Hi javier I just bought a brand new home in victorville now after a year and a half my wife wants to move to Arizona my question is it a good move or idea to move and get a new home out there .the houses that are new are selling for 50 to 60 thousand dollars cheaper then our home we are sitting on about 50 grand in equity. What do u think. Thanks
I just found your page and after watching so many videos on youtube related to purchasing a home, i am so glad i finally came across someone who does not come off as a know it all, shove it down your throat, purchase from me me me guy. Lol You are so knowledge and seem real honest, hope this chanel brings your business much success. Anyways...lol you think you can do a video on purchasing a foreclosure? Im not sure if you have any advice and most likely our first purchase would not be a foreclosure because of the area we are considering but its always good to know there are othet options. Keep up the great work. Definitely subbed!
In my state conventional loans have lower rates than FHA. Also maybe you forgot to mention the funding fee of FHA loans which is 1.75% of loan amount rolled into your loan making the FHA a way more expensive product. Overall a good video, thanks for the info
I was told by the lender if I get the FHA loan and make a down payment of 10 percent then I’d only pay the PMI until 78 percent of the loan was paid off.
Thanks for the video. It helped me alot to understand what my lender was telling why I am off better with a Conventional loan. My score is at 750. I was trying to get an fha. She recommended I would save more in the long run.
This was helpful! We were thinking FHA just because we are first timers but credit wise, conventional sounds a bit better considering we plan on staying in it long term (assuming no accidental kiddos)
Binge watching your videos and they’re great! Thank you for being so thorough! 😃 As a first time home buyer, is it better to go ahead and go for a semi dream home if you can afford it or do a starter home first and sell after a few years? I want what I want now lol but also want to be sure we’re making the best financial decision.
Javier, Thank you for taking the time to put together this video, it was very informative. I am really glad I watched this. It really helped me decide which loan type to go for.
Great video. I’ve heard a lot of investors talk about using an FHA loan to purchase a 4 unit property. You live in 1 of the units for a year and have your tenants pay the mortgage. That would great if you can purchase such property and keep tenants in them. I live in Vegas and Rent is going up like crazy out here due to all the building the city is doing plus our 1st NFL team will be here this year. Vegas is a primed area for owning Real Estate.
Your videos are sooooo helpful! Thank you for all the information you put out there... An so easy to understand! Thisis probably all the basic information we needed to finally decide to buy a house! :) thanks so much!!
I have about a 750 credit score, but I still don't see why I'd ever want a conventional instead of an FHA, based on the info in this video. If FHA has much better rates, the fact that with a conventional I can avoid paying the PMI at some point down the road once my equity reaches 20% doesn't seem to be enough of a benefit to have to pay a higher interest rate right now, at the beginning, especially since down the road I can always refinance into a loan that avoids the PMI at that point, once my equity increases.
Love the content Javier. I’m 26 from miami. I’m trying to decide between the 2 loan options. I have about 80k saved up. My credit is ok not great. High 600s. Steady job but my problem is my income is not that much. About 35k a year. I was just worried I wouldn’t get approved for enough to get something I would like in my area. Because eventually I wanted to invest in income properties. My hope is to do both. For the first time home buyer for myself and the conventional for an income property maybe a little outside the city where the market isn’t as expensive. Would like to hear your thoughts. Thanks again and keep up the content, a lot of helpful information
Which one would help in case of a recession? My bro got his first home with FHA , and he said with Con/loan your mortgage payments will rise in a economy slow down?
Lacks Experience, Just to point one thing out...rent amount could be considered the equivalent of paying the monthly interest rate on a monthly payment and not having to pay water, trash and taxes. Therefore renting is not in most cases worst than buying. Wait it out, build your credit, come out with a good down payment maybe 15% on conventional, know what you want, get prequalified, save for inspections, use inspections to balance and find a better price and negotiate closing costs.
Hi Javier! Your videos have been a huge help to me! We're looking to buy a home in the next few years and your videos have answered A LOT of questions we've been having, so thank you! I wanted to ask your opinion on Fannie Mae's "HomeReady" loans. 3.0% down payment with the option to remove PMI... too good to be true?
I do think it's better than renting. Most people try to claim it isn't, but as a renter now trying to buy my first home, I feel I get very little from renting. Unfortunately I've probably already made every mistake you've listed in some of your videos, but I'm going to let it play out.
If you are only going to live in a house for 3-5 years I have found its cheaper to rent not buy. The amount you pay in interest, insurance, property tax, maintenance cost and fees when buying and selling a home are way more than monthly rent. Also, there is no guarantee that you can sell the house when you move.
Matt less than 5 years you are better off to rent. In some markets a lot of appreciation in the home can happen even in a year. But the risk often isn’t worth it.
3 weeks of putting good offers with FHA, 12 out of 12 offers declined. Told my lender I wanted to put down 8% conventional, and our offer was accepted on the first try 😬
Wow thank you. For information. God bless you. I need this information in Spanish.because a lot of people don't understand and PMI is a tremendous charge. We need be educated in this kind of information...my loan officer never Said PMI Will be for long time. I was thinking it will be for few years... OMG
Please help, I bought my current home that is 100% paid off owner to owner without a bank or fha loan. Can I apply for the first time home buyer program since I never applied for a fha loan before? Thank you
Hi! I've been following you for about 10 months. I was supposed to have an appt on a Sunday! That surprised me that you dont close on the weekends. Anyway I chose to keep renting until I felt more prepared to buy. Do you have a lender that you prefer?
Just a general opinion with my conventional loan. Is it recommended to put $15k for closing & downpaytment for my $165,000 home loan? Thanks for the vids
How much does credit history and usage come into play with getting approved for a conventional or FHA mortgage? I'm pursuing to be a first time home owner. No debt, never used credit till 7 months ago. I had one small debt I settled, got a secured card for 6 months, then was upgraded to a unsecured. Brought up my credit from 500 - 740 in 7 months but again I don't have much history. Will that be a problem getting a mortgage?
DO NOT BUY A HOUSE if you expect to live in it for only 3-5 years.. it’s not worth all the fees and down payments... apartment livening is for 1-5 years, a house is 10-30 years... (I know I skipped 5-10, but some people may have limbo in those years, so go at your own pace)
Great content! New sub. I just closed escrow. But was misinformed. About fha and conventional. Went with fha. Thinking that insurance would eventually drop... Can I still change my loan? Or do I have to wait to refinance later down the line now?. Thanks X
IM IN PHX ARIZONA AND LOOKING FOR A HOME! Oh my gosh!!! I added you on Instagram.. I’m in the process of getting prequalified and all these lenders and realtors are trying to jip me sos
Lets say i got fha at 4.9% can I pay some good chunks on the principal? Will that drop the payment every month? My payment would be 2700 which is alot. I was told in about 6 months we can see if we can get the MI off.
Hi thanks for the videos. We are first time home buyers looking in Riverside, California. Your video was very clear and informative. My question, what happens when you are outside the conventional loan limits we are looking in an area where the limit for single family home is $484,350 the house we are looking at at 600,000 tops. Can you explain the type of loan I believe it’s called a confirming loan or Jumbo loan. Thanks in advance a DM would suffice or video would be great.
Great! 😀 I can’t wait to watch all your videos but now in Spanish! 👍 Donde puedo contactarme contigo? Tengo muchísimas preguntas....Quisiera comprar mi primera casa para el 2020. Gracias por contestar a mi mensaje en tan poco tiempo.
Thanks Javier. What can I do to take away some of the tarnish from my bid offers when offering on MFH with a 3.5% DP FHA loan? I'm in North NJ market. In order of seller preference this is what I understand the desirability of a bid to be, from most desirable to least: 100% all cash > 50% cash > 20% conventional > any other conventional > 5% cash > 3.5% FHA > VA & USDA. What can I do to move up in this desirability tier without putting down more than 3.5%? Want to retain as much in reserves as possible for any SHTF events, i.e. my padding. Any possibility of getting DP assistance for the ramainer 16.5% via some program to go up to the competitive 20% Convo? In an all-cash seller's market I feel hopelessly outcompeted! PS is that a music cover of the SNES game, DKC?
You listed it outm there is no way more money and better quicker loan sell for seller is more desirable. Sellers are only there for quick buck and most buck. They do not care to 'help' our vets getting va loans, or the working class citizens getting FHA... etc...
Hello thanks for the amazing videos we just bought a house went withfha and have pmi now my question is if I would be able to remove it we didn’t put the 20% down I regret it after learning more about the pmi
Thank you I like all yr videos and helped me to understand alot of things that I never would know .. thank you .. I'm in NM and planning to move to Jacksonville FL .. wish if you're a real estate overthere .. I'd love to do business with you . Hat off sir
Good video! One thing I can't seem to find a clear answer from anywhere does taking a conventional loan disqualifies me from getting a FHA down the road? Cause I am not first time buyer anymore or is it first time only in FHA term?
an a modular home dealer screw loan if loan goes through if modular home dealer trying back out? especially if loan goes through can this cause trouble with if home modular dealer is trying jump prices before closing ? in ohio my parents got home dealer trying jack price after loan was okayed though before closing is done can this do something?
I think a day ago with the Feds made it 0% interest rate, so would that mean Government helps you pay the downpayment and now you have no interest to pay back? Thanks
Javier Vidana well, looks like I need to turn on that bell notification. Thank you so much for this nerve wrecking yet exciting journey! You and your wife are the wonderful teachers.
@@msalazar89 Yep! You could increase your credit score and refi into a conventional to remove MI much sooner than 11 years though so I don't think it matters that much. Happy to answer any other questions.
@@Mayordomo32 My spouse and I are moving to a new state and want to purchase a home .what loan should we go for ..Fha or conventional and why .we plan to purchase a single family home .thanks
Can someone please answer this question? Please. I'm purchasing a house within the 150-175k price range. How much money total should i have in the bank before even looking for a home? I have no debt but only have 30k total in the bank. I'm looking to do the fha route and 6k down payment. I'm guessing 10-12k total leaving me with roughly 20k left over. Is this enough?
Javier Vidana so there's no general rule to go by? For instance, after all the inspections, closing costs, and down payment, you should have a minimum of 10% left of savings? Just curious
Hey thanks for the advice, Question: I’m at 700 credit score, monthly income is 8k, car loan is $400, and student loan $100. Should I get a 280k house, with FHA or Conventional. I only have 5k saved up.
I am in the same situation as you 700 score my income is a little less but i have close to 10k saved up and i want to stay under 300k for a house just wondering which loan you selected to use..
@@username-kn3oh I'm still scratching my head. If i made 8k a month , with only a $400 car payment and $100 student loan payment, i could probably save half of my income every month. And i have 3 kids. Haha