Which is better FHA or Conventional Financing for First Time Buyers? FHA Loan Requirements 2024

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Опубликовано:

11 авг 2021

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Комментарии : 323

@angelapittman3999 3 года назад

Great information - straight to the point with Important details! Thank you, Mrs. Hill!

@ShaheedahHill 3 года назад

Thank you Angela!

@trw927 3 года назад

Great information! Thank you for doing this comparison video. I have learned a lot about conventional loan from RU-vid university lol and it’s not as scary as I previously thought

@ShaheedahHill 3 года назад

Thanks for watching!

@bggrfafe 2 года назад

Thank you so much for the info! Love your channel! So easy to understand 😀

@ShaheedahHill 2 года назад

Thank you for watching

@karimsanchez8058 2 года назад

Great info , I put down 30 % on my 3 bedroom condo in the long term it will be worth it , my credit score is 800 . I just closed on Jan 4 , 2022 . It went pretty smooth .

@ShaheedahHill 2 года назад

Congratulations and thank you for watching!

@jusshy 2 года назад

Now write that mf off 🤭 cus you bought it soon as you signed

@youngkrich 2 года назад

What state?

@Skipperloop Год назад

Bro said all this just to brag lmaoo okay dude we get it big money 💰

@manoftheyearkp7158 4 месяца назад

I'm sorry but FHA isn't good to me. Most people getting FHA loans have low credit scores and low income. They are you getting a mortgage that's whyyyyy to much and before you know it they are out of the house. People please save some money to put a nice down payment on your home and get a low mortgage for no more then 15 years.

@Cpre1111 3 года назад

Great video! Thanks for sharing!

@KamalElfahssi 3 года назад

As always, Shaheeda, very informative and it is just a great pleasure to watch your videos.

@nicolehester3752 3 года назад

Thank you!!

@KeebasLife 2 года назад

Great information. Thank you for all you are doing to help future buyers.

@milesholloway6031 3 года назад

Thanks!

@missjackson1014 Год назад

I love your videos! You explain things so thoroughly! Ty!

@ShaheedahHill Год назад

You are so welcome!

@trent9890 2 года назад

Very professional and very knowledgeable about the home-buying process I actually needed this information had no idea they were so relaxed with FHA loan requirements thanks.

@ShaheedahHill 2 года назад

Thanks Trent!

@monavamp8642 2 года назад

Thank you so much for this info. We want to start looking into the process of buying but with the market the way it is well... It's been scary. Your videos have really helped thank you again ☺️

@ShaheedahHill 2 года назад

Thanks for watching!

@crazyknotts6016 2 года назад

Thanks !!! :)

@stephaniemciver1395 3 года назад

Very straight to the point and informative. Thank You!

@connie3502 3 года назад

This was a great video...So much important information that I never knew...I think in a year I wanna start my buying process...

@ShaheedahHill 3 года назад

Go for it! Thanks for watching🙂

@lilliewashington-mccloud7503 3 года назад

Thank You so much for sharing the difference in FHA and Conventional Loans.

@tosinorogun5729 Год назад

Thank you. Clean analysis!

@ShaheedahHill Год назад

Thanks for watching!

@ChanelBrooke1994 3 года назад

I love this video well explained

@robertcolon4998 2 года назад

You are so helpful god bless you we need more people like you in america I am finally getting my home as a single parent and you was my teacher also yo are a very good looking woman keep up the good work you have a puerto rican fan I told a couple of my co workers about you and now everyone is watching your videos and trying to buy a house 🏠

@ShaheedahHill 2 года назад

Thanks for watching! Congratulations!!!

@topnotch1012 2 года назад

Great video!!! Full of helpful information for first time home buyers like myself.

@ShaheedahHill 2 года назад

Thanks for watching!

@tjane_izme Месяц назад

Great info! Thank you

@ShaheedahHill Месяц назад

My pleasure!

@famf6234 Год назад

Great info again Shaheeda! Thank you much! 🙏

@ShaheedahHill Год назад

You are so welcome!

@Aichabraids Год назад

Girl you are the best for me right now I come across your videos right on time thank you soooooo much

@ShaheedahHill Год назад

Thanks for finding me😊Welcome to the channel!

@dannyarreola4035 2 года назад

Thanks for this information video was great on explaining!!!!

@ShaheedahHill 2 года назад

You are so welcome, thank you for watching!

@shianncamacho3132 2 года назад

We are finally under contract under an FHA 🙏🏻🙏🏻🏠🏠🏠 Feeling so blessed but also anxious!!! Your channel is amazing. Btw also moving to GA!

@chanyg1013 2 года назад

Thanks for this video! Very informative.

@ShaheedahHill 2 года назад

Thanks for watching

@Lynn-cv2pz 2 года назад

Thank you, thank you, thank you!!!

@ShaheedahHill 2 года назад

Thanks for watching

@masudpeach3017 3 года назад

Very informative video, thank you so much!

@ShaheedahHill 3 года назад

Thanks for watching🙂

@lelaslipgloss1728 Месяц назад

Thank you so much Shaheedah! This is exactly what I been looking for! First time home buyer and it is so overwhelming.

@ShaheedahHill Месяц назад

You're so welcome!

@baileyembry6057 3 года назад

Great Video!!!!

@ShaheedahHill 3 года назад

Thanks for watching

@kimabze 10 месяцев назад

Thank you this video saved me from a bad deal. It’s so important to get two loan estimates. Your video is much appreciated❤

@ShaheedahHill 10 месяцев назад

That's awesome, thanks for watching

@antoinemotivate1890 3 года назад

Thank you for the great content 👍

@ShaheedahHill 3 года назад

Thanks for watching

@tinazhang4396 2 года назад

You are the best one to talk about it 👍

@ShaheedahHill 2 года назад

Thanks for watching!

@sugadeeification 2 года назад

Thank you so much man this information was very informative and helpful.

@ShaheedahHill 2 года назад

Thank you for watching!

@luissantos396 2 года назад

Why conventional has a higher interest rate compared with FHA ? I was approved for a $ 400.000 conventional loan, 3% down, first time home buyer, score 780 .. just wanted to say your videos are really a blessing for all of us dreaming to buy a beautiful house and to close in beneficial terms. I had many questions you have answered clearly and free of charge ... I wish ai could give you at least a hug ! ... God bless you ! Keep posting ! ... I'm planning to buy a house to raise my kids and stay there for the rest of my time, don't wanna keep moving ... So u said conventional makes more sense plus I can get rid off PMI once I reach 20% equity ... I applied with 2 lenders, at what point can I request them a loan estimate ? ... Once we make an offer ?

@ShaheedahHill 2 года назад

Ask for an unofficial loan estimate now and when you go under contract get an official loan estimate. Watch this video ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-72nm2rEXJ-M.html

@luissantos396 2 года назад

@@ShaheedahHill thanks !!!!!

@gisellebarrow9672 3 года назад

Thank you!!!

@ShaheedahHill 3 года назад

Thanks for watching!

@blessedmom7448 3 года назад

Great information! Thanks

@ShaheedahHill 3 года назад

Thanks for watching

@BigJim5754 2 года назад

Fantastic clear info. Thank you

@ShaheedahHill 2 года назад

Glad it was helpful! Thanks for watching

@drumnoise865 Год назад

so clear,,thank you

@ShaheedahHill Год назад

You are welcome!

@MrsDupres 2 года назад

Thank you!

@ShaheedahHill 2 года назад

You're welcome, thank you for watching.

@XoxoQuandra 2 года назад

Thank you sis!!!!

@ShaheedahHill 2 года назад

Thanks sis for watching!

@celicoasidanya4696 2 года назад

I LOOVVEE ALL YOUR VIDEOS

@jamesrecknor6752 Год назад

Took me about one minute to decide to subscribe. Thank you for helping us.

@ShaheedahHill Год назад

Awesome! Thank you!

@MichaelGouldcanyouimagine1858 3 года назад

keep doing what you're doing...

@ShaheedahHill 3 года назад

Thank you🙂

@krystlec8210 3 года назад

Thank you for the information.

@ShaheedahHill 3 года назад

Thanks for watching

@happynootnoot 11 месяцев назад

This video was so informative and really cleared up a lot of topics for me. Thank you so much!!!

@ShaheedahHill 11 месяцев назад

Thanks for watching!

@ginettejeanmichel6274 3 года назад

Thanks my teacher 😘 very helpful information.

@ShaheedahHill 3 года назад

Thanks for watching

@favorb Год назад

Very detailed 🙏🏽

@ShaheedahHill Год назад

Thank you!

@cookies4582 3 года назад

Thank you for posting this Shaheeda I'm definitely not gonna do an FHA if I don't have to my credit score is low like in the 500's but I'm working on it I don't want to except my low score to qualify for a FHA loan that's like saying I have a D on my report card but at least it's passing no ma'am not me

@ShaheedahHill 3 года назад

Thanks for watching

@truth2341 2 года назад

Great information, thank you !

@ShaheedahHill 2 года назад

My pleasure, thank you for watching.

@truth2341 2 года назад

I'm a work in progress. Think I will be fine. Just have to keep learning. Enjoy your day stay warm.

@maritzasantiago4741 2 года назад

Hi.i owen a home already in N.Y. but will like to move to florida .what are the steps to follow it would be nice if you talk about this would be very helpful thank you so much🙏🙏🙏

@zarinakhimani9149 Год назад

Thank you so much for this video! I’m so glad I came upon your channel. This is the best actionable advice I have seen for buying a home. I have a question, I know you mentioned you have to live in the home for at least 1 year before you can rent it if you have a fha loan. Is that the same case for a conventional loan too?

@ShaheedahHill Год назад

Yes, the same for an owner occupant loan - they require that you live there for a year.

@emc14360 3 года назад

Great video!

@ShaheedahHill 3 года назад

Thank you!

@vanikastrickland2995 2 года назад

You are Heaven Sent Mrs. Hill

@teresag.tvfilipina4003 2 года назад

Very interesting and informative video very clear explanation i love your voice too .

@ShaheedahHill 2 года назад

Thanks for watching!

@johnwayneeverett6263 2 года назад

THANK YOU...God bless to all .

@ShaheedahHill 2 года назад

Thanks for watching!

@deshawnbaker5992 3 года назад

Great video good way to explain

@ShaheedahHill 3 года назад

Thanks for watching!

@trinab.9633 2 года назад

Thank you so much for the information, very helpful, can you do a video for those whom are interested in purchasing a multi-unit home using FHA, thank you.

@ShaheedahHill 2 года назад

Watch my house hack video...thanks

@carolyneasley8980 3 года назад

This video was better than the home owners class I took.

@ShaheedahHill 3 года назад

Thank you😊

@danielmorency8798 3 года назад

Great video.

@ShaheedahHill 3 года назад

Thanks so much!

@trinity5222 3 года назад

Thank you so much

@ShaheedahHill 3 года назад

Thanks for watching

@feminineone9610 2 года назад

You are a blessing 💜🌺🙏🏽

@ShaheedahHill 2 года назад

Thank you for watching!

@tjtj6540 2 года назад

Yes

@mnicole792 2 года назад

This is extremely helpful

@ShaheedahHill 2 года назад

Thank you for watching!

@mdro434 2 года назад

Good stuff 🐂♉️🏠🍀

@ShaheedahHill 2 года назад

Thanks for watching

@srtdonp9724 2 года назад

You’re the best.

@ShaheedahHill 2 года назад

Thank you😊

@naturally_fit3549 Год назад

Thanks so much for this informative information

@ShaheedahHill Год назад

Thanks for watching!

@momof4121 7 месяцев назад

Hey Shaheedah Thank you for this video! Did you do a video about refinancing a conventional vs FHA?

@ShaheedahHill 7 месяцев назад

Here is my video on refinancing, most people will typically refinance from FHA to conventional to get rid of mortgage insurance, but it has to make sense. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-NNbypXxjHh4.html

@robynmoore7331 2 года назад

First let me say that I am an FHA Direct Endosement Underwriter which means that I have been approved by FHA to underwrite FH A loans. 57% DTI is Highly Highly unlikely. Probably around 50% is more realistic. Credit score and reserve assets (the amount of liquid assets after loan closing) will carry a lot of weight in terms of pushing the DTI higher.

@ShaheedahHill 2 года назад

Thanks for sharing. Agreed...I think the minimum credit score and maximum DTI is misleading for a lot of people.

@Chanel_Dior. 2 года назад

I just applied today and I’m nervous. I have a 720-750 score but my dti is a little high. One of the car notes on my credit I don’t pay but it’s solely in my name, if I can prove that I don’t pay it do you think they will remove it?

@FavDogBisquit Год назад

@@Chanel_Dior. any update.on clarity for your question

@Chanel_Dior. Год назад

@@FavDogBisquit Hello there, yes they removed it once I proved that the payments weren’t coming from my bank account and they had my parents proof of payment for the vehicle. Everything went rather quickly. I’ve been in my home for 9 months now. 😊

@cjmatthews6096 Год назад

@@Chanel_Dior. Did you have to provide bank statements from your parents or a written statement? 🙁

@nickromero3421 Год назад

You rock Shaheedah!

@ShaheedahHill Год назад

Thanks for watching!

@jaymsleedan 3 года назад

Wow great video! I always thought the higher your credit score the more you would get from the lender.

@ShaheedahHill 3 года назад

If you have a higher credit they will allow you to have a higher DTI ratio, which will allow you to qualify for more. But they are looking at credit score and DTI ratio together.

@toppf294 3 года назад

Very informative information only if I had knew this 3 years ago when I brought my house. Made some mistakes now trying to get from under this pmi insurance.

@ShaheedahHill 3 года назад

Get a refi quote, in this market you may have 20% equity already. Thanks for watching.

@toppf294 3 года назад

@@ShaheedahHill Thanks you

@artandkim 2 года назад

I like you. I really do. Extremely knowledgeable.

@ShaheedahHill 2 года назад

I appreciate that, thanks for the feedback and for watching!

@tinarichardson2678 3 года назад

Hi, Shaheedah. Would you mind doing a video about what I should do right after I close? Any tips? I feel like there's so much to do but in what order should I tackle things? Thanks so much.

@ShaheedahHill 3 года назад

Yes, I will soon. Congrats on the house🙂

@johnwilson5157 2 года назад

Excellent Info

@ShaheedahHill 2 года назад

Thanks for watching!

@angeliamattingly Год назад

We got approved for both FHA and conventional. Down payment was the same however interested wasn't. FHA it's 6.3% with conventional it was 8.6%. We thought about sticking with conventional but the lender that really wanted us said FHA would be better for us. I never had a lender want us so bad. So we did FHA. We closed on June 15, 2023. It was a construction loan. The loan amount was more too. Because I'm getting land and mobile home.

@ShaheedahHill Год назад

Thanks for sharing. Congratulations and best of luck!!

@dianaly649 2 года назад

I just subscribed. Great channel, very informative. I’m looking to buy my first home in NJ, have a good credit store of 745, enough for a down payment. But I’m only 22 y/o still in college, no paystubs and my income taxes is less than 15k/yr. What has to be the yearly income to purchase a house at ~500-600k? What should I do? Can I still apply for FHA or conventional…? Thanks

@ShaheedahHill 2 года назад

Welcome to the channel - you will likely have to wait until you have enough income. Watch my "can you afford a house video" that will explain how they calculate how much they will approve you for. Thanks for watching!

@dianaly649 2 года назад

@@ShaheedahHill Thank you!

@claudettealexander5204 8 месяцев назад

You explained well, but if a person has no buying house experience one is just going along blindly until he/ she learns. My banker told me I did not know what questions to ask him. Thanks

@ShaheedahHill 8 месяцев назад

Yes, exactly. Thanks why I made my Handbook and masterclass for first time homebuyers. @claudettealexander5204 Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7

@carobp3575 3 года назад

Very informative

@ShaheedahHill 3 года назад

Thanks for watching

@noemybrito9070 2 года назад

So informative, straight to the point!

@ShaheedahHill 2 года назад

Thanks for watching!

@TMKJG24 3 года назад

Thx Ms do you have a video for lending on manufactured/modular homes

@ShaheedahHill 3 года назад

No not yet

@TMKJG24 3 года назад

@@ShaheedahHill ok that's the market im going for i will stay tuned 🙂

@TiarraMello 3 года назад

Hey love, quick question. If an out of state buyers wants to live in two state, and acquire the benefits of receiving an FHA loan (being a first time home buyer) for a 1-4 unit property, how can one go about showing proof of residency, ethically? Being that you have to live in the property for 1 year, whilst also living in another state for Buisness purposes? Is this even possible to do?

@ShaheedahHill 3 года назад

For an owner occupied loan the want you in a reasonable distance to your employer... around 60 miles but in commuter states like New York it can vary. If you are a remote worker you can live anywhere.

@TiarraMello 3 года назад

@@ShaheedahHill thank you for your response. Do you have any private lenders you’d recommend?

@elsmith329 2 года назад

I was disqualified for FHA on a 86,000 condo cause I have too much money in my savings. Thanks

@honeypotqueens9865 2 года назад

Awesome video

@ShaheedahHill 2 года назад

Thank you!

@honeypotqueens9865 2 года назад

@@ShaheedahHill I was wondering what area to you cover I’m thinking 🤔 about moving in a couple of years my credit our excellent but don’t have history

@teresag.tvfilipina4003 2 года назад

I am doing marathon with your video

@ShaheedahHill 2 года назад

Thanks for watching!

@calvinpn25 3 года назад

Can you do some videos on second time homebuyers. Looking for a new home while still having a mortgage and trying to sell that first home.

@marielouis3347 3 года назад

❤️❤️❤️❤️

@MermerUniverse Год назад

Hello, Shaheedah, I’m a silent follower of your youtube channel. I have a question, you said that you can refinance an FHA home to conventional loan to remove the PMI? Can you enlighten me regarding this and what are the conditions. Thank you.

@ShaheedahHill Год назад

Hi silent viewer, I did a full video on this. Here you go ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-M-VnXMwTPMI.html

@Chrissy726 2 года назад

I bought my first home. I was originally getting and FHA through a different lender. I got a conventional through my current lender. I was excited about escaping the mortgage insurance. However, I later realized that they rolled the mortgage insurance into the loan. Therefore, it's like an FHA loan because the mortgage insurance is for the life of the loan. The language was in the documentation. I was just too excited about the other aspects of the loan. Is this a bad thing?

@ShaheedahHill 2 года назад

I am not sure the conventional loan you received, maybe a 100% financing? Those loans typically have no PMI but a higher interest rate. The way to avoid PMI on a conventional loan is to put down 20% or more.

@Chrissy726 2 года назад

@@ShaheedahHill It was 3.5% down with a 3.375 interest rate.

@jusshy 2 года назад

READ the contracts. Stop just signing your signature is gold

@davidthomas6768 2 года назад

can you do a video on streamline FHA

@abdessamadelyajouri2836 Год назад

Do you look for houses before getting approved from a bank or get pre approval first?

@ShaheedahHill Год назад

Approval 1st!

@linhdinh4450 3 года назад

please do a video on the Biden administration housing tax rebates, thank you!!!

@ShaheedahHill 3 года назад

They haven't passed yet, there are no rebates.

@bm9074 3 года назад

Absolutely i do you have a question if you have never purchased a home does your age affect a lender's decision I know it may sound discriminatory but it happened though Because I'm 48 and looking to buy my 1st home

@ShaheedahHill 3 года назад

The Equal Opportunity Credit Act prohibits lender discrimination for various protected categories, including the borrower's age. Go for it...you are still young! Buy a primary residence and then save for some investment property!

@bm9074 3 года назад

@@ShaheedahHill thank you ms!!!

@rastafire1219 2 года назад

Getting a FHA with very minimum money down is o it setting you for MIP for the life of the loan unless you refinance out of a FHA loan. Beware, the LO will tell you oh you can get remove within a year or two lies, the only way is refi out of a fha loan. Conventional is the way to go.

@midhunpt203 2 года назад

Very informative and good presentation..... As a mortgage processor it's very helpful to me.. Thank you

@ShaheedahHill 2 года назад

Glad it was helpful!

@NaeNae0613 Год назад

They lied to me. They said score had to 620 min and I had a 20,000 down payment. My score was way higher by closing because I had paid off several things before closing.

@barbarawaugh4608 3 года назад

I live in Connecticut but would like to purchase a home in Florida where i hope relocate in the near future what are my options

@ShaheedahHill 3 года назад

Please watch my moving from another state video

@rajaes123 2 года назад

Thank you for the advice and I did qualify for both FHA was harder to get the seller to accept my offer but when i went conventional, it only took one time, I like FHA because it's government insured, investors make me leery. Lol

@ShaheedahHill 2 года назад

You will be fine and you will be able to get rid on PMI when you get enough equity.

@bosslady874 2 года назад

👏🏾👏🏾👏🏾👏🏾👏🏾🙏🏾👏🏾💯

@followingfist6 Год назад

Refi (into) Conventional? Hmmm, conventional is what I already have. Guess I'll stay where I'm at with this home search.

@masudpeach3017 3 года назад

Me & my sister trying to buy our first home 820k in NEW YORK CITY, we have credit score respectively FICO 781 & 778 & have good down payment but we would like to get FHA loan because with fha only 3.5% down we can save a lot of money & with saved money we can buy a business or something else. Do you think FHA would be a good idea for us? Note: we can afford conventional though). Thank you do much for this amazing video again!

@ShaheedahHill 3 года назад

You should have the lender quote both with estimates. Conventional may be less expensive for you long term. FHA may save you upfront. Thanks for watching

@masudpeach3017 3 года назад

@@ShaheedahHill Got it, thank you & have a great weekend!

@bd3470 2 года назад

I'll ask here just in case it gets an answer but I'll keep looking on my own... So my fiancee and I have been homeless and struggling for 10 years due to health issues. For the last 5 years she has been taking all the free classes she could find on programing and web development and filling out hundreds of applications. In the meantime we worked odd-jobs, restaurant, construction labor etc. Well 11 months ago she got a great job. Making $50k plus great benefits working remotely. She paid off all but the $8k of in default student debt (more than 7 years old and doesn't show up on a credit report). Her credit score is a 730 average now, we have $16k cash saved... Should we qualify for either fha or conventional loans? We were hoping to find something around $60-80k in northern Michigan. So I guess my question is what things beyond credit score and down payment should we expect a lender to deny us for? Work history? Credit limit? Etc Thanks

@ShaheedahHill 2 года назад

Lenders typically want to see 2 years of work history that may be your obstacle at this time. But you are making great progress. You should watch this video and print out the where to start guide. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-0IOl5pAC_Gk.html

@bd3470 2 года назад

@@ShaheedahHill thanks for the quick response. I watched like 4 more of your vids and the 2 year employment thing kept coming up.