Florida Real Estate Exam Prep 34, Conventional FHA and VA Financing

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:

- Conventional loans are not government-backed and require Private Mortgage Insurance (PMI) with less than 20% down, which can be canceled later.

- The FHA *insures* loans, allowing for low down payments, but requires a Mortgage Insurance Premium (MIP), often for the entire loan term.

- The VA *guarantees* loans for eligible veterans, often requiring no down payment and no monthly mortgage insurance, but includes a one-time funding fee.

- A critical exam distinction is that the FHA *insures* while the VA *guarantees*; both are government-backed, unlike conventional loans.

- FHA and VA loans are generally assumable with lender approval, a key feature often tested against conventional loans which typically are not.

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