Paying $1,100 over asking price, asked for $3000 in closing, went conventional. Appraisal came $2000 higher than what I paid. Closing next week in Florida :)
This is literally where my husband and I are in the home buying process....Preparing to make our first offer. Your channel is the best! Thank you both so much!
This really helped me understand what sellers are being advised on. It helps hearing the realtors recommendations. Honest feedback in this brutal market. Thanks guys, you are so informative.
Great video. The only issue is Javier’s comment about FHA loans. FHA loans are not specific to people with bad credit so it would be misleading for an agent to say that to their sellers. FHA loans simply allow lower down payments and in a normal market lower interest rates. FHA loans are difficult because of more stringent requirements for the seller so they pose more risk of the seller having to make repairs or take longer to close. For those with FHA financing just make sure that you allow yourself time to find the right house. This market is extremely competitive and its tough so get a great realtor and a pre-approval (where your finances and credit were checked) from a reputable lender.
My middle credit score is a 797 and i have over $250k liquid funds. and i used an FHA 3.5% loan to purchase a $550k 4-Plex in Arizona. and a couple of months before this purchase I had an agent of anthother 4plex that i put an offer in not accept mine because it was an FHA 3.5% loan. Makes me wonder why they're is stigmatism around using an FHA loan
This a great video we were in a similar situation when we got our house they were many offers already in the table we won the house because of our great Agent..he was his work that did the magic.
I love this "look behind the current"; I just went into contract as a first time home buyer with an online pre-approval, but after comparing lenders I am going with a bank... didn't know that "who/where" the pre-approval came from mattered. If this one doesn't close (I hope it does close!), I will use the bank pre-approval for my next bid - thank you!!!
Just made an offer on a house 7k over but we suspect there are others offering wayyy more/ cash but about to ask my lender to make a call on our behalf! Thanks for the tip 🥰please wish us luck ❤️
I totally thought this said 735k views and not just 735 views when I clicked on it and I was like holy **** you blew up fast lol but a year or two from now I wouldn’t be surprised if your videos get that many views, you and javier are great
I would love to know what market this is. I’m in massachusetts and every offer that’s accepted here is the cleanest / highest. So the highest offer with the least contingencies that’s it, simple.
here's and examples and I hope I dont take much of your time there was this house I fell in love with I really thought this was gonna be my home it was 245,000 but owners weren't gonna accept offers until 4 days later even though it's my first time buying I qualified for a conventional loan and fha I decided to take your advice and went for conventional loan on 2.75 interest. since the house was now more than what I applied originally I was more tight on the down payment I now had to pay 16% I originally wanted to pay 20% but I wasn't gonna be left with no money in my savings not even for the closing so I did 16% down. there were 4 offers on the house already but I wasnt willing to give more than the asking I was willing to pay the closing which was 6,000. overall my whole down payment including the closing was gonna be 45,000 not alot left on my savings only 3,000 but I was ok with that. but at the end of the day I decided to back out I was heartbroken and i cried a bit because i loved this house but i knew the reality that i possibly wouldn't be able to offer higher than the 245,000 they were asking and I wouldn't win do you think I would have had a good chance at winning the house. and also what are good tips on winning a house when theres 4 other offers on the table? what can I offer or do i even offered to pay the inspection. what more could I have done
It's a tough market for sure! Even when you do the best you can you may still get beat out unfortunately. Patience is key. Take a break from writing offers if you need to and can.
Just because you use fha doesn't mean you have low credit. You just might not have the 15 percent down when buying a multi property. Or in cali that same scenario would be for a single family house.
For sure, FHA can also be used for people needing a higher DTI threshold. A lot of seller perception will depend on the market. For instance, in Dayton, OH (where I'm at) we're a heavy FHA market. FHA is very common and accepted. Javier's market is not similar to mine. So I believe he was more talking about the seller perception of the FHA in his market.
@@WinTheHouseYouLove I think what happens more often than the scenarios you laid out, is the sellers do not want to deal with the fha inspection and the subsequent disclosure. That has nothing to do with the buyer. In my opinion, sellers are using the excuse of the perception of lower credit, to hide the fact they don't want to fix the issues the inspector will find. The older the home, the more this is true. At the end of the day, it's about the best deal. The bank is taking the risk. Not the sellers. If fha gives you the best deal for all clients why wouldn't each party want that? I know as a real estate agent you can't "knowingly" talk about this tactic for fear of losing your license. Being a sellers market right now, sellers know they can bypass fha because of the strict inspection, and pass all fixes onto a conventional buyer.
It will definitely take some patience as it's a more difficult offer for a seller to accept if comparing multiples. The advice here applies to FHA as well. Appraisal clauses, having the lender call, putting in your absolutely best price, shortening contingencies, etc
Dallas/Frisco area. Homes are selling 15-50k above asking for very desirable homes. Some buyers are waving inspection and cash buyers not apprasing. No seller paid closing etc. It is the wild wild west. I am under contract for a new home and most builders are only during 4-6 contracts a month. And they are maintaing a wait list with 20 plus buyers. Its crazy
I appreciate these lives you are collaborating on, Iam in the process to buy my first house, we made an offer on a beautiful house we liked a lot, and we did 15 k and 47% of the value cash, over the regular price, 7.97 credit and out of 13th offers ours was the second best one, resin why they are keeping us as a back up, it was frustrating since we did not have idea how competitive is the market now. Iam learning and understanding better how the system works, thank you again for your educational video. In the mean time we are still looking.
I'm fha. I have all closing costs, down-payment, and Ernest money of 3500. Last house I offered 73k over asking. Asking price was 296k. 8 month and still nothing. 3rd agent. I'm in spokane. Not asking for anything. I'm a business owner.
I JUST became an MLO and I love your videos you guys were talking about the lender reaching out to the listing agent what does that phone call look like?
Make sure you talk with your management on what they'd prefer compliance-wise. But, I've found that you don't even have to say much. Just that the buyer is approved, you ran credit, reviewed all income and assets docs, and have an approval from AUS
In Utah and Virginia, it's normal to waive appraisal and only do inspection for information is normal on top of $15k over asking average. It's crazy!!!
Hey man, I’m liking the collabs w Javier. Great content! I have a question in regards to the the video quality.. what is the setup / program you guys are using to making this type of video. When i make collabs i have to use zoom & it really sucks it quality
This is a great video. I’d love to to see one on how to strengthen an offer with fha. I’ve lost 4 offers now with Fha all at purchase price and no closing concession and “as is”. No Bueno still. Can’t compete with cash. I do not have low credit at all and I don’t even think fha is allowing that right now, but I’m self employed for over 20 years and couldn’t squeeze into conventional because it’s much more strict right now and I have the ability to write off expenses and apparently a lower purchase price wouldn’t even make a difference. I lived in Manhattan for 20 years renting and got 0 for it. Now I want to buy as a first time buyer and getting ignored left and right to cash or investors. I would even pay higher interest to get the fha stigma off at this point.
I might have to circle back to do another video with some more offers. A lot of people took the FHA loan scenario personally when we were simply just showing an all-around offer that wasn't strong as strong e.g. a buyer who didn't do any research. FHA is still doable, but it takes a lot of patience in this market
Questions. I have a good amount of money to put down for a house however my credit is bad not too good. I was wondering what the odds are me actually qualifying for a home loan. Or should I keep that money put into buying a car and build my credit from buying the car.??? What should I do?
Hey kyle! I get paid under the table so for the past 3 years my income on my W2 is about 5-10k. Am i disqualified for getting approved for a mortgage? 780+ credit score, no debt, and enough saved for about a 20% down payment.
Also I have heard some loans have requirements such as taking occupancy of the residence within a certain time period. Is this the case on conventional loans?
This is a sarcastic comment but a lot of homes here do have 30 offers. My realtor tells me that the majority of them tend to be the same and only a few stand out and are really competing.
I wish you would have focuaed on a way to make the FHA offer stronger. I have an FHA loan. We are putting in full price offers and 3k cash over appraisal if it doesnt appraise and not asking for closing costs. Times are hard in LV. Those CCC's! Prices go higher everyday! 😭 Side note low budget. Obky approved 180k looking at 2b2b townhome/condos.
So you're saying FHA loans suck...amiright? 🤔 My credit is good, I still am using fha because it's a lower down-payment. 🙃 My offer was accepted yesterday for my dream house. We went 1,000 over, 3000 in concessions, 30 day close. We happen to stumble across a house that had horrible pictures online, but its beautiful in person lol. We found the diamond in the rough.
I personally don't think they suck, I think they can be a very solid option. However, it's good to understand the harsh truth of how a seller may perceive an FHA loan. Conventional allows 3% down as a minimum, so maybe it would be worth exploring that. Congrats on your accepted offer!! I'm wishing you the best :)
@@WinTheHouseYouLove Yeah I didn't know that conventional loans offered a lower down payment. Hmmmm....but this is why we watch you...you know more lol!!! I'll ask my lender if this is an option! Thanks!
Great! So basically my FHA offer will always be overlooked. 😒 Honestly, this is disheartening to hear. What’s the point of an FHA loan if buyers will always trash my offer.
Not necessarily. There are financing options that are more attractive to the seller, though. Like @olefonkydeedee mentioned, if the offer is reasonable, it can offset the type of financing being used. A lot of this will depend on the market. I like FHA loans. My market in Dayton, OH is very FHA heavy. So FHA works well in our market. FHA does not work well in Javier's market.
Don't be discouraged. The market is crazy where I'm at. Like, less than 3 houses going up for sale in a week crazy, so sellers are having a field day. I put in an FHA offer and they chose mine. But I have a really good agent so my offer wasn't crazy. I offered asking price and told the seller not to worry about replacing the paint, carpet and patio if he paid towards my closing costs. He accepted. If you work with someone good, they'll know how to make the offer look really nice in comparison to others.
@@Shontay06 thanks! I was just taken aback by how they trashed talked the FHA offer and questioned the buyers motives and finances. In my case, I don’t have 20% down and that’s the only reason I have an FHA. I have 12k as down and was prequalified by a community bank for 300k. The problem is inventory, there isn’t much at my price point. I recently put in an offer for a house but a conventional loan beat me, despite my offer being the same. Fun fact, that conventional offer fell through and that house went back on the market. My agent reached out and the sellers agent said don’t even bother. The seller wasn’t going to consider any FHA offers but would consider my offer if I would switch to a conventional. This is why I was like wth! The sellers agent literally told my agent the same line Javier said, why can’t they qualify for a conventional loan? Which makes me feel like sellers won’t take my FHA offers seriously if agents think FHA buyers are not serious.
@@prp134 he wasn't trashing it. He was giving perspective of what most selling agents say about it. Reality is there is 2 different types of FHA buyers. The first time home buyer and the irresponsible home buyer. Given what the first offer was offering was very questionable due to the lower offer and asking for sellers to pay some closing costs. It just doesn't make sense in this market. Whoever the agent is should be explaining to you about the market and informing you when the right time to buy is if you don't want to pay full closing costs. They did a good job at telling you how agents think. Again FHA isn't bad, it's the offer that is bad. You can be a strong FHA buyer depending on who your agent is
@@NotGettingWhatIPaidForRUclips Thanks for writing this , and explaining . I agree I feel like they are shittin on FHA and this isn’t the first time I seen dude do this. FHA folks have good credit now a days it’s just WAYYY harder to go conventional
He keeps saying pre-approval is a solid letter? I thought pre-qualified was the solid letter, is'nt preapproval a non-credit check? And qualified the solid letter with credit and finance screening. I only ask because I'm curious if you need to flaw your credit with a hard pull in a seller's market with very little inventory in the area I'm looking. I'm a Serious buyer with perfect credit and finances
They can be used interchangeably as there is no legally binding definition; however, most people use the terms this way: Pre-qualification: sometimes a credit check, income documents often not reviewed, only underwritten through software and not an underwriter Pre-approval: full credit check, all income documents review, completely underwritten
You can’t. Although your contract would stipulate the move out date the former owners could potentially stay at which time you would have to file for an eviction per your state regulations. Check out the squatters rights in your state and the process times for evictions.
This was really useful! I'll (hopefully) be a buyer at the end of this year and this gives me ideas about how to spruce myself up for the seller of a property. I'll be in the FHA boat because although I have great credit, I won't have enough cash for a 20% min downpayment (unless I win the lottery somehow 😂) but it's nice to know there's still steps I can take to improve my offer.
@@Rednatasha21 I'm not too sure. What I do know is some lenders like Chase and M&T Bank do offer conventional loans with low down payment. Of course qualifying for them will be factors such as great credit score and low DTI ratio. The offset is you will pay a little higher interest rate the lower you go. And let's not forget a PMI. But I just wanted you to know you don't need 20%. That's what I plan to do later this year. Good luck. Blessed Be!
@@shanikaaskew570 It's definitely something I'll look into then when it's time for me to apply. I'm currently working on lowering my DTI by paying off some debts so I could potentially qualify if I find a low downpayment program. Thank you for your input!
I have an FHA ..so basically I'm in a lose-lose situation . I've put in 6 offers so far. I'm ready to just give up. This is so unfair and I really have to move from this house we're in . Ceiling is ready to collapse
It's a BITCH, buying homes at this time in the Central Valley in California!!! My husband and I are so stressed and overwhelmed, as it's been one month since we were pre-approved. So far we have put in 2 offers with no success. I'm about to give up.
So instead of encouraging the seller to make sure the home passes FHA you put the burden on the buyers. After approval with FHA and down payment has been verified what else is there to cause a FHA loan to fail that is the buyers fault?
The seller has zero responsibility or requirement to help a buyer. A seller wants to close with as little hassle as possible. That's why our goal is to educate buyers on the things they have control over to help them through the process. I'm confused on your second question, where did we talk about FHA and buyer faults?
Made an offer for 225k on a list price 200k, they were trying to force us into covering any appraisal gap with cash. Ended up losing out to someone else who wrote an appraisal gap into their contract.
Offer 1 I just laughed at it (I wasn’t laughing at the FHA, they have some nerve coming under list price and asking for crap in this market XD) Offer 2 ... just take it and go!! (Am sure they know you have to sell with that solid offer) Offer 3 would be good two years ago since it looks financially strong... in this market AND against offer 2 the buyers need to take out asking for money, make inspection information only and increase the money over appraisal to $10,000! Most sellers would quickly go with offer 2 but with these changes to offer 3 it’s very appealing to the seller looking with the most money! I would go with offer 3 personal with these changes. I’m not paying for repairs, pretty much gaurteed more money with $10k safety net money and the buyer have a strong bank pre approval! Cash buyers pay cash to get things cheaper. In this market paying list prices flat is getting it cheap.
Number two should be number three. The cash offer, is just that, one lump sum and no payments to you after that, from the buyer. Example: I was given a cash offer on my place, it was twice as what I paid for the place. No bank involvement. I'm 64 and I've been doing this for 44 years, so I know what I'm talkin about. I've never taken payments. Cash out only.
![Seungmin "그렇게, 천천히, 우리(As we are)" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/kAzmhLHePqU/mqdefault.jpg)
I’m glad you released THIS video and not the other one... when can we collab for our OnlyFans?
Please collaborate more...you guys have good synergy with the jokes lol
Awesome videos as always Javier and Kyle. Love the collaboration. You play off each other very well.
don’t tease, Javier!!
Javi blushing. Cute. Not much gets me to laugh. Both of you have golden tickets. I look forward to more!
Be careful....Bethany 🤣
Paying $1,100 over asking price, asked for $3000 in closing, went conventional. Appraisal came $2000 higher than what I paid. Closing next week in Florida :)
Gratz Tamika, I'm still trying:)
Congrats!!
My offer is 35k over listing price😓
@@Dreesmee woahhh no way! What area?
@@gunsmoke9030 you got it, don't give up
This is literally where my husband and I are in the home buying process....Preparing to make our first offer. Your channel is the best! Thank you both so much!
You are so welcome! Glad you enjoyed. :)
This really helped me understand what sellers are being advised on. It helps hearing the realtors recommendations. Honest feedback in this brutal market. Thanks guys, you are so informative.
Thanks for watching! We appreciate it. :)
I love this! Two of my favorite RUclipsrs in one video. I hope you guys collaborate again ❤️❤️😃😃😃
Great video. The only issue is Javier’s comment about FHA loans. FHA loans are not specific to people with bad credit so it would be misleading for an agent to say that to their sellers. FHA loans simply allow lower down payments and in a normal market lower interest rates. FHA loans are difficult because of more stringent requirements for the seller so they pose more risk of the seller having to make repairs or take longer to close. For those with FHA financing just make sure that you allow yourself time to find the right house. This market is extremely competitive and its tough so get a great realtor and a pre-approval (where your finances and credit were checked) from a reputable lender.
You're right, FHA loans aren't just for people with bad credit. FHA can also be used for multi-family, needing a higher DTI, getting credits, etc.
My middle credit score is a 797 and i have over $250k liquid funds. and i used an FHA 3.5% loan to purchase a $550k 4-Plex in Arizona. and a couple of months before this purchase I had an agent of anthother 4plex that i put an offer in not accept mine because it was an FHA 3.5% loan. Makes me wonder why they're is stigmatism around using an FHA loan
You guys are awesome, I watched Javier's channel first and lead me to yours. Keep up the great work guys!
Love this collab...great video topic. Hope u guys will do more in the future!!
Thanks!! I think we will :)
Love you guys! Can y’all make for videos on these nitty gritty scenarios? Y’all are great.
Thank you so much for watching!! :)
This a great video we were in a similar situation when we got our house they were many offers already in the table we won the house because of our great Agent..he was his work that did the magic.
Congrats!!!
I love this "look behind the current"; I just went into contract as a first time home buyer with an online pre-approval, but after comparing lenders I am going with a bank... didn't know that "who/where" the pre-approval came from mattered. If this one doesn't close (I hope it does close!), I will use the bank pre-approval for my next bid - thank you!!!
You are welcome! Thanks for watching!
Excellent video! Great advice. Thank you so much for your channel. It's wonderful seeing your videos take off
Thank you!!!
I really enjoyed this video. I also watch Javiers videos. Great duo and great information!
Thank you so much for watching!! :)
I really enjoyed this video very informative and good vibes thank you
Glad you enjoyed it!
Great video! Gives you a helpful perspective.
Thank you so much for watching!! :)
Just made an offer on a house 7k over but we suspect there are others offering wayyy more/ cash but about to ask my lender to make a call on our behalf! Thanks for the tip 🥰please wish us luck ❤️
Best of luck!!
I'm searching too let me.know how it goes. Thanks from california
Question unrelated to video...I’m a first time buyer.. how do I participate in the mortgage credit certificate program? When do I do this?
It would be state-to-state. So you'll need to explore the program specific to your state
This was very helpful, thank you
Glad it was helpful!
I appreciate both of you guys sm 🙌🏻
Thank you so much for watching!! :)
I like both of your channels!
Yay! Thank you!
Love the content! I’m putting in an offer this week for a $500,000 multi-family home with so much rental potential in the mountains. Wish me luck!
Best of luck!
How did it go?
I totally thought this said 735k views and not just 735 views when I clicked on it and I was like holy **** you blew up fast lol but a year or two from now I wouldn’t be surprised if your videos get that many views, you and javier are great
Hahah that many would be wild!
36k views now! :)
I appreciate your channel SO MUCH! Do you have any videos or advice on buying a new build?
Thank you so much for watching!! :) Yep! You can search win the house you love new build on youtube
@@WinTheHouseYouLove Cool! Thanks!
Great content. Thx for sharing.
Thank you so much for watching!! :)
I would love to know what market this is. I’m in massachusetts and every offer that’s accepted here is the cleanest / highest. So the highest offer with the least contingencies that’s it, simple.
here's and examples and I hope I dont take much of your time there was this house I fell in love with I really thought this was gonna be my home it was 245,000 but owners weren't gonna accept offers until 4 days later even though it's my first time buying I qualified for a conventional loan and fha I decided to take your advice and went for conventional loan on 2.75 interest. since the house was now more than what I applied originally I was more tight on the down payment I now had to pay 16% I originally wanted to pay 20% but I wasn't gonna be left with no money in my savings not even for the closing so I did 16% down. there were 4 offers on the house already but I wasnt willing to give more than the asking I was willing to pay the closing which was 6,000. overall my whole down payment including the closing was gonna be 45,000 not alot left on my savings only 3,000 but I was ok with that. but at the end of the day I decided to back out I was heartbroken and i cried a bit because i loved this house but i knew the reality that i possibly wouldn't be able to offer higher than the 245,000 they were asking and I wouldn't win do you think I would have had a good chance at winning the house. and also what are good tips on winning a house when theres 4 other offers on the table? what can I offer or do i even offered to pay the inspection. what more could I have done
It's a tough market for sure! Even when you do the best you can you may still get beat out unfortunately. Patience is key. Take a break from writing offers if you need to and can.
Thanks for the story. I'm in the search fight now too. Thanks from california
Just because you use fha doesn't mean you have low credit. You just might not have the 15 percent down when buying a multi property. Or in cali that same scenario would be for a single family house.
For sure, FHA can also be used for people needing a higher DTI threshold.
A lot of seller perception will depend on the market. For instance, in Dayton, OH (where I'm at) we're a heavy FHA market. FHA is very common and accepted.
Javier's market is not similar to mine. So I believe he was more talking about the seller perception of the FHA in his market.
@@WinTheHouseYouLove I think what happens more often than the scenarios you laid out, is the sellers do not want to deal with the fha inspection and the subsequent disclosure. That has nothing to do with the buyer. In my opinion, sellers are using the excuse of the perception of lower credit, to hide the fact they don't want to fix the issues the inspector will find. The older the home, the more this is true.
At the end of the day, it's about the best deal. The bank is taking the risk. Not the sellers. If fha gives you the best deal for all clients why wouldn't each party want that?
I know as a real estate agent you can't "knowingly" talk about this tactic for fear of losing your license.
Being a sellers market right now, sellers know they can bypass fha because of the strict inspection, and pass all fixes onto a conventional buyer.
You two are something. Good video. 😂🙏😂
Hahah thanks for watching!
So how can we put in a FHA offer that a seller will like to take over other options?
It will definitely take some patience as it's a more difficult offer for a seller to accept if comparing multiples.
The advice here applies to FHA as well. Appraisal clauses, having the lender call, putting in your absolutely best price, shortening contingencies, etc
Good question that helped with my learning
Dallas/Frisco area. Homes are selling 15-50k above asking for very desirable homes.
Some buyers are waving inspection and cash buyers not apprasing. No seller paid closing etc. It is the wild wild west.
I am under contract for a new home and most builders are only during 4-6 contracts a month. And they are maintaing a wait list with 20 plus buyers.
Its crazy
It's definitely crazy out there!
I’m one of Javier’s followers. Just subscribed!! Awesome videos
Awesome! Thank you!
Awesome content
Thanks for watching!
I appreciate these lives you are collaborating on, Iam in the process to buy my first house, we made an offer on a beautiful house we liked a lot, and we did 15 k and 47% of the value cash, over the regular price, 7.97 credit and out of 13th offers ours was the second best one, resin why they are keeping us as a back up, it was frustrating since we did not have idea how competitive is the market now. Iam learning and understanding better how the system works, thank you again for your educational video. In the mean time we are still looking.
Thank you so much for watching!! :) Best of luck, hang in there!
Hope you win it!
I'm fha. I have all closing costs, down-payment, and Ernest money of 3500. Last house I offered 73k over asking. Asking price was 296k. 8 month and still nothing. 3rd agent. I'm in spokane. Not asking for anything. I'm a business owner.
I'm sorry to hear, that's super frustrating!
I will Buddy.Thank you guys!👍
Great content, very informational!
Thanks!
I JUST became an MLO and I love your videos you guys were talking about the lender reaching out to the listing agent what does that phone call look like?
Make sure you talk with your management on what they'd prefer compliance-wise.
But, I've found that you don't even have to say much. Just that the buyer is approved, you ran credit, reviewed all income and assets docs, and have an approval from AUS
Have your cake and get seconds! Ha. Never heard that one before. Good one.
Thanks for watching. :)
In Utah and Virginia, it's normal to waive appraisal and only do inspection for information is normal on top of $15k over asking average. It's crazy!!!
That's wild!
Excellent collaboration 👌👏👍🙌
Thank you so much for watching!! :)
Hi could you do a video on analyzing small multi family deals ... I going to house hack by the end of this year!!!
I'll add it to my video list :)
Great vid guys!
Thanks! Good to see you on the stream :)
Hey man, I’m liking the collabs w Javier. Great content! I have a question in regards to the the video quality.. what is the setup / program you guys are using to making this type of video. When i make collabs i have to use zoom & it really sucks it quality
We used Zoom so we could hear each other, but we recorded separately on our cameras and sent each other the final footage
This is a great video. I’d love to to see one on how to strengthen an offer with fha. I’ve lost 4 offers now with Fha all at purchase price and no closing concession and “as is”. No Bueno still. Can’t compete with cash. I do not have low credit at all and I don’t even think fha is allowing that right now, but I’m self employed for over 20 years and couldn’t squeeze into conventional because it’s much more strict right now and I have the ability to write off expenses and apparently a lower purchase price wouldn’t even make a difference. I lived in Manhattan for 20 years renting and got 0 for it. Now I want to buy as a first time buyer and getting ignored left and right to cash or investors. I would even pay higher interest to get the fha stigma off at this point.
I might have to circle back to do another video with some more offers.
A lot of people took the FHA loan scenario personally when we were simply just showing an all-around offer that wasn't strong as strong e.g. a buyer who didn't do any research.
FHA is still doable, but it takes a lot of patience in this market
Questions. I have a good amount of money to put down for a house however my credit is bad not too good. I was wondering what the odds are me actually qualifying for a home loan. Or should I keep that money put into buying a car and build my credit from buying the car.??? What should I do?
Usually, it's best to have the best possible credit going into buying a home.
Try a free consult with mycreditguy.com
@@WinTheHouseYouLove thank you very much for replying appreciate it
Used credit cards and revolving lines of credit. Soon as you pay your car off you lose that line of credit and credit history along with it.
I love you 2 together 🥰
Thanks! I hope we can have another live session. :)
This is good information!
Glad it was helpful!
Hey kyle! I get paid under the table so for the past 3 years my income on my W2 is about 5-10k. Am i disqualified for getting approved for a mortgage? 780+ credit score, no debt, and enough saved for about a 20% down payment.
You can only use the income that's shown on tax returns to qualify for a mortgage.
Amazing Team work guys Thanks!!! make sure Javier get you a cactus shirt too for next video.
Haha yes!
Is post possession being affected by COVID 19 at all?
Not from what I'm seeing
Also I have heard some loans have requirements such as taking occupancy of the residence within a certain time period. Is this the case on conventional loans?
What about when there's 30 offers
This is a sarcastic comment but a lot of homes here do have 30 offers. My realtor tells me that the majority of them tend to be the same and only a few stand out and are really competing.
Anything over 10 offers and the only solution is a bottle of wine and a night of crying lol
I wish you would have focuaed on a way to make the FHA offer stronger. I have an FHA loan. We are putting in full price offers and 3k cash over appraisal if it doesnt appraise and not asking for closing costs. Times are hard in LV. Those CCC's! Prices go higher everyday! 😭
Side note low budget. Obky approved 180k looking at 2b2b townhome/condos.
It's tough out there!
So you're saying FHA loans suck...amiright? 🤔 My credit is good, I still am using fha because it's a lower down-payment. 🙃 My offer was accepted yesterday for my dream house. We went 1,000 over, 3000 in concessions, 30 day close. We happen to stumble across a house that had horrible pictures online, but its beautiful in person lol. We found the diamond in the rough.
I personally don't think they suck, I think they can be a very solid option. However, it's good to understand the harsh truth of how a seller may perceive an FHA loan.
Conventional allows 3% down as a minimum, so maybe it would be worth exploring that. Congrats on your accepted offer!! I'm wishing you the best :)
@@WinTheHouseYouLove Yeah I didn't know that conventional loans offered a lower down payment. Hmmmm....but this is why we watch you...you know more lol!!! I'll ask my lender if this is an option! Thanks!
Great! So basically my FHA offer will always be overlooked. 😒
Honestly, this is disheartening to hear. What’s the point of an FHA loan if buyers will always trash my offer.
Not necessarily. There are financing options that are more attractive to the seller, though.
Like @olefonkydeedee mentioned, if the offer is reasonable, it can offset the type of financing being used.
A lot of this will depend on the market. I like FHA loans. My market in Dayton, OH is very FHA heavy. So FHA works well in our market.
FHA does not work well in Javier's market.
Don't be discouraged. The market is crazy where I'm at. Like, less than 3 houses going up for sale in a week crazy, so sellers are having a field day. I put in an FHA offer and they chose mine. But I have a really good agent so my offer wasn't crazy. I offered asking price and told the seller not to worry about replacing the paint, carpet and patio if he paid towards my closing costs. He accepted.
If you work with someone good, they'll know how to make the offer look really nice in comparison to others.
@@Shontay06 thanks! I was just taken aback by how they trashed talked the FHA offer and questioned the buyers motives and finances. In my case, I don’t have 20% down and that’s the only reason I have an FHA. I have 12k as down and was prequalified by a community bank for 300k. The problem is inventory, there isn’t much at my price point.
I recently put in an offer for a house but a conventional loan beat me, despite my offer being the same. Fun fact, that conventional offer fell through and that house went back on the market. My agent reached out and the sellers agent said don’t even bother. The seller wasn’t going to consider any FHA offers but would consider my offer if I would switch to a conventional.
This is why I was like wth! The sellers agent literally told my agent the same line Javier said, why can’t they qualify for a conventional loan? Which makes me feel like sellers won’t take my FHA offers seriously if agents think FHA buyers are not serious.
@@prp134 he wasn't trashing it. He was giving perspective of what most selling agents say about it. Reality is there is 2 different types of FHA buyers. The first time home buyer and the irresponsible home buyer. Given what the first offer was offering was very questionable due to the lower offer and asking for sellers to pay some closing costs. It just doesn't make sense in this market. Whoever the agent is should be explaining to you about the market and informing you when the right time to buy is if you don't want to pay full closing costs.
They did a good job at telling you how agents think. Again FHA isn't bad, it's the offer that is bad. You can be a strong FHA buyer depending on who your agent is
@@NotGettingWhatIPaidForRUclips Thanks for writing this , and explaining . I agree I feel like they are shittin on FHA and this isn’t the first time I seen dude do this. FHA folks have good credit now a days it’s just WAYYY harder to go conventional
Great video it would be cool to see a convo with someone who won offer.
ruclips.net/video/f19cOHllb-0/видео.html
I’m a first time home buyer. Almost closing the contract but I feel like the broker is lying to us 😬 Could someone help me please and thank you.
Shoot me a text at 937-358-6542 and let me know what's going on. I'll see how I can help
I absolutely loved this content!! ❤️❤️❤️
Thank you so much for watching!! :)
Funny that FHA is seen as too risky and the only people using them are start up landlords. The complete opposite of what they were invented for . .
He keeps saying pre-approval is a solid letter? I thought pre-qualified was the solid letter, is'nt preapproval a non-credit check? And qualified the solid letter with credit and finance screening.
I only ask because I'm curious if you need to flaw your credit with a hard pull in a seller's market with very little inventory in the area I'm looking. I'm a Serious buyer with perfect credit and finances
They can be used interchangeably as there is no legally binding definition; however, most people use the terms this way:
Pre-qualification: sometimes a credit check, income documents often not reviewed, only underwritten through software and not an underwriter
Pre-approval: full credit check, all income documents review, completely underwritten
Thanks for the info, I see other realtors explaining it the exact opposite in other youtube videos, so it makes sense theres no legal definition.
I dont understand what he means when he says you lose your earnest money if it doesnt appraise.
If you do an appraisal waiver and it short appraises. If you don't perform to your side of the contract, your earnest money may be in jeopardy
Offer 3 call the buyers listing agent tell them no closing cost and you have a deal
👌
Thank you
Thank you so much for watching!! :)
Love you both
Thank you so much for watching!! :)
How do you guarantee if you allow the seller to stay a week extra or month how can you be assured they get out🤷♀️
The contract would dictate the change of occupancy
You can’t. Although your contract would stipulate the move out date the former owners could potentially stay at which time you would have to file for an eviction per your state regulations. Check out the squatters rights in your state and the process times for evictions.
This was really useful! I'll (hopefully) be a buyer at the end of this year and this gives me ideas about how to spruce myself up for the seller of a property. I'll be in the FHA boat because although I have great credit, I won't have enough cash for a 20% min downpayment (unless I win the lottery somehow 😂) but it's nice to know there's still steps I can take to improve my offer.
For conventional loans all you need is 5% Actually some as low as 3%.
@@shanikaaskew570 Would that apply to most conventional loans or would I need to search for a special loan programs?
@@Rednatasha21 I'm not too sure. What I do know is some lenders like Chase and M&T Bank do offer conventional loans with low down payment. Of course qualifying for them will be factors such as great credit score and low DTI ratio. The offset is you will pay a little higher interest rate the lower you go. And let's not forget a PMI. But I just wanted you to know you don't need 20%. That's what I plan to do later this year. Good luck. Blessed Be!
@@shanikaaskew570 It's definitely something I'll look into then when it's time for me to apply. I'm currently working on lowering my DTI by paying off some debts so I could potentially qualify if I find a low downpayment program. Thank you for your input!
Thank you so much for watching!! :)
Conventional allows a 3% minimum down :)
Nice!!! Thanks :)
Thank you so much for watching!! :)
I bought before I sold…I qualified, so I’m not desperate to sell.
Yes, prefer. Not desperate:)
Thanks for watching. :)
I have an FHA ..so basically I'm in a lose-lose situation . I've put in 6 offers so far. I'm ready to just give up. This is so unfair and I really have to move from this house we're in . Ceiling is ready to collapse
I hope you'll finally get a perfect home. Best of luck!
Did you get house?
@@wonderfullee1234 we did yes. Ty for asking. If you’re in the process as well don’t give up!! I almost did took us 7 months but we did it.
That's awesome, congratulations!
This collab is 💥💥💥 like Kobe and Shaq. My 2 favs, thank you for this!!!!
Hahah love it!
I'd say more like Dirk & JJ Barea
It's a BITCH, buying homes at this time in the Central Valley in California!!! My husband and I are so stressed and overwhelmed, as it's been one month since we were pre-approved. So far we have put in 2 offers with no success. I'm about to give up.
2 offers. Most people are putting in their 20TH
It's difficult, hang in there!
So instead of encouraging the seller to make sure the home passes FHA you put the burden on the buyers. After approval with FHA and down payment has been verified what else is there to cause a FHA loan to fail that is the buyers fault?
The seller has zero responsibility or requirement to help a buyer. A seller wants to close with as little hassle as possible.
That's why our goal is to educate buyers on the things they have control over to help them through the process.
I'm confused on your second question, where did we talk about FHA and buyer faults?
Made an offer for 225k on a list price 200k, they were trying to force us into covering any appraisal gap with cash. Ended up losing out to someone else who wrote an appraisal gap into their contract.
Ugh I'm sorry!
I'd ask Cash offer to come up to $335k because of the other offer, that's me though
Thanks for your input!
Offer 1 I just laughed at it (I wasn’t laughing at the FHA, they have some nerve coming under list price and asking for crap in this market XD)
Offer 2 ... just take it and go!! (Am sure they know you have to sell with that solid offer)
Offer 3 would be good two years ago since it looks financially strong... in this market AND against offer 2 the buyers need to take out asking for money, make inspection information only and increase the money over appraisal to $10,000! Most sellers would quickly go with offer 2 but with these changes to offer 3 it’s very appealing to the seller looking with the most money! I would go with offer 3 personal with these changes. I’m not paying for repairs, pretty much gaurteed more money with $10k safety net money and the buyer have a strong bank pre approval! Cash buyers pay cash to get things cheaper. In this market paying list prices flat is getting it cheap.
Thanks for your input :)
CARNE ASADA
🤣
You guys are cute together lol
☺️
Number two should be number three. The cash offer, is just that, one lump sum and no payments to you after that, from the buyer.
Example: I was given a cash offer on my place, it was twice as what I paid for the place. No bank involvement.
I'm 64 and I've been doing this for 44 years, so I know what I'm talkin about. I've never taken payments. Cash out only.
They're not in order, just labeled for reference
Well put them in order I mean what else have you got to do with your time.
Too many Chad's in one video I can't handle it....
Hahah
Chad?? Really?
It's a joke he has with his audience 💁♀️