How to Buy a Home in 2023

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I have failed to mention this in the video. So, Here are some facts on each loan.

Please save enough money and do not rush into a home. There are so many unexpected expenses that you don't think about.

VA loan is good because of no down payment and no Private mortgage insurance. However, they charge a large funding fee depending on your disability level. You also CAN NOT use this loan for investment properties. This loan is off the table is you have never served in the Armed Forces.

FHA loan is good for 1st time homebuyers with crappy credit and a high debt to income ratio, as you can pay as little as 3% for a down payment. However though, beware that you still have to pay for PMI if you pay below a certain amount (amount depends on the lender). There is a loan maximum as well ($473k).

USDA loans are great for those with a lower income. There are no prepayment penalties. You can get into a home with no money down with this loan. You can also roll over closing costs and private mortgage insurance into the loan. However there are cons to this loan. you have to sometimes pay up to 1% of the loan's value for a guarantee fee. You will also have to pay an annual guarantee fee on top of the other guarantee fee. You also cannot use this loan for investment properties. I doubt the demographic of those using this loan will be thinking about investment properties as this loan has an income cap and a geographic restriction.

I hope this helped you and Enjoy the video!

https://www.totalmortgage.com/blog/pros-and-cons-of-fha-loans/24417
https://www.bankrate.com/mortgages/va-loan-pros-cons/#benefits
https://www.paddio.com/learn/usda-loans-pros-and-cons/

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