Thanks for watching everyone! If you found this video helpful then give it a LIKE to support my channel! Also check out my entire playlist on buying a home here: ru-vid.com/group/PLscTZuOqKWIz97DBmq5r-4IciwL6uKJfQ
I appreciate these two videos more than you know! I tend to thumbs-up everything you produce, but this video paired with the one from two days ago are very timely in my case. As one of the 70% of real estate agents who didn't make it in the business back in '95, I gotta say you sure know your stuff. I've learned beaucoup from you over the last few months. As always, looking forward to your next video.
Thanks so much JuanCarlos! I hope that people find these videos helpful. I just make content that I wish I had known years ago! I pretty much financially wasted all my 20s and half my 30s. But I think I got it figured out now!
Also, with a conventional loan the requirements for the home arent as stringent as FHA or VA. For example, you can buy a fixer upper on a conventional loan whereas on an FHA or VA they will require things to be fixed beforehand.
FHA and VA offer rehab loans...higher rates but is available. Seller is allowed to sell and close if the borrower needs to do this loan. It's a bugger to live through but is allowed. But I really don't recommend them unless your a very patient person.
Sorry...but your incorrect here. FHA and VA do not require you to be a first time buyer, Also VA and FHA will allow you to buy 1-single family home up to 4 units otherwise known as a 4plex. A 4 plex renting out the 3 smallest units while occupying the 4th and largest unit. I could go on, but please talk to a loan officer who knows Government loans. As most sellers were not allowing offers with VA or FHA loan terms in Washington State and I'm sure yours if the market was as hot as we had here for 3-4 years, I would recommend at minimum 10 years in the industry as a Loan Officer. Also Have your lender talk to you about buying out Mortgage insurance if your doing a conventional loan.
If I have a condo payed off, and completely debt free, and want to buy a bigger house but we don’t have a big down payment. Excellent credit score, we have to go through conventional, but do we have to pay PMI since we can’t put 20% down unless if we sell the condo and hope to find a house quickly?!
Jake, you say at the end of the video if you have a good credit score and a 20% down payment then go with conventional since the benefits of FHA become irrelevant; would you say the same for someone who is eligible for the VA loan but has good credit and a 20% down payment?
Hey Aaron! The benefit of doing a VA loan would be you don't have to put down the full 20% if you don't want to. The VA loan will get you the best rate and you already don't have to pay mortgage insurance for having less than 20% down. VA always seems like a better choice unless you are trying to buy in a very competitive market. Sometimes selling agents will ignore VA financed offers on a home since they require additional inspections and scrutiny to close on the property.
with good credit you will be better off in Conventional as the FHA has mortgage insurance regardless of downpayment where with 20% down there is none conventional.
Hey Jake! Do you want to make a video about Series I Treasury Bonds as a way to protect critical cash savings from inflation? I’ve found many are concerned about inflation but about 6 months of cash is very reasonable amount to have. Much better yield comparing to savings accounts but there are some points to consider before throwing all your cash into Series I. I think that will be very interesting video for your subscribers.
keep an emergency fund liquid so you can use it at a moments notice, everything else goes into a retirement(and into the stock market funds)/brokerage account
@@chrisofelt6427 that’s according to your strategy. The question is how to protect your emergency fund from inflation. Series I if used wisely might be great solution.
I've been playing the credit card points game for the last two years, often times carrying but paying fully $2-5K in credit card debt but netting out the bonuses. My current income is about $6K a month pre-tax, but my liquid net cash is about $100K so theres hardly ever any risk since I have reserves to pay off any credit card immediatly. But would my debt to income ratio be out of wack and should I ease off credit card points hacking for 6-12 months in order to better qualify for best loan rate?
Yes, I recommend 8 months prior to applying for a mortgage that you don't apply for any new credit cards. New cards opened recently can affect eligibility and rates.