This week on the Messy in The Middle Podcast, Ed and Jefi discuss conventional loans, mortgages that are offered by private lenders and are not backed by a government agency. They highlight the importance of understanding the difference between conforming and non-conforming loans, as well as the higher interest rates and credit/income requirements associated with conventional loans. Jefi and Ed share how conventional loans can be used for investment properties and the need for buyers and sellers to educate themselves about conventional loans.

QUOTES

• "So that also leads to credit and income requirements. So you're going to have to qualify for those loans. Right. So you're going to have to have a little better credit score and a stable source of income. So the lender is going to look at that because they got skin in the game." -Ed Billings [04:31]

• “The bottom line is that you should be open to all different kinds of loans because every loan structure is different.” -Jefi Moultrie [13:08]

TIMESTAMPS

[02:10] Difference between conforming and non-conforming loans 

[04:31] Credit and income requirements for conventional loans 

[10:22] Conventional loans offer flexibility in terms and options 

[11:58] Flexible loan terms 

[13:08] Difference between PMI on conventional and FHA loans 

[14:17] Be open to different loan options!

RESOURCES

• Never Split the Difference
• The Five Dysfunctions of a Team
• The Peak Experience
• The U.S. Housing Market Has Peaked
• Why Rising Mortgage Rates Push Buyers off the Fence
• The One Thing Every Homeowner Needs To Know About a Recession

CONTACT

Messy in the Middle: messyinthemiddlepodcast.com

Ed Billings: edbillings.com