NEW FHA Loan Requirements 2024 - First Time Home Buyer - FHA Loan 2024

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Are you a first time home buyer interested in buying a house using an fha loan in the 2024 housing market? What are the most recent FHA loan requirements for 2024? What credit scores do you need? How long do you need to be employed? How much downpayment does FHA require? What are the pros vs cons of FHA Loans? In this video, we are going to discuss the 2024 FHA Loan Requirements, answer some common questions around FHA and show you how to do some basic FHA calculations with regards to Mortgage Insurance
✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.ne...
⏩ Watch This Next ⏩ - NEW FHA Income Requirements 2024 - First Time Home Buyer - FHA Loan 2024 - • NEW FHA Income Require...
Other FHA videos you may find Helpful:
How to calcuate PMI on a FHA Loan - How to get rid of PMI - FHA Loan 2024 - • How to calcuate PMI on...
Comparing Monthly Payments on FHA vs Conventional Loan - First Time Home Buyer - • Comparing Monthly Paym...
RESOURCES:
🏠 - First Time Home Buyer Course - www.becominghom...
🎙- The Educated Home Buyer Podcast - ‪@TheEducatedHomebuyer‬
Spotify - open.spotify.c...
Apple - podcasts.apple...
NEW 2024 FHA LOAN LIMITS - www.hud.gov/pr...
Low Cost Areas:
One-unit: $498,257
Two-unit: $637,950
Three-unit: $771,125
Four-unit: $958,350
High Cost Areas:
One-unit: $1,149,825
Two-unit: $1,472,250
Three-unit: $1,779,525
Four-unit: $2,211,600
FHA Approved Condo List - entp.hud.gov/i...
FHA County Loan Limits - entp.hud.gov/i...
What is an fha loan? An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by an FHA-approved lender.
➡ What is fha mortgage insurance? Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA requires both upfront and annual mortgage insurance for all borrowers, regardless of the amount of down payment.
➡ What is the current upfront mortgage insurance premium for fha loans? The UPMIP is currently at 1.75% of the base loan amount. This applies regardless of the amortization term or LTV ratio.
➡ How do you calculate the monthly mortgage insurance premium for an fha loan? Purchase Price x Percent of Amount Financed x 1.0175 x .0055 / 12
Example Below using a $350,000 purchase price putting 3.5% down:
$350,000 x 96.5 = $337,750
$337,750 x 1.0175 = $343,660
$343,660 x .0055 = $1,890.13
$1,890.13 / 12 = $157.51 / month
FHA loan 2024 requirements
✅FICO® score at least 580 = 3.5% down payment.
✅FICO® score between 500 and 579 = 10% down payment.
✅MIP (Mortgage Insurance Premium ) is required.
✅Debt-to-Income Ratio less than 57%. (Actually you can go much higher than this)
✅The home must be the borrower's primary residence.
✅Borrower must have steady income and proof of employment.
FHA Videos You May Find Helpful:
➡FHA Loan Qualifications - First Time Home Buyer - FHA Loan 2020 - • FHA Loan Qualification...
➡FHA Pros and Cons - First Time Home Buyer - FHA Loan 2020 - • FHA Pros and Cons - Fi...
➡Buying a home using FHA - First Time Home Buyer - FHA Loan 2020 - • Buying a home using FH...
I hope you appreciate this update on fha loans for first time home buyers for the housing market 2024 california as well as this real estate market update from your local Huntington Beach Real Estate Realtor, Jeb Smith.
Please let me know your thoughts below: what are your predictions for the housing market 2024 forecast and the housing market 2024 california? After watching this video, do you believe you should be buying a home this year or if now is the best time to sell a house?
Do you believe a house market crash 2024 or real estate bubble will happen? If so, why? What are your thoughts on the Orange County real estate market and the potential real estate crash for orange county real estate?
Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty
I N S T A G R A M ➳ / jebsmith
➡T I K T O K➳ www.tiktok.com...
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To never miss a video about personal finance & real estate related topics, please subscribe to my channel & then hit the bell notification here ➜ goo.gl/NZB1S6
#HousingMarket2024 #RealEstate #FHA

Опубликовано:

26 окт 2024

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Комментарии : 282

@JebSmith 11 месяцев назад

✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral 🏠 - First Time Home Buyer Course - www.becominghomewise.com ⏩ Watch This Next ⏩ - NEW FHA Income Requirements 2024 - First Time Home Buyer - FHA Loan 2024 - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-C7DfwoJXAmg.html

@joannjordan6549 11 месяцев назад

Is va debt to income ratio 60% Thanks 😊

@MartinX192 8 месяцев назад

I used FHA last year with a first time buyers bond loan. Paid about 2k total signed and moved in

@elliemichel7560 7 месяцев назад

Was it hard for you to find a seller who accepted a FHA LOAN?

@rachela4071 6 месяцев назад

That's amazing! Congratulations on the purchase

@CFish-N-Cars 3 месяца назад

What was the price of your home? If you don’t mind. I just got pre approved for fha.

@YUNGSKOOL 3 месяца назад

@@CFish-N-Cars what was the process?

@dlquani8703 2 месяца назад

@@MartinX192 curious to know what your credit score was and the price on your home? With so little down. That’s amazing, also congrats!

@garymapes6955 9 месяцев назад

I hope I can buy a house this year. I've been working on my credit and have a decent job now. I feel like this will be my year to do something good for my family. Thank you for the info, you gave me some hope that I can actually buy a house soon.

@BleuSkiddew 8 месяцев назад

I'm right there with you. Best of luck.

@perikoglopez6276 8 месяцев назад

I KNOW we will all get what we want for our family this year 🙏🤝

@chaosindafridge 8 месяцев назад

Im in the same boat.

@DieselRamcharger 8 месяцев назад

lmao youd buy a house at 7% interest? good luck with that!

@boejiden1065 8 месяцев назад

@@DieselRamcharger your comment holds zero value…go somewhere else

@ObserverDriftMusic 11 месяцев назад

We had a bad experience trying to buy with FHA. if there are any other offers on the house that are conventional, the seller is always going to overlook the buyer using FHA. Decided to sit out and build our savings and pay off credit so we’re set to apply for a conventional loan. Waiting til end of 2024 to start looking again

@JebSmith 11 месяцев назад

Yes, that does happen but it's not automatic. We have accepted FHA offers before because of better terms in other things outside of downpayment. You just need a great realtor and lender to convey to the selling agent.

@ObserverDriftMusic 11 месяцев назад

@@JebSmith true. But if your close to having what you need for a conventional it’s going to save you way more time and heartache to just not even mess with fha. save that money you’d be spending on the insurance and wait til you can cover a higher down payment. However with sales slowing down so much now maybe it’s a bit easier to close with an FHA.

@iloveit7301 9 месяцев назад

interest rates are typically higher for Conventional loans than for fha oans or government loans. The higher sales prices for homes today will most likely direct most buyers to go with a FHA/government loan to meet Debt to income ratio requirements. What I will say is buy a home BEFORE you buy a vehicle. The increase to the monthly payments on a vehicle can really impact the buyer and often cause them to be at a lower price point in the home they will be able to buy. @@ObserverDriftMusic

@JoeBuck-uc3bl 9 месяцев назад

If you’re selling a home, why does it matter? You get paid the full amount by the bank at closing regardless. Hence a loan for the entire amount of the purchase price?

@trapmuzik6708 9 месяцев назад

@@JoeBuck-uc3bl exactly makes no sense it wouldn't matter

@evasesh6585 8 месяцев назад

I got my house in 2022 with an FHA loan as well as USDA home loan because of where I purchased my house. I got really lucky though, I was trying to buy my house during the major interest rate hikes so they shut down the FHA loans, then for only 2 hours the reopened them, my mortgage agent was able to get mine processed just before they closed it again.

@dustins7259 8 месяцев назад

That is not why they shutdown FHA loans. The shutdown was implemented to minimize the need for lenders to resubmit response documents once the errors are resolved. Had nothing to do with interest rate hikes.

@evasesh6585 8 месяцев назад

@@dustins7259 I am just repeating what I was told by my loan officer at that time, again this was back in March / April 2022 when interest rates where changing almost daily.

@SolidRockEnterprises 10 месяцев назад

Thanks for being factual and edicating people. FHA is great although it does have its caveats which you explained excellently. I have FHA loan. If it weren't for FHA, I wouldn't own a home as I didn't qualify for conventional loans.

@JebSmith 10 месяцев назад

💪💪💪

@rumbeandito 10 месяцев назад

100% agreed to your 2024 housing market forecast. People is forgetting that even before 2020 there was a huge housing shortage, today is worse.

@JebSmith 10 месяцев назад

You nailed it.

@firstnamelastname9661 8 месяцев назад

Will it crash or go up in 2024 ???

@amandalee714 10 месяцев назад

Sadly, even with a terrific credit score, and a subpar home in a bad neighborhood, you will not be able to afford the payment unless you have a massive down payment.

@jimbo4187 8 месяцев назад

Yeah unfortunately this is very true. A lousy house in a lousy neighborhood right now is still really expensive and that’s with 2 full time incomes. Single people can’t buy homes anymore.

@karynhilton6220 20 дней назад

It’s got to have a point where the market crashes

@Cookie-sf6fs 10 месяцев назад

So happy your here California is so expensive and this is an option for us ! Keep making videos I know your throwing a lot at us but we can rewind

@JebSmith 10 месяцев назад

Hey @Cookie-sf6fs, thank you so much for your kind words and support! It's definitely a challenging market to navigate. I'm thrilled to hear that the videos are helping you and I'll definitely keep them coming. A lot of information is indeed shared, so don't hesitate to hit that rewind button! Thanks again.

@jordyisdrunk 8 месяцев назад

Leave California

@positivemanda 9 месяцев назад

I live in joshua tree.. it has become a popular str destination. I want to buy a home. Im almost 40 and just landed a career id like to keep. My credit score is only 630 or so. I sure hope this will help me to finally be a home owner.

@sxerralzve2739 7 месяцев назад

I wish you the absolute best on your home owning journey! I'm only 22, and am lacking any confidence in being able to afford a home in my future, but I'm trying to learn the most I can and keep my hopes up, and I will hope for the absolute best for you as well!

@SunshineGigglez 10 месяцев назад

Im 37 and have a low credit score due to poor choices in my 20s, identity theft and student loans. I'm currently paying rent on a house at 1600 for the pass 7yrs. It sucks that im financially capable to carry a mortgage but yet unable to own a home. And 7 yrs worth of rent at $1600 isnt proof enough to be approved for a home loan😭

@JebSmith 10 месяцев назад

That's unfortunate...........Credit is extremely important when getting a home loan. I would focus on trying to improve that score as my #1.

@SunshineGigglez 10 месяцев назад

@JebSmith I have been☺️ im currently at a 600 working on getting it above a 620

@laurent3415 10 месяцев назад

You got this. You'll get there so don't give up.

@brizzle3903 10 месяцев назад

@@SunshineGigglez600 isn’t bad I’m sure you can get it well above 620 a lot sooner than you think, I was in a similar situation and hustled like no other I went from 600 to 775 in 3 years No lie it required SIGNIFICANT sacrifices but it was worth it

@KitoCunningham 9 месяцев назад

😊good job! What helped us is get a secured line of credit at a credit union. Most times it’s only $1,000.

@jacobeastridge8832 7 месяцев назад

Thank you for making this video this is helping me out a lot it’s hard to read books about these things and get in the spirit of learning. I’m a visual learner and your video was very PowerPoint like so exactly the way I like to learn

@JebSmith 7 месяцев назад

It's always rewarding to know that we're helping to simplify complex topics, especially for visual learners like yourself.

@jrxboi808 9 месяцев назад

Out of all the videos i cased on youtube on stuff like this your vids are the most informational hoping to be a 1st time home buyer but living in hawaii its really hard to find anything thats less the a million dollars these days😅 very informational video though👍🤙

@JebSmith 9 месяцев назад

Hi @jrxboi808, Thank you so much for your positive feedback! I'm really delighted that you've found the videos helpful. Buying your first home is a monumental step, and I'd be more than honored to help guide you through the process. I understand the challenge of finding affordable housing in Hawaii and it's my goal to make this milestone as easy as possible for you, despite the hurdles. Feel free to reach out if you have any concerns or questions. Good luck on your home buying journey!

@kilamkam 8 месяцев назад

This comment hits because you're in Hawaii and Im in NY with the same problem.. The market is so high where we live😮‍💨😮‍💨....

@ngirardo86 9 месяцев назад

You have to jump through hoops for a 100k home but you can go to a dealership and leave with a 100k vehicle that day lol something’s wrong here l

@JebSmith 9 месяцев назад

Hello @ngirardo86, You make an interesting point and it's a common frustration many people share when trying to understand the home-buying process. What it comes down to is the difference in the two types of assets: a vehicle depreciates quickly, which makes it a less risky loan for a lender. A home, on the other hand, generally appreciates in value, and a mortgage loan is typically for a much longer term, hence there are more rigorous qualifications to ensure a borrower's long-term financial stability. However, this process is in place to protect both the buyer and the seller. I hope this provides some clarity. Your observation is greatly appreciated, and so is your time spent watching the video and sharing your thoughts.

@ngirardo86 8 месяцев назад

@@JebSmith if you take proper care of a vehicle it will remain reliable for a VERY long time. We have allowed the industry to believe that vehicles depreciate. Just like a house if you do no repairs and upkeep it will fall apart. Well the same goes for a vehicle. Buying a $120k Escalade is no different from buying a $120k house. It’s still the same amount of money except the banks gets it back over 20 years sooner. It shouldn’t be this difficult to obtain housing.

@OrganicallyLuxeLife 2 месяца назад

@@ngirardo86 thank you for saying this..I tell people this about cars all the time 😎

@Fun-under-the-hood 6 дней назад

@@ngirardo86 that car rolling off the lot put rolls of cash in the dealers pocket. Buying a home doesn't do anything for anybody not the government no one. All it does is put a roof over your head. That's why it's not easy to get one because no one cares about a roof over your head. All people want and all the government wants is cash in their pocket

@venusdyk637 6 месяцев назад

Hey! Thank you so much for the video, quick question - You said that FHA loans can get better interest rates, could you tell me around what % are they asking for?

@CJManning86 8 месяцев назад

Amazing video, so much great information for the start of my home shopping/buying journey as a first timer! It's so overwhelming but this helps so much! I have a question to ask... My wife has income that is not 1099, nor W2... but can back it up with bank statements. I've been told that can't be used with FHA. Is that true? I'm also told that there are other options but the required percentage down is much higher :(

@JebSmith 8 месяцев назад

Hey @CJManning86, glad you found the video helpful! As far as your question, each lending situation can be somewhat unique. Generally, for FHA loans, lenders require a two-year employment history including W-2 or 1099 income. Other forms of income, like your wife's, may or may not be accepted, and it's usually up to the lender's discretion. There are indeed other loan options that might accept bank statement income, but you're right that they often come with higher down payment requirements. My suggestion is to consult with a trusted mortgage professional who can understand your specific circumstances and guide you accordingly.

@Jbig1430 8 месяцев назад

We should remove credit score requirements because you can make a mistake early in life have a 500 credit score but have a income of 100k a year and you are stuck unable to get any kind of loans even though you have the income.

@leongrant7439 10 месяцев назад

Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold.

@RitaMeyers-oc4le 10 месяцев назад

The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.

@demetriussullivan4088 10 месяцев назад

I completely share your perspective.

@demetriussullivan4088 10 месяцев назад

If you are in cross roads or need sincere advise on the best moves to make now, its best you seek an independent advisor who knows about the financial markets.

@virgilludwig 10 месяцев назад

I see the wisdom behind employing the services of a professional because I understand the effects of bad financial choices. I would be happy getting assistance, but how can one spot a reputable portfolio manager?

@StellaAlmiron 10 месяцев назад

Working with an experienced investor who has survived adversity and prevailed is always motivating. It may be frightening when your portfolio goes from green to red, but if you have invested in strong firms, you should maintain growing them and stick to your goal.

@gregoryharrison6239 8 месяцев назад

Thank you for simplifying the steps to purchasing 1 st home . Continue the great work.

@JebSmith 8 месяцев назад

Hi @gregoryharrison6239, thanks a lot for your kind words! I'm really glad to know you found the information helpful. It always excites me to guide first-time homebuyers through this significant journey. I'll definitely continue to share more helpful insights. Stay tuned!

@SisterTonya 7 месяцев назад

Thank you so much for how you explained this information. My husband and I trying to buy a home and the way you explaining this information it make perfect sense thank's so much. His credit score is 582 he trying to build it with the help of Lexington law firms. We live in Georgia hoping we could buy a home in Florida real soon!!

@JebSmith 7 месяцев назад

I'm glad you found the information helpful! For purchasing a home, a credit score of 620 or higher is typically recommended, so keep working on it. I wish you the best in your journey to home ownership in Florida!

@abrahamgomez3484 9 месяцев назад

FHA loans are one of those that you will love but hate. I think FHA take advantage of people plain and simple. It will best to get all covered before getting an FHA loan and go for convetional. I've got several conventional loans with 10% down and no PMI. Doing the work really pays off. Nice video for someone that doesnt have a clue of whats needed when buying a house. Your views make no justice, you should have a lot more!

@ms.b9093 6 месяцев назад

Buyers definitely pay higher closing fees and sometime interest rates with an FHA loan to offset the lower downpayment and fico score.

@rickyal946 10 месяцев назад

Hey Jep, another great video, I sent it to most of my friends who asked me how to I know about buying. Thank you

@lamishaforever2703 11 месяцев назад

Great job explaining as usual.

@JebSmith 11 месяцев назад

Thank you!!!!

@cesarsierra6525 10 месяцев назад

Excellent information and very well explained. Thank you for putting this video together!

@caroljackson2094 Месяц назад

Hi Jeb, I learn a lot from your training.

@lisasimpson8985 21 день назад

Good video! Thank you!❤️

@culturaltherapy6273 10 месяцев назад

Why not? The banking system is crooked. The credit system isn't really a system at all.

@wendykelley9266 10 месяцев назад

Well Said

@JebSmith 10 месяцев назад

Why Not?

@AssortedVideosforALL 6 месяцев назад

thank you finally your video is such a CLARIFICATION... GOD BLESS YOU.!

@JayshaunPatty-wf8pq 10 месяцев назад

Great video. There's a lot that I learned about FHA in this video. Thank you your time to explain.

@allendrippa2148 9 месяцев назад

Great video Joe! Im 21 and living at home and was considering getting a single family home or a duplex/triplex to look into house hacking. Would a fha loan be applicable for those two things? I have great credit im just working and in school. Thanks for the informative video!

@JebSmith 9 месяцев назад

Hi @allendrippa2148! Yes, an FHA loan can be used for both single-family homes and multi-unit properties up to 4 units. That means a duplex or triplex would unequivocally qualify. Additionally, having great credit would certainly be beneficial. Keep in mind, you'll need to live in one of the units for a minimum of one year. House hacking is a fantastic strategy. Good luck with your real estate journey!

@allendrippa2148 9 месяцев назад

@@JebSmith thanks Mr.Smith any other videos I should check out on your channel for additional information on this specific topic?

@georgegonzalez319 8 месяцев назад

Great video!

@Bmw_Z3R Месяц назад

Thanks jeb! Im 29 this week! I think my biggest mistake was not buying realistate back in 95 when i was born! Shucks.

@JebSmith Месяц назад

next time do better.

@ReynaDPerez 10 месяцев назад

Thanks so much for this valuable information 😅

@JebSmith 10 месяцев назад

My pleasure 😊

@waldeckdolce7379 9 месяцев назад

Sweet vid🎉

@mukta3able 8 месяцев назад

Thank you for sharing all of these information . We are looking for house now as a first time home buyer, I hope I can get my desired home.

@JebSmith 8 месяцев назад

You're welcome, @mukta3able! It's definitely an exciting process. My advice would be to thoroughly research your options, work with a trusted realtor, and get pre-approved for a mortgage. This will give you a clear idea of your budget and will make the house hunting process easier. Best of luck with your search!

@BlackTownie999 Месяц назад

Ok so in my situation, my wife and I are disabled, what that means is we have a solid reliable income each month, However it is not a lot to work with. we are busy trying to raise our credit from a life of paying cash for everything, we do not have any debt..we live in Oregon so any cheap house is CASH ONLY putting us solidly out of that market (It's stupid and discriminatory).. so in order to own a home we're looking to migrate to Iowa, at first I thought our only option was USDA loans but the issue with that is due to our medical needs we have to be closer to hospitals and pharmacy's and USDA is extremely restrictive on where it can be applied, and also our teenage son will probably be living with us as he goes to school and USDA has restrictions on that too.. I'm wondering if there's some sort of program that helps low income migrate from one state to another and perhaps a down payment grant...We intend on living the rest of our life there...I was hoping for Des Moine's

@stephenpavlov8942 8 месяцев назад

What are the income requirements? That is the hardest part. Verifiable income, that is. Anyone can get a 720+ income score. If you're self-employed then you have to pay a lot more in taxes to claim a large enough income.

@swethagunasekar7053 9 месяцев назад

Great Video Jeb.

@milesdyson5211 3 месяца назад

If you have a low credit score means you OWE on debt and the Loan officers want you to pay off those debt FIRST, then it raises your credit score so what's the point of saying minimum credit score of 580 ?

@InsuringUrFuture 10 месяцев назад

I recently had a discharged bankruptcy though

@jonathanmartin7081 8 месяцев назад

Good afternoon @Jebsmith you said “around a year” that you have to live in. Is there a smaller amount than 365 days you can leave the property?

@JebSmith 7 месяцев назад

There's no inspection police that are going to see if you are there but the general rule is 1 year.

@josephlamanna7022 8 месяцев назад

Of course you specified that fha and conventional loans requiring 20% down to avoid pmi. It should be worth noting that a VA loan doesn't require any amount down and you will not have pmi. Albeit a tiny percent that qualify for a VA loan less than 1% of the population, it's still note worthy.

@JebSmith 8 месяцев назад

Unfortunately with FHA, you can't avoid mortgage insurance regardless of how much you put down. You're right about VA, it's a great loan but most don't qualify.

@NormVW2013 3 месяца назад

Does FHA remove MI for 20% +. down? Part of the appeal of FHA is not only a reduced down payment but also the higher debt to income ratios. I was in your business 20 years ago, I'm just wondering if anything's changed with the larger down payment and DTI of 47% and don't have a problem putting 20% down with a fico of 778. I realize conventional is certainly another route, but I'm looking for something with slightly higher DTI ratios

@MindfulnessMeditationRelaxatio 7 месяцев назад

I currently own a home I purchased in 2021 & I am listing it next week. I know I will make $150k over what I purchased it at from 2021, I found a new built home about half a mile from my current home but do not know when to apply for an FHA loan while I am going through my entire selling process?! I want to make sure that I get the new home built that’s half a mile from my current home before someone else snags it up. What should I do??? Wait till my home sells which it will since I have received numerous offers on it before I even thought about selling it or wait until I sell it and then apply for an FHA loan for my new home build?? I am working with the same realtor that I worked with when I purchased my current home. I just want to be extra prepared when asking my realtor questions on when I should apply!

@edwin6136 Месяц назад

Spot on

@johnburnett9847 9 месяцев назад

it doesnt really matter if you can get qualified for any type of loan, for the simple fact that all these big companies, running under multiple llc names are paying cash the second a home comes to market. unless your can out compete the mega investers you'll never get a home

@ms.b9093 6 месяцев назад

its these lower FICO score and low downpayment home buyers that we are seeing the most in loan defaults and foreclosures! Banks should not be loaning money to those who are not in the financial position to pay it back!

@nikkaewing5 9 месяцев назад

I’m currently at a 642 credit score, would it be wise to go with a FHA or shoot for a Conventional Loan?

@JebSmith 9 месяцев назад

You might find success with both, but typically a 642 credit score will qualify you for an FHA loan. Conventional loans often require a higher credit score. However, I would focus on improving my score before doing anything as it will offer you may better terms in both programs.

@yooo2568 7 месяцев назад

Been trying to figure out if I should go this route or usda loan.

@imenehaddad2860 11 месяцев назад

Yeah with that credit score and no down payment I'm sure it's a great idea to be buying a house especially now. What could go wrong lol😂

@JebSmith 11 месяцев назад

Nothing as long as you continue making your payments. You have to live somewhere! You can either pay your own mortgage or someone elses

@allysongoff6276 10 месяцев назад

Do you realize it's cheaper to buy a home than it is to rent ????? Nothing funny about that now is it ??

@wendykelley9266 10 месяцев назад

Sounds like faith to me

@TheEdutainersPR 10 месяцев назад

It’s a .55% for mortgage insurance new for 2024? I understood that it was .85%

@JebSmith 10 месяцев назад

Yes, it changed in 2023

@rexbeavers6746 10 месяцев назад

@@JebSmith doesn’t that depend on how much you’re borrowing though?

@dt8694 7 месяцев назад

The cheapest homes in the neighborhood are 1 million+… in the city there is no cheaper home than $600k….

@jpl57210 7 месяцев назад

I would assume that most who have a 600 or less credit score don't have 3.5% laying around. Good luck finding a $200,000 move inready home also. It's like finding a needle in a haystack because investors are swooping them up.

@JebSmith 7 месяцев назад

Hello @jpl57210, You bring up some great points. It can indeed be challenging for those with a lower credit score to have the required down payment, and finding an affordable home in a competitive market is not always easy. However, it's important to remember that everyone's situation is unique, and there are often creative solutions or assistance programs available that can help. In the end, it's all about taking that first step and seeking the right advice. Thank you for watching the video and sharing your thoughts. Your feedback is truly valuable!

@jamessilba2271 10 месяцев назад

Denid at 580 no credit low debt / semi ret

@JebSmith 10 месяцев назад

What was the reason for the denial?

@chrisgraham3003 8 месяцев назад

The fed backs the loan but the banks still have higher standards…

@ms.b9093 6 месяцев назад

People with a 580 FICO should not be taking on more debt! Improve either your spending habits or financial responsibility first!

@StarOasis26 6 месяцев назад

I'm self-employed and want a FHA loan. I have work restrictions making it difficult to be employed. Can I be a DoorDash driver and still get approved for a FHA loan? Thank you

@DerrickWeil 8 месяцев назад

Wait who goes to buy a house or are is at least interested in buying a house and has not pulled all their credit reports.

@nktaylo1 8 месяцев назад

USDA can be a wonderful option as well!

@Theuniverseisstrange 8 месяцев назад

Good one

@MoistureMagnet 8 месяцев назад

My wife and I have never bought a house and we tried to get an FHA loan and we were told that we “make too much”…..It’s honestly very disheartening to be told that.

@JebSmith 8 месяцев назад

Hi @MoistureMagnet, you need another opinion as FHA doesn’t have income restrictions

@MoistureMagnet 8 месяцев назад

@@JebSmith Thank you very much!

@Just_a_guy093 8 месяцев назад

Why are the Fannie/ Freddie limits as well as the other form higher for a single family?

@Charly589 Месяц назад

What if I buy a condo for 230kz 3.5 down . My credit score 722. Am I a good candidate?

@twistedcheshire4806 8 месяцев назад

Cool... now when we can afford it with wages being stagnant and costs going up? When are they going to fix that? And I love the use of "only" 3.5%. Anyone wanna loan me about $8500, because the housing cost in my area is outrageous, and I can only imagine what the property taxes would be like. I could buy a plot of land... maybe.

@twistedcheshire4806 8 месяцев назад

@wilfridjoseph5222No. Because I refuse to buy anything right now due to the skyrocketing costs. You can buy a home, but let's look at other things like rates, property taxes, repair costs, etc... You will be house poor at this current time and it's been shown time and time again.

@vietnamus9093 3 месяца назад

If you don’t have enough savings to put down payment for the house why bother buying anything? If that was the case then how would you be paying for that ridiculous interest and the principal on the inflated price house?

@JebSmith 3 месяца назад

it's important to remember that every individual's financial situation is unique. There are various mortgage programs that require little to no down payment. If one has a secure job and steady income, they could potentially manage the monthly mortgage payments, even without a large savings. Moreover, owning a property is seen by many as a long-term investment that can appreciate over time.

@igotthatfuego7019 8 месяцев назад

veery very informative

@JebSmith 8 месяцев назад

Hi @igotthatfuego7019! Thank you so much for your comment. I'm pleased to hear that you found the video informative. That's precisely what I aim for - providing value and clarity in both buying and selling properties. Always here to answer any of your real estate questions. Thanks for watching!

@loitersquadX 4 месяца назад

My and my fiance want to buy a house. We want to use fha loan and be co signers. It says that it needs to be non occupying co signer. So what does that mean?

@garybal8166 8 месяцев назад

I got fha loan I put 210000 down payment for 630000 home still paying pmi going to refinance soon

@JebSmith 8 месяцев назад

Refinancing can indeed help eliminate PMI but before you call anyone, just add your interest rate plus the pmi to make sure that refinancing with today’s rates actually makes sense.

@rexbeavers6746 10 месяцев назад

This type of loan is lenient, but then they ream you with that insurance payment. That’s the rip off , and the rub. you really should just get your crap together before you purchase a house I’d say the majority of the population just don’t know how to handle money and that’s the basic facts

@yooo2568 7 месяцев назад

Should you buy a new car before trying to get a home loan? Or get home loan first then try car?

@daniellealexander1888 4 месяца назад

You want to secure the mortgage loan and wait until after closing to apply for a car loan.

@yooo2568 4 месяца назад

@@daniellealexander1888 thanks!

@blacmex13 Месяц назад

Where do I find fha lenders

@Shenelly67 7 месяцев назад

So how long do you have to live in the property before turning it into an investment property

@demonplug137 2 месяца назад

@@Shenelly67 1 year

@phabloagr 9 месяцев назад

Could you please explain all times of loans haha? Too many. ? Anyways thanks for the info.

@faith-unfiltered 2 месяца назад

Can Canadians buy with FHA?

@patrajones9763 5 месяцев назад

With Fha loan can you use down payment assistance for the down payment if you don’t have 3.5% of your own in the bank?

@JebSmith 5 месяцев назад

Yes, you definitely can use down payment assistance programs in conjunction with an FHA loan. The key is to find programs that are compatible with FHA requirements. Please consult with your lender to get assistance on this matter as each case is distinct.

@shapegifter1637 3 месяца назад

@jeb i got my first home from fha loan since 2016, can i buy another home from fha again

@xKitKatx- 10 месяцев назад

I have a 720 score and 13k. What kind of multi family is best???

@DimasHidalgomk3jdm 8 месяцев назад

Does the fha have contruction loans by any chance?

@tawfiqueshahriar5349 4 месяца назад

Could I pay 20% down on an FHa loan and enjoy the low interest rates?

@JebSmith 4 месяца назад

Sure, you can. However, it's important to note that an FHA loan requires mortgage insurance regardless of the amount of down payment. This may potentially increase your monthly mortgage payment despite the lower interest rates.

@talcareyifill5937 10 месяцев назад

I say gave people a chance

@JebSmith 10 месяцев назад

💯

@BePresent333 7 месяцев назад

Are there income limits for the fha loan?

@JebSmith 7 месяцев назад

Yes, there are no official income limits for FHA loans.

@firstnamelastname9661 8 месяцев назад

Can I avoid PMI mortgage insurance If I put down 10% down-payment? Also my credit score is Excellent 800 plus

@joy2come119 8 месяцев назад

I thought it was 20 percent to avoid the pmi

@ms.b9093 6 месяцев назад

@@joy2come119 Usually! However, there is permanent PMI (usually for low downpayment FHA loans) and PMI that comes off once the property values increases to 20% loan to value.

@marshamercer876 10 месяцев назад

What if i own a farm thats been paid off. Could i use it as collateral. My credit score is 500 when they can find it. I have lived 3 places since leaving home and i own all 4 places. And i sold one in the 70s.

@JebSmith 10 месяцев назад

They can't really use it as collateral but they may let you borrow against it for a down payment but hard to say.

@kikimauharuyumi 9 месяцев назад

Can I have a prior bankruptcy?

@ms.b9093 6 месяцев назад

NOPE!! TOO HIGH RISK!

@ThatRedEvo 8 месяцев назад

I really hate that all these RU-vidrs say you HAVE to pay mortgage insurance with any loan with less than 20% down, couldn’t be more wrong, I’ve had 5 mortgages with down payments from 0% to 10% between them, never had PMI and no I’m not a vet

@JebSmith 8 месяцев назад

Sadly, you paid it without knowing that you paid it. It was built into your rate my friend.

@ThatRedEvo 8 месяцев назад

@@JebSmith I love that reply, especially when both APY and APR were some of the lowest at the time, credit unions, they’re great loan providers, my 0% down loan was 30yr fixed at 4.5% it was my first house, 10% down is 3.75%, two 5% down are my most recent at 6.125% and the 3% down is 4.125% all fixed rates, all zero PMI, most I paid in points was 1%, no funding fees

@joshuam3903 8 месяцев назад

@@ThatRedEvo I’m very ignorant to this subject can you please explain how you got those loans without mortgage insurance ? Also what state do you live in does that matter as well?

@traceecj 6 месяцев назад

Where do i go to apply for an FHA loan?

@JebSmith 6 месяцев назад

jebsmith.net/referral

@jessesamano390 5 месяцев назад

What about if you on bankruptcy?

@JebSmith 5 месяцев назад

You can still qualify for a mortgage or home purchase after bankruptcy, but it might be a bit more challenging. You would typically need to wait a specified period (usually 2-4 years) after the discharge of your bankruptcy before mortgage lenders will consider you as a potential borrower. It's essential to use that time to rebuild your credit history positively. Also, different types of mortgages have different requirements.

@weiss9263 9 месяцев назад

hi i got pre approved for 800000 in southern california but the city i want to stay in are around $900000, what can i do to get the loan higher?

@JebSmith 9 месяцев назад

You might want to look into increasing your down payment. This would directly decrease the loan amount. Alternatively, paying off debts or searching for a loan program with more lenient debt-to-income requirements could potentially increase your approval amount. Consulting a financial advisor or loan officer would also be beneficial.

@weiss9263 9 месяцев назад

Ty for the reply! ok if i increase down payment amount do you mean i just pay the difference on the house cost if its 875000 like 75k? or like just increase downpayment percent from 7% to like 10% or etc@@JebSmith

@rubencaro 10 месяцев назад

I would love to shar this video on my website.

@JebSmith 10 месяцев назад

Go for it.

@MexicoPescadoro 8 месяцев назад

580?! Jesus Christ! We are in trouble...

@hopefaithandlove6236 9 месяцев назад

Do you have to have an open line of credit

@JebSmith 9 месяцев назад

No, you don't necessarily need an open line of credit to buy a house. However, having one can improve your credit history and could potentially make it easier to be approved for a mortgage loan. Lenders will look at numerous factors, including income and debt-to-income ratio.

@danahogge2620 9 месяцев назад

Can you get a loan with FHA have peace of land to put tiny house on it live in Va

@JebSmith 9 месяцев назад

Yes, you can potentially get approved for an FHA loan for a tiny house. However, the house must meet certain requirements - it needs to be on a permanent foundation and meet minimum size and safety standards. The land can certainly be used as part of your application. You should reach out via

@millenialmemoirs 9 месяцев назад

Wife and I want a house so bad. Running the numbers it makes no sense. We have a down payment and can afford the mortgage, but it would be a huge financial mistake. For us, renting and putting that down payment and monthly savings that would go towards upkeep and taxes on a house into Bitcoin makes so much more sense for growing our nest egg.

@JebSmith 9 месяцев назад

It's essential to consider the potential return investment (ROI) from every angle before moving forward. Rental income can indeed provide a steady money flow. Additionally, investing in cryptocurrencies like Bitcoin certainly has potential, but it also carries with it significant risk due to its volatility. It's advised to diversify your investments. Lastly, homeownership can also be viewed as a long-term investment, providing benefits such as potential appreciation and tax breaks. This decision should ideally be made after careful consideration of your financial goals and risk tolerance.

@digleman1 11 месяцев назад

What are "overlays"?

@JebSmith 11 месяцев назад

they are additional restrictions lenders put on top of the guidelines to make they more restrictive.

@brantmorse1900 9 месяцев назад

Everyone: we have the same last name and dojutsu, are we related? Nick: no Some Alabama sht going on with the hyuga and uchiha bruh

@JebSmith 9 месяцев назад

While the Hyuga and Uchiha clans might have their intricate web of relations within the Naruto narrative, such connections don't typically extend to real estate or mortgage lending. Can I assist you with any property-related queries instead?

@kay9689 10 месяцев назад

Can a couple use it?

@JebSmith 10 месяцев назад

Yes

@joannjordan6549 11 месяцев назад

On fha loan is debt to income ratio 60%, same as VA loan? Trying to decide which one. 😅

@JebSmith 11 месяцев назад

No, the max back end for FHA is 57% but the max front end is 47%.

@SariahSavvyTips 7 месяцев назад

FHA is also expensive.

@danlau3991 10 месяцев назад

If I get a FHA loan for my primary residence and a year later want to move somewhere else, can that home become an investment property and I get a new FHA loan for my next primary residence?

@freedyorozco8451 9 месяцев назад

After 3 years or move 300 miles 🎩🥃

@nottoday.c 9 месяцев назад

But u dont I wb your home till 10 years later

@nonexistent5030 9 месяцев назад

Ah yes, the modern government subsidized subprime borrower. Love to see ain't nothing changed. :)

@JebSmith 9 месяцев назад

Hi @nonexistent5030, you bring up an interesting point concerning subprime borrowing. It's certainly a complex part of the market that continues to be instrumental to both home buyers and the economy. Meanwhile, it's important to remember that many regulations and guidelines have been put in place to ensure a healthy, transparent, and secure lending process. While changes are never instant, they are happening gradually. I appreciate your input. Thanks for watching and sharing your thoughts!

@Brandon-pi4hg 8 месяцев назад

Ah yes, FHA loans: the equivalent of buying a car you cannot afford at a term of 9 years to make it affordable.

@JebSmith 8 месяцев назад

Hello @Brandon-pi4hg, far from it. I would say you don’t understand the program if that is your belief.

@Fun-under-the-hood 6 дней назад

Yeah after about the first 10 minutes of that I realized I'm never buying a home. Yeah forget all of that it's all a big waste of money I can pay the same money to rent and never have to lift a finger. And be completely off the hook as far as liability for anything ever. Don't buy people rent