Episode Details

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. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep