Here's everything you need to know about FHA loans so you can make sure you don't run into any issues when you're ready to qualify → ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-S-v9ZxJevfo.html
I’d like to compliment this guy on a few things: 1. Thank you for getting straight to the point and not wasting time in the beginning asking people to “hit that thumbs up button and be sure to subscribe”🙄🙄🙄 2. Thanks for speaking in a calm tone that is clear and breaking your knowledge down in a way people can understand and not lose attention to. 3. Awesome haircut! Very nice fade on the sides!👌🏾
Timestamps for y'all: 0:48 Your credit score and minimum down payment 1:44 $100 down program 2:22 Why down payment assistance isn't good 3:24 Where does the down payment come from? 5:15 Using a loan for a down payment 6:10 Gift funds 6:29 Who can give gift funds? 8:44 FHA loan strategy you need 9:30 What you need to do if you have an FHA loan 10:40 Using FHA to pay closing costs
Edward Dasco on riskier loans, the lender wants to make sure people have money left over to make the first payment instead of draining their bank account. If you deposit anything large, the lender has to document that it came form an acceptable source
Thank you sooooo much for this video . I am planning on buying a house because I don’t think renting makes sense for me . I had no idea you could refinance and later get a conventional loan . That literally changes everything for me . Again thank you for your knowledge 😊.
You are truly a Blessing for those who are doing their homebuying research 🙏. Thanks for not wasting time and getting to the point. I am in the process of starting my homebuying adventure and searching for true, honest and keeping it real information. You are the best. Hope I can reach out for more questions to you!thanks again for sharing 😊.
I'm not in the best time of my life right now, financially and personally, and with the whole COVID-19 tragedy, I was honestly getting depressed. You videos giving me a hope and I think I will look into buying a fourplex as my first home. Really appreciate your knowledge sharing videos!!!
Thanks for your comment! I recorded a personal video reply for you: m.bixel1.net/g35imo Also, here is a great video on anxiety and COVID-19: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-DgZETpd9h5s.html
Been looking for a HUD REO home on the HUD HomeStore. $100 down is incredible! Going to pair that with the 203k option and refi 12 months later. IRR is going to be JUICY!
I’m currently looking to buy a house and I was looking into down payment assistance for mostly closing costs but this strategy makes so much sense! I wasn’t thinking long term and you completely changed my game plan in such a positive way!! Thank you!!
Wow! Amazing! You answered all my questions with this video. I’m actually house searching now. I got pre approved for an FHA loan. This video is exactly my situation. Thank you so much for your information. It’s really helping.
Trying to buy my first home these are very good insights because I don't have a clue and better to know something when talking to your lender....thanks alot
Wow! Thank you so much for this breakdown! I have been trying to get this information for the last year and not one lender has broken this down for me. Now that I know this, I will definitely look for an FHA approved lender and direct ask for the 5% down and the credit for the closing cost. That is genius and a very great tip! Your advice is highly appreciated.
Glad to help! Just to clarify, you’d still only put 3.5% down, but you’ll be asking for a higher interest rate than normal to receive a lender credit towards closing costs. In this video, I used a 5% interest rate as an example :)
Really, the best video out there, hands down. yYu must have been a teacher in another life. You explained everything in a way that I understood, and I feel more confident now when dealing with my mortgage broker. I loved the idea about higher interest rate, to switch over to conventional. This is something not taught!! Ty
I have never watched any of your videos but it came up because I have been looking into FHA Loans. Your video is the hands-down best video on FHA loan strategy or FHA Loans. Got an instant subscribe from me for this one. I love the way your mind works and you were able to clearly explain so many things so quickly, so thank you for making this video.
I just started watching your videos and I have to say that the information provided in them is top of the line!! But I also would like to ask you to consider starting a ASMR RU-vid channel😅you have a soothing demeanor
Thank you so much for your service here. Hopefully I can find someone as honest and knowledgeable as you in my area to help me get all that I can out of this. I especially loved how you described it being a temporary loan by trying to refinance asap. And also about getting money towards the closing costs by increasing the interest rate. Is that something most lenders will typically allow? I'm sure they won't mention it unless someone asks about it lol. Your video was empowering to me, and now I feel less intimidated and more confident about being able to pull this off. Hopefully I can find someone willing to explain more, like does the higher credit score even really matter if you still have late payments within the past 12 months. Thanks again, wishing you well from Philadelphia!
Can you explain how to switch from a FHA loan to a conventional loan when you refinance? How does that look like? Loving the information by the way. You've gained a new subscriber! 😁
Sure thing, it's a pretty hands-off experience. Basically, you'll talk to a lender and let them know you want to switch from FHA to conventional and they'll draft up paperwork for you to review. Thanks so much!
This was super helpful. I was about to try fir an FHA loan in September but then the lockdown happened so I lost my job :( hopefully I can get back on track in 2 years cuz I really want this. I'm gonna a share this. Ideo with my friends cuz they are also interested in buying homes but don't know where to start.
Thank you this really helped me understand more about FHA loans and DPA which I rather not move forward with. I'm glad you broke it down regarding the FHA loan to Conventional loan. We are in the process of buying but we are taking our time. Thanks again!
My brother thank you so much for your channel. The biggest mistake mistake ive made in the last 4-5 years is not getting a head start on any of this stuff.
Hey man, first of all awesome video. Clear and right to the point. If I refinance my FHA loan to a conventional loan will I be able to put that equity toward another house?
This is a great video with lots of beneficial tips. Your last point about taking a higher rate and using the credit to pay off closing costs seems like a really costly decision. Personally, I would rather strive to pay $3,000 at closing than increase my interest rate from 3.5 to 5%. I think a huge benefit of refinancing an FHA loan is to get rid of mortgage insurance. In order to achieve that, most people need to have 20% equity in the property to refinance to a conventional loan. That could take a few years & the decision to go for a higher interest rate at the beginning of the loan becomes costly down the line. Nevertheless, this is just another point of view. Great video still, you have a new subscriber.
Great insight! I would only recommend the higher rate if someone was refinancing in the short term e.g. they had low credit they were building aggressively.
That was a great video. Thank you so much. I have one question, as someone who does not know much about purchasing home. why would i refinance my home with a conventional loan after getting a great interest rate from the FHA? is it possible to get an even better rate after easily jumping through the hoops of the FHA requirements which i wouldnt be able to do with conventionals?
Thanks, and thank you for watching!! FHA loans might have a lower interest rate, but they have much higher mortgage insurance that usually doesn't get removed. Kyle Seagraves → winthehouseyoulove.com
@@WinTheHouseYouLove Ok, but if I put 10% I can avoid that MI right? also, isn't apart of the appeal of an FHA loan the locked fixed rate over 30 years? I might be confusing this with something else but don't conventional loans require you to renegotiate rates every 6-10 years? what if you happen to find yourself in a time of high-interest rates. And by putting 10% not only do you avoiding the MI but you start off with more equity and are better protected, right? I'm new to this stuff and still trying to figure it out, thank you for the video and for engaging in the comments both were very helpful.
Thanks for the video, got some refresh knowledge and learned a few new things, like, I didn't know you can use the loan to cover closing and the mip info and to think long term to use FHA as a stepping stone , great info and to the point thanks man
This video is helpful and your voice is soothing af, but I'm curious about the down payment assistance grant programs costing money. Can you clarify that part? If it's a grant, how does it cost you money? I did one of these programs 5 years ago and got a $15k grant toward my down payment. There were lots of stipulations, but they weren't too difficult. I had to live in the house for 5 years (if I was trying to build a real estate portfolio that would be a problem but I was just looking to buy a home for myself), and I had to do homeowner education classes (honestly very helpful), and there were a few others. But now, 5 years later, the "loan" is forgiven. Free money! ..? What am I missing?
Thanks! Most down payment assistance programs I've seen have a much higher rate. And usually the cost in increased interest is greater than the assistance amount. However, all DPA programs are different and some may be exceptions to my experience. Kyle Seagraves → winthehouseyoulove.com
i listened to like 7-8 of your videos today. Now i cant find the one where you suggested the books by someone named dave Ramsey? is that posted somewhere?
You literally just saved me. Am less than two months to closing on a new construction,we had decided to use fha and state housing for down payment but suddenly the down payment program says I made too much money. Now I have to come up with 3.5 percent in less than 2 month,my loan agent is as confused as a mf and your idea about a secured loan is literally the only way am able to save this deal cos my car is paid off n am taking a loan against that. Thank you and thank you and thank you so much
Such an amazing video! Very detailed. As a training MLO, this helps me learn if I have missed anything in my education. What type of camera or video device do you use for your videos? I will be doing RU-vid videos soon, and really like the clarity of your videos. Thanks again! Grey
Really great video: good info, soothing voice and easy to digest info. I appreciate that. If you qualify for 3.5%, but put down 8% you won’t have mortgage insurance for the entire loan?
Increase interest rate to avoid closing cost -> Refinance to a conventional loan to minimize interest rate 3 month~12 months. Is this right? If so, Is there any additional fees I can expect to incur when refinancing? Could you also explain points or direct me to a link that explains this further? Thank you so much.
You can do that! Refinancing does have fees, but you can shop to find affordable options. Should You Pay Points? → ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-jvZSoYnUa2A.html
Hi! Great video! Super informative! A few questions...If we have enough for a 3.5% downpayment on a house (gift from family member) but not enough for the closing cost, would we be able to do a conventional loan? Or is it typically a higher downpayment when you get a conventional loan? Do they do anything towards closing costs? My credit is really good if that matters at all.
My wife and I are prequalified for a conventional loan and because of our good credit, we were told we only need to put down 3%. But since we are putting down less than 20%, we have PMI. My question is, will that PMI eventually go away after we have paid a certain amount? Or would we have to wait a certain amount of time and then refinance. Thanks!
If it’s a conventional loan, the you can request the PMI to be removed when you have 20% equity and it will automatically be removed when you have 22% equity. If it’s an FHA loan, MIP will stay on for the life of the loan unless you put 10% down. Sidenote: conventional mortgage insurance is called PMI (Private Mortgage Insurance) and FHA mortgage insurance is called MIP (Mortgage Insurance Premium)
This was so informative. I’m in this process right now and can only qualify for an FHA loan but at least now I know what I need to do to refinance with a conventional loan
Thank you so much for getting to the point. I am definitely going to ask my lender to bump interest rate to get a credit. Would you happen to know any programs that benefit teachers?
I hope you see this comment , Is there a limit in the amount a FHA lone will go up to?? An how long do you have to be in your FHA before you can refinance?
I've been told by a mortgage officer who works with HFA mortgages, that some states HAD offers Down Payment Assistance Grant which you doesn't need to repay if you live in a purchase house for at least 5 years. However, grants are limited.
Question if you know - if you are a real estate agent representing yourself as the buyer, would an underwriter count your commission towards the ability to pay closing costs and down payment?
Can you clarify how and why to refi into a traditional loan? If i start at a high interest FHA, how many years/payments do i make before looking to refi. What is the refi process like? Interest rates are super low right now and expected to increase, should i lock in the low rate now? When i refi into a traditional loan, do i get to wash off any MIP?
Sure! So, you'd want to refinance to a conventional loan so mortgage insurance will eventually come off. When to refi is a highly personalized thing, I'd recommend talking to a loan officer for help there.
Thank you s much for your schooling. I’m planning on buying a condo and I will be using an FHA loan. I have a great credit score so I hope that helps me.
Fantastic video, I learned something new! Would you still recommend working the down payment into the interest rate with a B.R.R.R.R strategy or a pyramiding up strategy? I'm planning on living in a triplex for 2-3 yrs. and most likely will sell and 1031 into a bigger property with another FHA.
Thanks! I do, you can head to my website to start an application for the states I'm licensed in or for a referral for a different state: www.winthehouseyoulove.com/
This is very helpful. We were recently offered 2.99% if we paid more at the closing table. I want to bring this up with my lender to see if she can make this work for us. Hopefully I don’t botch the question. Any tips for how to inquire?
Were do I try to get a fha loan i am first time buyer and I really don't know how to go about getting the loan if I could and you explained it pretty well just feels Iike its a lot to do
papo g if your fico is above 680 check your income qualification based on property address and go conventional 3% down. You’ll get a better payment. Avoid FHA loans. Loan officers do these to refinance you multiple times.
I would talk with a mortgage broker. What state are you buying in? Like Matthew mentioned, it might be good to explore a conventional loan as well if you have a 680 credit score or higher to see your best cost-saving option.
