Video Transcript:
Most people think renovation loans are the same, just for fixer-uppers. But the choice between government FHA and conventional types dictates your entire project’s future. I am David Ghazaryan, and I build these loan structures daily. The government FHA loan seems easier, but its rules often trap uninformed buyers later on. The FHA loan asks for only three and a half percent down. (Data may vary over time) But conventional loans can be nearly as low for you. The real difference is insurance. FHA insurance lasts for the whole loan life. But with a conventional loan, that extra payment eventually goes away forever. Your project plans also depend on this choice. FHA loans will only pay for necessary repairs, not for fancy things like adding a brand new pool. This choice is a structural decision, not just a simple rate comparison. My full article and social channels go deeper. See the links in the description.
Read Blog Here: https://www.iqratemortgages.com/blog/fha-203k-vs-conventional-reno-loan-in-florida
