# @desertnorthrealty on Instagram

- **Type:** Image
- **Original URL:** https://www.instagram.com/p/CFr8OBOJ_RI
- **Gondola URL:** https://gondola.cc/posts/12664600-desertnorthrealty-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/thumbnails/9b1117df13.jpg
- **Posted:** 2020-09-28T16:15:59.000+00:00
- **Account Owner:** Desert North Realty (@desertnorthrealty) — https://gondola.cc/desertnorthrealty

## Caption

So you’re refinancing (awesome!) or buying a home (congrats!), and you know you need a mortgage. ⁣
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Before you head to the bank or talk with a lender, you need to know the difference between a conventional, FHA, and VA loans. ⁣
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Here’s a crash course:⁣
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Conventional loan:⁣
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Definition: A conventional loan is a loan not insured by the government. This means there’s no guarantee for the lender if you fail to repay.⁣
Down payment: Because it’s not insured, a conventional loan requires a 20% down payment.⁣
Special considerations: Can’t do 20%? Then you’ll need to have private mortgage insurance (PMI). PMI picks up the tab for your lender if you happen to default on the home.⁣
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FHA loan:⁣
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Definition: A FHA loan is a loan insured by the Federal Housing Administration (FHA).⁣
Down payment: Because it’s insured, a lender can offer a downpayment as low as 3.5% of the purchase price.⁣
Special considerations: You’ll need a credit score of at least 580 with 3.5% down.
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VA loan:⁣
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Definition: A VA loan is a loan guaranteed by the Veterans Administration (VA). It is only available to current members of the U.S. armed forces, veterans, national guard or reserves, and surviving spouses.⁣
Down payment: There is no minimum down payment or PMI required for buyers purchasing a primary residence.⁣
Special considerations: Borrowers do pay an initial funding fee — a one-time charge between 1.25% and 3.3% of the loan amount.⁣
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If you have questions about real estate, shoot us a message. We would love to listen and help in any way we can!⁣
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## Stats

- **Views:** 0
- **Likes:** 14
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- **Comments:** 1

## Tags

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