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Best Home Loan for First Time Buyers - FHA vs. Conventional Loan

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⭐ Most Important People in the Home Buying Process - • Home Buying Process - ...
⭐ What is Included in your Mortgage Payment: • What is included with ...
⭐New Construction - • First Time Buyer New C...
⭐FHA or Conventional - • Which is better FHA or...
⭐Buying a House with Student Loans - • Buying a House with St...
⭐7 Day Perfect Credit Plan - • My ONE WEEK PLAN - How...
⭐Can you afford a house: DTI Ratio - • How Much Home Can I Af...
⭐What happens at closing - • What Happens During a ...
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Комментарии : 258

@Dirty5420 4 года назад

I’m so happy I found a black voice in this space! Looking to house hack in nyc next year! 🙏🏾 currently just stacking up a down payment. Blessings to you sister

@ShaheedahHill 4 года назад

Thank you and best of luck to you!

@MidnightRedDeath 3 года назад

Why does it matter if she is black? I'll take good information from anyone, not just basing it on their race.

@bryant.1938 3 года назад

@@MidnightRedDeath from what I could see is he is also black it’s not the race is the support from one to another of the same race, especially with all the injustice and race issues I could assume that after all that’s happened it’s good to see some good. Respectfully, Bryant.

@MidnightRedDeath 3 года назад

@@bryant.1938 I don’t see what anything you said had to do with it. If I’m white and said on a video “I’m so happy I found a white person covering this space!” It wouldn’t be any better

@JamKriCarEmm 3 года назад

@@PokerDummyface1024 I fully agree. The gentleman who stated he was glad to hear a black voice does not see that he himself is racist towards non-blacks. I am not black nor am I white, but rather someone who sees no color. I was here for information as I haven’t bought a home in 24 yrs and getting information to help my daughter purchase her first home.

@chasefire232 3 года назад

The amount of effort and care that you put into helping us through these videos is amazing. Your clients are fortunate to have you on their side.

@ShaheedahHill 3 года назад

Thank you!

@ravenhobson8665 2 года назад

@VindaTalks 4 года назад

Thank you for going straight to the point while being very informative! Well done. 👍🏼

@ShaheedahHill 4 года назад

Thanks for watching😊

@meikmeikmeik4654 4 года назад

@@ShaheedahHill I had have students. Do I qualify for an FHA loan?

@kasarustica4005 4 года назад

Follow Kasa Rustica for family home videos on house inexpensive projects and how to save and buy your first home. Simple tricks!

@lelabrooks04 4 года назад

I had coworkers who used Usda and one bought a brand-new home. Both mortgage was under 700.00. I believe it has been 19 years for both of them residing in their homes.

@ShaheedahHill 4 года назад

Thanks for sharing!

@MaryMary-nj3zy 4 года назад

Like this video, her explanation is very thorough so I could understand the differences. I'm trying to learn all I can to be on the road to homeownership. Thank you!

@ShaheedahHill 4 года назад

Glad it was helpful! Thank you for watching.

@missannie8012 4 года назад

FHA in California now has increased the minimum credit score to 660

@gailmarie65 4 года назад

Ditto

@gailmarie65 4 года назад

Miss Annie it’s not FHA it’s the lender

@mwright0428 4 года назад

Thanks again for the info. After watching your video on student loan debt it’s probably the best option for me to go with conventional because they will consider my actual payment and not the 1% which will hurt my DTI. Now it’s just time to get serious about saving.

@misscappy1226 4 года назад

I have been binging your videos all evening. The best info I've seen thus far for first time homebuyers!!! Thank you!!!!

@ShaheedahHill 4 года назад

Thank you so much!

@anicole626 4 года назад

Super informative. Now that I've heard the comparisons, I'm leaning more towards conventional and usda loans.

@ShaheedahHill 4 года назад

Thank you for watching and always ask the lender for estimates so you can compare each program for yourself.

@anicole626 4 года назад

@@ShaheedahHill would this be an estimate on the amount of a loan I am pre-approved for?

@DestinationDouglasville 4 года назад

@@anicole626 The pre-qualification will provide you with the amount you are approved for and you will do that first, but after that you should request estimates from your lender with the price of the home and different loan types to see which is best for you.

@est94 4 года назад

Luckily the DPA in NC is allowing me to use with conventional

@johnkoo7760 4 года назад

Thank you for the great info. I am in the process of getting a new home and you have helped out a lot. Much love from the Bay Area!!

@ShaheedahHill 4 года назад

Glad it was helpful!

@ckw1519 3 года назад

Thanks Black Queen

@ShaheedahHill 3 года назад

Thank you!

@kreyolappliance1469 2 года назад

Wish I knew all that 7 years ago. Knowledge is power.

@teyondamurphy6198 2 года назад

Thanks for explaining the mortgage insurance for conventional loans. I’ve been approved for a conventional loan but my loan officer did not let me know that there’s a way I can avoid having to pay this…….. you explained this process very well and now I know I need to put more down so o can avoid PMI 👍🏾

@sherrybea4886 3 года назад

Thanks for explaining the loan differences. You broke it down soooo well.. Keep up the good work!!!!!!

@tashas8287 4 года назад

Love your channel ❤️ I look forward to being part of the family!! Thank you so much for your informative info that we all need 🤗

@ShaheedahHill 4 года назад

Awesome! Thank you!

@anthonybattillo6785 4 года назад

Glad your doing this stuff you should do a series of actually doing the paper work going through all the process of purchase agreement lender stuff appraisals etc it would be really helpful for people

@ShaheedahHill 4 года назад

Great idea, I will. I am dedicated to helping first time Buyers navigate the process. Thanks for watching!

@anthonybattillo6785 4 года назад

@@ShaheedahHill do you know why you have to pay property taxes on a townhome I'm in the process of buying one and if the hoa owns the land and the outside of the property shouldnt they have to pay property taxes. I asked my lender he said he didnt know why but it would be added to hoa fees anyway but I was curious

@ShaheedahHill 4 года назад

You are taxed on the value of any property that you own including a town home or condo. But your taxes should be less than if you were to buy by single family home. Typically HOA'S do not pay property taxes because they do not actually own the land. Taxes on common property are paid by the membership through their own property. Your home may be worth more because your community has certain amenities and you are taxed on your homes over all value.

@jasong4879 3 года назад

thank you, this video was informative, I didn’t know all the differences between FHA and conventional. Home buying is daunting!!

@ShaheedahHill 3 года назад

Thanks for watching, download my first steps guide, link is in the description.

@robhumphreys4654 Год назад

First time buyer it’s hard to homes in the Atlanta area I find them keep getting shot down cause they don’t except F H a

@ShaheedahHill Год назад

This is happening a lot less now, but here is my video explaining why - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-c20sPnO-qes.html

@robhumphreys4654 Год назад

@@ShaheedahHill hi I’m not sure where you are I’m in the Atlanta area can you be my realtor

@jenniferharden2258 3 года назад

Question 1: After I find a home, do I tell the realtor what type of loan I prefer or is that a matter I take up with the bank?...

@ShaheedahHill 3 года назад

The realtor will want to know so they can draft your offer appropriately.

@secondopinion53 4 года назад

Thanks your videos has been very informative! Working on buying a home January 2021!

@ShaheedahHill 4 года назад

Best of luck!

@WealthWithDoctorGlo 4 года назад

Straight to the point. Thank you.

@ShaheedahHill 4 года назад

Thanks for watching!

@andresreyes5124 3 года назад

Hi. Conventional has lower dp than fha. It is 3%, so .5% lower than fha. 3% versus 3.5% more convenient the conventional loan

@ShaheedahHill 3 года назад

Correct.. I've updated this video. The 3% conventional has its limitations but yet you can also do 100% financing conventional as well. Thanks for watching ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-gXfEGPd3k4Y.html

@livenowliveright8509 4 года назад

Thanks again for such a detailed and thorough commentary on Home loans. Now my hubby and I were approved for a conventional loan, but the new house that we’re eying to purchase has a USDA loan(how does that intertwine with having a conventional loan?). So here is the question, our loan officer is stating that we aren’t able to get this house due to us having a conventional loan. I’m very confused, any insight?

@jessicalove2383 3 года назад

I would most likely lean toward the FHA loan

@GAMEBOIMARCUS 3 года назад

Question, so you wouldn't want to do mortgage insurance through the bank, but do you still want to have some type of house insurance anyway? Is the house insurance cheaper independent vs through the bank?

@ShaheedahHill 3 года назад

Mortgage insurance and homeowners insurance are separate items. Mortgage insurance protects the lender against foreclosure and homeowners insurance covers the home in the event of damage or destruction.

@GAMEBOIMARCUS 3 года назад

@@ShaheedahHill OK, now I see why it's not good to have mortgage insurance. 😂 Thanks for replying back so quickly.

@kingofallthings8944 4 года назад

When you apply for a first time homeowners loan will the mortgage company require copies of your rental history and a reference from your landlord?

@ShaheedahHill 4 года назад

They will sometimes confirm with your landlord or leasing company that you do not have any 30 or 60 day late payments. This is not typically required when you are initially getting pre-qualified.

@MaryMary-nj3zy 4 года назад

Good question!, hopefully she answers

@ShaheedahHill 4 года назад

@@MaryMary-nj3zy Hi, I did. Please see above.

@latricemochacappuccino3743 3 года назад

What is mortgage insurance ( I know it's self explanatory but some people don't know)and why do we don't want it? And how soon can we get rid of mortgage insurance?

@ShaheedahHill 3 года назад

It protect the lender if the buyer defaults/forecloses. It varies by loan type. Please watch my other loan videos it will explain how long it stays with the loan. Thanks.. good question!

@TheQron03 3 года назад

Keep these videos coming beautiful!!!

@Heater1046 4 года назад

You Get A thumbs Up! I might subscribe if all your videos are this detailed love and thank you

@franklinayala4879 4 года назад

thanks for the great and informative video. I'm surprised you did not try and sell your service lol

@samanthagertrude3530 4 года назад

My husband joined military and we had just bought our first house using conventional loan however I didn’t like the house, so can we get another one using via loan when he comes back. Please help me

@olamilekanyusuf7526 4 года назад

Hello Samantha Gertrude , I am a single mother of 3 daughters and I found a home to purchase for my family but due to my low credit score I don`t qualify for FHA loan. I saw review about Gina and decided contact her, Then I gave her the info she requested for her to get the credit fixed. She helped raise my credit score to 820 and She also deleted negative collections items on my credit report within 72 hours. I finally approved for the FHA loan and I was able to buy the house. Contact G I N A - @ - creditmasterfixLLC Dot CoM

@joycemagreet7310 4 года назад

Gina also helped me, she and her team are the best credit repair service i know

@benedictwarner218 4 года назад

Gina also helped me... she and her team are the best

@zoewimmers9330 4 года назад

That's a great question. It's going to depend on the left over remaining loan eligibility on the Certificate of Eligibility.

@simba0830 4 года назад

Which mortgage loan the sellers favorite more? Are the mortgage insurance for a conventional loan cheaper than FHA? I understand credit score is a big factor dealing with cost of mortgage insurance as well. I was leaning toward conventional loan to avoid higher cost mortgage insurance. I like the interest rate out there with FHA loan but sometimes the APR is real high. The area where I want to buy qualifies for USDA. I just think the seller would turn my offer down using an USDA loan. The housing inventory in my area is very slim. 😔

@ShaheedahHill 4 года назад

Conventional loans are generally seen as more favorable than FHA.

@ravenhobson8665 2 года назад

Thanks for the video! New subbie 🥳 At first was looking into USDA or FHA although after watching and internalizing this content, I think it may be worth it to save the 5% down to have the possibility of utilizing the property AN ASSET. The USDA/FHA and likely VA loans (although I am unaware of VA restrictions) make the purchase of the home more like a liability as you are unable to generate income from the property (at least thats how I see it from my perspective- please correct me if I am incorrect and you can still earn on the backend if you wait to sell 10 years+ depending on the market/economy/etc. do they limit property resell value or are they still adjusted in the same manner as homes that were originally purchased with conventional loans?). Also, do you know if "income generation" includes digital or even retail businesses that are run online /delivered from the home or is this limited to solely renting the property? Would it be permitted to use your home address for an LLC? Sorry I have so many questions! You can tell I really enjoyed watching this lol 😁🙏🏾

@ShaheedahHill 2 года назад

If you are doing an owner occupied mortgage, even at 5% down you will need to owner occupy that home for at least one year. However, that does not stop you from running a home based business from that home. Thank you for watching.

@kinyettabranner8419 3 года назад

Why would u want to get rid of your home insurance?

@feliciasmith1910 3 года назад

Ms. Hill, I hope you see this question. I tried to find your email to no avail. Is there realistically still any DPA for Georgia home buyers?

@ShaheedahHill 3 года назад

Yes there is, my email is thehillteamatl@gmail.com

@adwoaserwaa7931 2 года назад

Hi, thanks for all the information! Please if I put 20% down and used the conventional loan now our bank is not allowing me to pay the taxes on the home by myself. They paying it from an escrow account

@ShaheedahHill 2 года назад

It depends on the lender, some lenders still require you to escrow taxes and insurance even if you put down 20%. Thanks for watching.

@tonysnowtexas8906 4 года назад

Thanks for the information, very helpful . Quick question, if my credit score is not too great - will a bigger down payment on my end be more towards my favor ?

@ShaheedahHill 4 года назад

It really depends what not great is, there will still be a minimum credit score even if you have a large down payment.

@vernonhermon8930 2 года назад

Great advice keep it up and us informed 👍🏿👍🏿

@ShaheedahHill 2 года назад

Thank you! Will do!

@QueenK7819 3 года назад

Thanks for this video, very helpful information. Seems like an FHA loan is better for me

@JadeCarter66 4 года назад

Thanks much for sharing this video! Question, with the conventional loan, can you still put a down payment of 5% if your credit score is between 500 and 600?

@ShaheedahHill 4 года назад

If you can find a lender that is approving conventional loan with that credit score. I am not finding that with my clients. Generally conventional loan clients have higher credit scores.

@HealthtiTV 4 года назад

Shaheedah Hill Real Estate Thank you for the great information, however, I have one question that piggyback on Jade’s question- With the 5% down on the conventional loan would you still be able to get out of PMI?

@ShaheedahHill 4 года назад

@@HealthtiTV you will still have pmi unless it's a special loan program. Like synovus and some other banks have a 100% conventional no pmi. But most conventional loans have pmi unless you have 20% equity in the home.

@rhythmcity2006 2 года назад

Very valuable channel Shaheedah, really preciate you

@jeansoo-learngrowserve3266 4 года назад

For FHA loans, you had mentioned full-time college graduates can count their 2 years at school for the 2 years employment requirement for FHA. Do you know if lenders would prefer or require you to have at least a part time job for a few months to a year after graduation still when applying for the FHA loan? Thank you for the help! Great video as usual.

@ShaheedahHill 4 года назад

They would want you to have a full time job. You just wouldn't have to wait 2 years on that job to qualify.

@jeansoo-learngrowserve3266 4 года назад

@@ShaheedahHill Would they accept a part time job or two part time jobs? Thanks for clarifying! I love your videos

@ShaheedahHill 4 года назад

@@jeansoo-learngrowserve3266 probably not because they don't see those as all stable but it depends. You can ask a local lender to see what your options are.

@jeansoo-learngrowserve3266 4 года назад

@@ShaheedahHill Got it. I'll ask around some lenders. Thank you! Look forward to watching more of your videos.

@jkmaru09 3 года назад

Why do you still need cash down payment if you are borrowing money from the bank? Example: house price 500k, bank loan approved 500k. Thank you.

@gr8phoenix990 4 года назад

THANK YOU, SHAHEEDAH! 😊🤗

@franksoler598 3 года назад

Hill thank you for your help. Question, First time home buyer the home is 200k and I have the 20% down with a credit score of 750, Do I still have to pay PMI with a FHA loan?

@ShaheedahHill 3 года назад

Yes, you can avoid PMI with conventional if you have 20% down. You will have to pay it for less years with FHA.

@franksoler598 3 года назад

@@ShaheedahHill Again thank you so much for your help.

@sarahhernanadez8564 4 года назад

You are soooo awesome and knowledgable!! Thank you!!!! :)

@ShaheedahHill 4 года назад

Happy to help!

@liamnoah3501 2 года назад

what are the 2 types of home loans

@ShaheedahHill 2 года назад

It is explained here - FHA/Conventional/VA/USDA ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-gXfEGPd3k4Y.html

@Tutu-tt6np 4 года назад

For the USDA, is there a way to see the house listings? What's on the market without me provident the specific address? Thanks in advance

@ShaheedahHill 4 года назад

I am not aware of a specific site other than the USDA site that allows you to put in an address. However, you can ask your Realtor to set you up a search to receive listings in USDA areas.

@eugenesmith3611 2 года назад

Good afternoon

@gusv7777 3 года назад

Thank you Shaheedah your videos are awesome. We are all lucky to have someone like you to help us become educated on the process. I have a question, if I was to have 10% available to put down on a $500,000 condo or home, how much more out of pocket in closing costs and fees would I need on top of the 10% down?

@ShaheedahHill 3 года назад

Thank you for watching, probably another 3% for closing costs.

@gusv7777 3 года назад

Thank you Shaheedah

@goodlifegreenscapesbrecken5928 4 года назад

Great detailed insights on first-time buying deals - thank you, Shaheedah!

@ShaheedahHill 4 года назад

Glad it was helpful!

@goodlifegreenscapesbrecken5928 4 года назад

I know you said it's not your specialty (usda), but can I have two federally guaranteed?backed?secured? loans at the same time: fha & usda? What if I got my first ever home with the FHA terms and then invested in a rural property in the neighboring county? Is that frowned upon or any sort of problem? I noticed in the PPP documents that they ask if you already hold any other SBA loans...that's why I ask.

@ShaheedahHill 4 года назад

Probably not because both are for owner occupants and you cannot live in two places. The other would be seen as an investment property or 2nd residence.

@anng7514 4 года назад

Thank you for the information. Does the mortgage insurance remain for the duration of the mortgage with FHA's?

@ShaheedahHill 4 года назад

Yes, but it depends on how much you put down. Please watch my FHA video.

@anng7514 4 года назад

@@ShaheedahHill thank you. I watched it.

@anng7514 4 года назад

@@ShaheedahHill thank you. I watched.

@laguelhowell22 4 года назад

If you are living in the home you are looking to purchase will you qualify for an FHA loan? And are you able to tack the 403B financing into it for small repairs

@ShaheedahHill 4 года назад

Yes, because you currently do not own it. I think your are referring to the 203K, it depends on what needs to be done. www.hud.gov/program_offices/housing/sfh/203k/203k--df

@boomagoo321 3 года назад

Thank You !

@ShaheedahHill 3 года назад

You're welcome!

@steven19767 3 года назад

Mrs. Hill I have my first home and I hate it now but it will be paid off at the end of the year. My question is that my credit score is solid around 770 and my dti is around 15 percent is it possible for me to get in another home with the 3.5 percent down conventional please help and thanks for sharing your knowledge.

@ShaheedahHill 3 года назад

Yes, but they have to believe that the new home will be your primary residence, so you are renting that one out and upgrading for instance. Start speaking with lenders now so you will know how best to proceed. Thanks for watching!

@zoewimmers9330 3 года назад

Great video! This is an important topic to understand for buyers.

@ShaheedahHill 3 года назад

Glad it was helpful!

@AugustRae85 4 года назад

Thank you so much for explaining that.

@ShaheedahHill 4 года назад

You're very welcome!

@normadennis3312 2 года назад

I live New York .my house worth &56000 thousand dollars the house is full pay off in full do I need to keep my house in insurance

@ShaheedahHill 2 года назад

Yes, definitely! You want to make sure your asset is protected. What happens if there is a fire, water damage, someone injured on your property, etc? Think of it like keeping car insurance after your car is paid off. It may not be required by law, check in your state but It is a smart decision to keep.

@Ebony_Reed 3 года назад

I’m a first time home buyer, but my co-borrower is not. If they previously purchased a house using FHA and later (5 years after occupying, 15 years ago) decided to rent it out and the renter has maintained the payments since then, can we both qualify for another FHA for a house that we will both occupy?

@ShaheedahHill 3 года назад

Possibly, contact a local lender to see for sure. FHA loans are not just for first time buyers but they are for owner occupants.

@persephone503 4 года назад

Hi Shaheedah, I love your channel! It gives so much needed information. I am a senior in college and want to buy a home after I graduate. With the FHA loan do you have to pay mortgage insurance for the full life of the loan or will it end after you hit 20% like the conventional loan?

@moonaj89 4 года назад

It is my understanding that with FHA, you will have the say payment the entire life of the loan. So you continue paying that insurance even up until your final payment.

@zoewimmers9330 4 года назад

@@moonaj89 Yes that is correct. Mortgage insurance on an FHA loan stays on for the life of the loan.

@bigmanjhhs09 4 года назад

Is it true that lenders are raising the minimum credit score to get a home loan? Like with downpayment assistance programs. (First time homebuyer in Pennsylvania)

@jessicalopez9351 4 года назад

Hi ! Do tou think I could get a loan without credit history i have 600 score on Fico XD will that help ?

@superfluff106 Год назад

Thank you for the helpful video.

@ShaheedahHill Год назад

Thanks for watching!

@alfonsomorales3247 4 года назад

My score is around 550 but I do have more than a 3.5% down payment. Will having a bigger down payment help when trying to acquire a FHA loan? Thanks

@CloBareMoneyCoach 3 года назад

Just found your channel-- such a great video. Super helpful and I no longer feel stupid for not understanding ;) Thanks, Shaheedah!

@ShaheedahHill 3 года назад

Thank you for finding me and watching!

@lorenzohatten596 2 года назад

Very informative

@ShaheedahHill 2 года назад

Thanks for watching!

@Buffy2222 2 года назад

How were you able to get an FHA loan after having already owned a home? Thanks for your channel!

@ShaheedahHill 2 года назад

If you are moving far enough away from the first house you can get another FHA loan. Usually the homes have to be at least 50 miles apart. However I sold my first house it was conventional and then got an FHA loan. The FHA loan interest rate was lower.

@shaymari3890 4 года назад

Great information !!! 👍👍

@ShaheedahHill 4 года назад

Glad it was helpful!

@i.b3456 4 года назад

What if I have up to 20% down payment and decides to go with FHA, do I still need to pay for PMI?

@ShaheedahHill 4 года назад

Good question, FHA loans come with PMI even with 20% down. This was a change after the recession.

@i.b3456 4 года назад

@@ShaheedahHill Thanks for the clarification.

@jennifermarquez9810 4 года назад

Hello. Thank you so much for this video and all the other ones. Is it ever possible for the conventional loan to offer lower interest rate ?

@ShaheedahHill 4 года назад

It is possible but I am finding that FHA has been lower lately. The advantage of the conventional is that you can get rid of the mortgage insurance and you don't have a premium to pay at closing. If you qualify for both ask the lender for an estimate for conventional and FHA.

@jennifermarquez9810 4 года назад

@@ShaheedahHill Thank you so much for getting back ! Love your channel !

@saraA16161 3 года назад

Thank you so much this is so informative .

@ShaheedahHill 3 года назад

Glad it was helpful!

@tiffanygilbert3399 4 года назад

Hello can you tell me the difference between USDA vs NACA loans?

@ShaheedahHill 4 года назад

NACA is a non profit organization. USDA is a government loan product. NACA is not a loan. Please watch my video on NACA.

@tiffanygilbert3399 4 года назад

Thanks I did but I’m still confused well let me ask you this I got approved for both which one do you think I should go with?..Help me please!

@ShaheedahHill 4 года назад

@@tiffanygilbert3399 have the lender's for both options give you an estimate at the same sales price and evaluate the best option from there. Also ask your agent to help guide you because USDA will only work in certain rural areas.

@tiffanygilbert3399 4 года назад

Gotcha thanks so much!

@keplersenecharles100 3 года назад

Thank you for your video

@forrealtyler 3 года назад

Do VA Loans have to be owner occupied?

@ShaheedahHill 3 года назад

Yes, you may able to do multi family but you have to live in at least one unit. Check with a local lender.

@p.nelson1195 3 года назад

Hi Shaheedah, amazing, informative video! I’m ready for my pre-approval. If I decide the FHA loan will I be able to remove the PMI after paying 20% Equity into the home? I’m hearing different things! Please assist me with your expertise. Thank you in advance!

@ShaheedahHill 3 года назад

For FHA loans PMI stays with the mortgage for the life of the loan, regardless of equity amount, unless you put more than 10% down then it stays for the loan for 11 years. Thank you for watching!

@BlkOnyx0508 3 года назад

@@ShaheedahHill I heard about FHA streamline where you can get it removed. Your thoughts?

$@jerellyeufracio3272$

@jerellyeufracio3272 4 года назад

Thanks for the valuable information 🙌🏼✨

@ShaheedahHill 4 года назад

Glad it was helpful!

@Not0rious7 4 года назад

Thank you, keep it up!

@jnbp9312 4 года назад

Thanks, great video. What would qualify as a good FHA interest rate in today's market??

@ShaheedahHill 4 года назад

3.5 or lower...all depended on credit and lender, so get 3 quotes. Also bankrate.com has average interest rates..check out that site.

@jnbp9312 4 года назад

@@ShaheedahHill Thank you. I just received one quote and it was 3.6 interest rate FHA with 3.5 down. I just did the one to get my feet wet ( that was before I started to watch your channel). Now, I know to get 2 others to compare. Thank you, for such informative videos.

@shordy77 4 года назад

So the usad loans how much ya credit score has to be to get that

@ShaheedahHill 4 года назад

Minimum credit score is 640 for USDA loans.

@LoLLoL-mm6tt 2 года назад

Is it better to apply for a loan first before finding a home? Or you should already have a home in mind before applying?

@ShaheedahHill 2 года назад

Apply first so you know what you will be approved for. Please view my mortgage options playlist.

@dshep7850 3 года назад

Thank you. Can you use one of these loans to have a house built? This is a first time home

@ShaheedahHill 3 года назад

Yes, absolutely

@dshep7850 3 года назад

@@ShaheedahHill Thanks for you reply. I own a lot, plans, but I need to find the correct way to go.

@i.b3456 4 года назад

If I have up to 20% down payment, which of the loan would you recommend and why?

@ShaheedahHill 4 года назад

Conventional because you will avoid mortgage insurance.

@i.b3456 4 года назад

@@ShaheedahHill Does it mean even with 20% down payment on FHA, i will still pay mortgage insurance?

@gailmarie65 4 года назад

Thank you

@jaheimRakim 3 года назад

Love your videos

@ShaheedahHill 3 года назад

Thank you!

@MsPink0769 3 года назад

How do you know the house is going up in value?

@ShaheedahHill 3 года назад

A new appraisal will be conducted...

@ThePrettyNappyGirl 4 года назад

With a conventional loan does Ga Dream offer down payment assistance?

@ShaheedahHill 4 года назад

In order for GA Dream to be conventional you would need 20% down. Your savings with the Down Payment Assistance.

@nursebfit4205 4 года назад

Can I get out of PMI on FHA without refinancing? If I came across the full amount of the PMI next year after initiating the FHA loan, can I pay off the PMI and be done with the PMI for the remaining life of the loan?

@ShaheedahHill 4 года назад

That is something I am not sure of, if you can pay it all up ahead of time. If you ask your lender they should be able to tell you. Good question.

@DianeDesignGifts. 4 года назад

On a conventional loan does it go up over time of the loan?

@ShaheedahHill 4 года назад

Unless you are getting a variable rate loan, your interest rate should not change. Most loans are fixes right now since interest rates are so low. Only get a fixed rate loan there are no advantages to a variable rate at this time.

@enriqueleonardo3885 4 года назад

How about if im going to put DP of 5% into conventional loan, do i still need to pay mortgage insurance every month?

@bebejesisoto 4 года назад

I would like to know sake answer to your question my plan is to buy with a conventional if i can do 5% down. Is it doable

@frankcheco7550 4 года назад

I think you do up until you have 20% of loan paid. After that the PMI goes away on its own

@hetchito 4 года назад

Yeah you have to pay PMI until the 20% equity on the home is reached. FHA loans do not allow you to remove the PMI versus the conventional does. Only way to get rid of PMI on FHA loan is to refinance the house.

@bebejesisoto 4 года назад

@@hetchito thank you

@bebejesisoto 4 года назад

@@frankcheco7550 thank you

@simoniao.carterdtm8989 3 года назад

Really wish your vid ideas helped me. I was denied a home loan from TD Bank. I had,only a car note, no other debt, perfect credit score,cash for my down payment and closing cost, plus 3 Sources of income , We lost our dream home and now we are homeless. So,be very careful .We found out 2 days before closing.. Hope this helps someone.

@ShaheedahHill 3 года назад

So sorry to hear this, why was your loan ultimately denied?