Buyers: Loan Types
Summary
In this conversation, Clint C. Galliano and Ben Harang discuss various loan products available for home buyers, including conventional, FHA, VA, and rural development loans. They emphasize the importance of understanding the requirements and best uses for each loan type, as well as the financial implications of home ownership. The discussion also touches on the significance of not overextending oneself financially when purchasing a home and the benefits of consulting with a knowledgeable lender.
Takeaways
· It's important to understand different loan products available for home buyers.
· Conventional loans typically require higher credit scores and down payments.
· FHA loans are suitable for first-time buyers with lower credit scores.
· VA loans offer no down payment for eligible veterans and active military.
· Rural development loans can finance closing costs and have income limits.
· Jumbo loans cater to high-value properties and require significant down payments.
· Home buyers should avoid being 'house poor' by managing their finances wisely.
· Consulting with a quality lender can help find the best loan product.
· FHA loans can be used to purchase multi-family properties for investment.
· Understanding the long-term financial commitment of home ownership is crucial.
Sound Bites
"You don't want to be house poor."
"Don't buy your last house first."
"You can always finance the closing costs."
Chapters
Hosts
Ben Harang, REALTOR® La.
License #: 36589
Keller Williams Realty Bayou Partners
Mobile: 985.859.2500
Office: 985.262.4400
benharang.com
Clint C. Galliano, REALTOR®
La. License #: 995704723
Keller Williams Realty Bayou Partners
Mobile: 985.647.4479
Office: 985.262.4400
clintcgallianorealtor.com
Produced by Clint Galliano
Music by Wiggins Studios
Creators and Guests
Host
Ben Harang
Ben Harang brings over 30 years of experience as a licensed agent and currently works with Keller Williams Realty Bayou Partners. Ben’s experience includes single family residential sales, large land sales, subdivision development, building new construction residential and commercial projects and selling REO/Foreclosed properties.
Host
Clint C. Galliano
Clint Galliano, who’s been an agent since 2020 & an investor since 2008, also with Keller Williams Realty Bayou Partners. Clint’s experience includes residential sales, residential rentals, property management, and various avenues of investing.
