Income & Employment Requirements When Buying A House - Conventional Loan 2024

Are you a first time home buyer interested in buying a house using a conventional loan in the 2024 housing market? How much income do you need? How long do you need to be employed? How do lenders determine how much home you can afford? In this video, we are going to discuss the 2024 Income and Employment Requirements, answer some common questions around conventional loans while helping you understand your debt to income.
Watch this NEXT ⏩ Conventional Loan Requirements 2024 - • NEW Conventional Loan ...
RESOURCES:
✅ - Work Directly with My Team (Mortgage and Real Estate Nationwide) - www.jebsmith.net/referral
🏠 - First Time Home Buyer Course - bit.ly/4clhsse
✅Subscribe to my local newsletter - bit.ly/48LJJp3
🎙- The Educated Home Buyer Podcast - @TheEducatedHomebuyer
Spotify - open.spotify.com/show/3Ho4sTO...
Apple - podcasts.apple.com/us/podcast...
Other Loan Programs you may consider:
FHA Loan Requirements 2024 - • NEW FHA Loan Requireme...
VA Loan Requirements 2024 - • 2024 VA Loan Benefits ...
USDA Loan Requirements 2024 - • NEW USDA Loan Requirem...
What is a conventional loan? A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government. Instead, the loan is backed by private lenders, and its insurance is usually paid by the borrower. Conventional loans are much more common than government-backed financing.
Loan limit for standard and high balance conforming:
1 unit - $766,550/$1,149,825
2 units -$981,500/$1,472,250
3 units - $1,186,350/$1,779,525
4 units - $1,474,400/$2,211,600
Check the loan limits in your area:
singlefamily.fanniemae.com/me...
Conventional loan requirements 2023:
✅FICO® score at least 620
✅3% minimal down payment required
✅MIP (Mortgage Insurance Premium ) is required when putting less than 20% down.
✅Debt-to-Income Ratio less than 45%. (Actually you can go much higher than this)
✅The home can be a primary residence, second home or investment property
✅Borrower must have steady income and proof of employment.
✅Assets may be required at closing.
I hope you appreciate this update on conventional 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 is 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
Real Broker
I N S T A G R A M ➳ / jebsmith
T I K T O K➳ www.tiktok.com/mrjebsmith
#mortgage #housing #realestate

[@JebSmith]

⏩ Conventional Loan Requirements 2024 - ruclips.net/video/UNQOAuQwjPI/видео.html
✅ - Work Directly with My Team (Mortgage and Real Estate Nationwide) - www.jebsmith.net/referral
🏠 - First Time Home Buyer Course - bit.ly/4clhsse
✅ - Subscribe to my local newsletter - bit.ly/48LJJp3

[@hedy_7084]

And here I am thinking I’ll be able to buy. This is year two of my business. My business continues to grow. I JUST learned that I can take distributions. My first years tax returns were likely horrible reflection as we did every write off we could.
I’m concerned that I will now have to wait an additional two years to reflect consistent distributions.
Will I need to show the distributions for two years, or can they look at my bank statements to see?!

[@mommyrose9074]

I've been waiting for your new video ...👌 thank you.

[@JebSmith]

So nice of you

[@anthonypastoriza2941]

I'm 24 and I just started my career, right now I'm trying prepare so that in two years I am able to buy a house, but it's strictly for investment purposes, a rental property, should I be doing anything different from a normal home buyer?

[@existandlive]

Expect to pay an interest rate close to 2% higher ! Than for a home as a primary residence....if your not homeowner I recommend you buy it to live in it

[@xoabdul]

Create an LLC and pay yourself through it during this process. Or at least try to funnel size income through it so that it’s reported, even if you have to pay the extra taxes for it

[@josephfaurie3503]

You can get an DSCR Loan which doesn’t require any of that

[@orvillebryan1950]

It’s Simple lenders goal is to sell the loan at the end , So they have a system from the investors who buys mortgages from them.
So if you work for yourself they don’t want to really want lend you money because that loan will be hard to sell and they get less from the buyer.

[@JebSmith]

Half true………….yes, lenders have a system that tell them the parameters for the investors but lenders don’t shy away just because you’re self employmed. The requirements are the same regardless of the type of income.