn this conversation, Joe and Keith Hobart discuss the fundamental differences between FHA and conventional loans, focusing on eligibility criteria, credit score requirements, mortgage insurance implications, and the conditions of properties eligible for these loans. They also touch on the use of these loans for investment properties and the associated closing costs, providing insights for potential homebuyers.TakeawaysFHA loans are more lenient on debt-to-income ratios.Conventional loans typically require higher credit scores.Mortgage insurance for FHA loans lasts for the life of the loan.Conventional loans can have varying mortgage insurance costs based on credit scores.It's crucial to check credit scores early in the home buying process.FHA loans are primarily for primary residences, while conventional loans can be used for second homes and investments.Property condition is more strictly evaluated for FHA loans than for conventional loans.FHA loans have an upfront mortgage insurance premium that can increase the loan amount.Closing costs for FHA and conventional loans are generally similar.Homebuyers should consider their long-term plans when choosing between FHA and conventional loans.Thank you for listening to RealTalk! Don’t forget to like and subscribe, and follow Joe on Instagram (@seattlesagent) for the latest videos. And don’t forget to check out The Seattle Experience with Joe Sheldon podcast on YouTube or your favorite podcast app. For more information about Joe, or to work with Joe, visit www.myseattlesearch.com.
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