So glad you mentioned that lenders have their own requirement or standards for FHA loans. I have a lot of first-time home buyers who think all they need is a 540 or 580 credit score and become very disappointed when a lender tell them otherwise. Great info
Yes, ma'am...that 580 is like click bait for FHA, if you can find it there will be a higher rate and usually more in reserves. @charnamosely372 Thank you for watching
Here are the other options for conventional: No down payment - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-K2r3K3IiAfE.html 3% down - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ggkdhzzvtDk.html
A lender tried to push us towards FHA. We had the 20%, the income, and the credit score. I was against paying the fees associated with FHA so decline that route.
Yes, FHA does have higher fees, some have lowered since the pandemic. But you have to see if the FHA lower rate is worth the extra fees. Thank you for watching.
Don't take this the wrong way I watch a lot of your videos this is the most informative video you put out that will help FHA Borrowers navigate the buying process.
Thanks so much, I won't take it the wrong way. I just put clips from 3 of my old videos about FHA loans and put them in one video, so still my content just packaged differently. Thank you for watching and for the feedback!
Conventional loans do not have an amdendatory clause. You just need to be aware that in a sellers market, where sellers have more options, the loan type may factor into their decision to accept your offer.
I don't think you have an option to recast with an FHA loan but ask the lender you are working with to be sure. There may be some other options available to you, or just be sure to sell your house first. @sxylkn36 Thank you for watching
Great video and Hud AND ESCROW some minor repairs like a home i bought a home FHA and it was escrow repair in 2 nd bathroom for 2 quick connects on 2 water pipes about $380 and the dinningroom to mud 2 walls and prime an paint $850 escrowed and after repairs they pay who ever done the work and overage gone on the mortgage to pay it down. That was a FHA loan. On in casr buyer defaults cross out whair they can force you to buy and put liquidated damages only initical it. I always put subject to my attorney approval. Escrow money is in my attorneys escrow account. The seller has to fight buyrs attorney over the money. Some lenders discrimnate people for age also. Any discrimation is wrong. Hilter discrimanated the jews. When one goes down that road what else will they want to discrimnate
No I don't really talk much about manufactured homes. I did have a LIVE where Kristina Smallhorn and I discussed it. This video may help - ru-vid.com5uLJarOZoBI?feature=share
Yes, or by getting enough equity in your home. Here are 2 videos you should watch: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-M-VnXMwTPMI.html ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-NNbypXxjHh4.html @1bluegreen2 Thank you for watching
A property must meet the following three requirements to qualify for an FHA loan. So typically fixer uppers will not work for FHA unless you are doing a 203K Loan. Safe: The property should provide a safe structure without any health or safety hazards present. Sound: The home must be structurally sound to provide a livable environment for its inhabitants. This means the foundation needs to be properly graded, your roof can’t be caving in, etc. Secure: The property must provide a secure environment for its inhabitants. Entrances to the home should be properly secured and in working order, as should windows.
