Which LOAN Is Better For YOU: FHA or Conventional 3% Down

Thinking about buying your first home but not sure how much you need to save? Let's tackle a big question: What's the actual difference between putting 3.5% down with an FHA loan versus 3% down with a conventional loan, especially when you're not putting down the traditional 20%?
Choosing the right loan is incredibly important, both for your wallet and your financial future. Pick the wrong one, and you might miss out on a great deal or pay more than you should for your new home.
Maybe you didn't know you could get a conventional loan with less than 20% down, or you're leaning towards 3% down because it's less than 3.5% but don't have all the facts. There's a lot to think about.
Come along as we simplify the choice between FHA and conventional loans. We'll lay out everything clearly, so you understand exactly what each choice means for you. By the end of our video, you'll have the info you need to choose the loan that's best for your home-buying dreams.
Hit play and get the scoop on FHA vs. conventional loans. This video is your first step to becoming a homeowner.
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Josh Lewis, BuyWise Mortgage NMLS:234220 | UAMCO: NMLS 1942
Address: 2130 Main St #290, Huntington Beach, CA 92649
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[@joshlewisCMC]

Have questions? Not sure if Conventional or FHA are the right option for you and your family? Schedule time to talk with our team and get the details you need: www.videoask.com/f54r31fba

[@shawnphillips1530]

Great info. But here's a question for you. I paid off our home this passed June. The home is valued around 400k. This year I'd like to house hack a 4plex. My question is will banks take the rents from the 3 units and my home into consideration. I also make about 10k per year and I only have my $250 dollar car payment on my credit.

[@joshlewisCMC]

First off, congrats on paying off your home. That’s a great accomplishment and I’m sure it provides great financial security for you and your family. The easy answer is yes, they will give you credit for 75% of the rents on the other 3 units. FHA will do units @ 3.5% down but they have a quirky self sufficiency test the property must pass. It can be very tough to pass in high cost areas where prices are extra high relative to rents. They also have a 100 mile rule where you can’t use rents from the departing residence to qualify if the new property is within 100 miles of the current residence. Fannie and Freddie just added 5% down options for owner occupied 2-4 unit properties back in the fall. If you have 5%, that could be an option as well. If you’d like to jump on a call and go through it in more detail, just shoot me an email at [e-mail]. Thanks for watching!