A freestanding structure on their own pieces of property is Single Family Home
A SingleFamily Home is a house intended for one family to live in and not attached to homes owned by others
A Duplex is a split unit with two doors
A duplex is a house divided into two apartments with a separate entrance
Condominium owners only have possession over the interior of the unit .
Townhouse owner controls the interior , exterior, and the land the structure sits on .
A conventional loan is a type of mortgage that is not insured or guaranteed by a government agency . It is backed by banks ,mortgage companies , or private lenders
A conventional loan requires a down payment of 10 to 15% of the homes purchase price .
An FHA loan is a type of mortgage that is backed by the government.
A FHA loan was created to help people with lower incomes or credit scores to qualify for a home loan by providing insurance to lenders reducing their risk
An FHA loan requires a down payment of 3.5% of the homes purchase price.
Private Mortgage Insurance is a type of insurance that some home buyers need to pay if they make a down payment on a house less than 20% of its purchase price
Privatemortgage Insurance because statistically you are more likely to default on the loan
FHA loans usually comes with a high interest rate and (PMI) privatemortgageinsurance .
According to a 2023/2024 Census 72% of all homes were purchased with a conventional loan .
Equity - The value you own in a home ( As you pay off the mortgage , your equity increases)
The Difference between What you have - What you owe = Equity