This is a YouTube video titled "đź’ˇ Home Buying 101 - Conventional Financing đź’ˇ" containing an English informational talk from July 18, 2021, explaining the features and benefits of conventional loans in home buying, including down payment requirements and mortgage insurance details.
A conventional loan is the most common loan type across the country, with 70% of households choosing this option. Conventional financing allows a low down payment of just 3%. If the person is able to put 20% down, it waives mortgage insurance and PMI with less than 20% down. Conventional is pretty unique in that it allows the mortgage insurance or PMI to actually be shopped in the quotes based around your credentials, as opposed to other loan options where it's a 1 flat rate for everybody. A conventional loan is the most common loan type across the country.
