S3 Ep 6#: Understanding FHA vs. Conventional Loans: A Guide for Homebuyers and Investors with Alex Turner

Real Estate Mentor

In this episode of the Real Estate Mentor Podcast, host Jonathan Klunk and guest Alex Turner, a loan officer at Interlinc Mortgage, explore the differences between FHA and conventional loans. They discuss key considerations for choosing the right loan type, including credit score requirements, debt to income ratios, appraisal differences, mortgage insurance, and more. The episode also highlights how FHA loans often offer better terms for those with lower credit scores or who are first-time homebuyers, while conventional loans may be more beneficial for those with higher credit scores due to lower mortgage insurance rates. Additionally, they touch on investment opportunities and strategies for both loan types, including the advantages of house hacking with FHA loans. The episode provides practical advice for buyers at different stages of homeownership and investment to help them make informed decisions tailored to their financial situations.

(02:23) Credit Score Considerations for FHA and Conventional Loans (04:22) Understanding First Time Homebuyer Definitions (05:58) Debt to Income Ratio: A Key Factor in Loan Qualification (11:58) Mortgage Insurance: FHA vs. Conventional (14:20) Interest Rates: FHA Loans Often Offer Lower Rates (15:41) Real Estate Investing: FHA and Conventional Loan Options (19:57) Comparing Monthly Payments: FHA vs. Conventional for Different Credit Scores (28:11) Removing Mortgage Insurance: Tips for Conventional Loan Holders (30:21) Closing Thoughts and Contact Information Reach out to Alex Turner Email: [e-mail] Phone: [phone]

Website: https://interlincmortgage.com/alex-turner Personal Facebook: https://www.facebook.com/AlexLeonTurnerBusiness Facebook Page: https://www.facebook.com/alexturnermortgage Instagram: Alex Turner (@alexlovesmortgages) More about Alex Turner

Alex Turner with Interlinc Mortgage is a seasoned and dedicated loan officer with over 5 years of experience in the mortgage lending industry. His expertise extends across various loan types, including conventional, FHA, VA, and USDA mortgages. Alex takes pride in guiding his clients through every step of the loan process, ensuring transparency and clarity at each stage. Whether it's a first-time homebuyer, a seasoned investor, or a small business owner, Alex is committed to finding the best financing options tailored to his clients' unique needs and financial situations. With his expertise, integrity, and unwavering dedication to client satisfaction, Alex Turner is the trusted partner homebuyer’s can turn to for their lending needs.