Watch BEFORE You Get a FHA LOAN - FHA History, FHA Misconceptions & 5 Reasons Sellers Don't Want FHA
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- Опубликовано: 28 июн 2024
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⭐FHA AMENDATORY CLAUSE⭐
"It is expressly agreed that notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the purchaser has been given in accordance with HUD/FHA or VA requirements a written statement issued by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement Lender, setting forth the appraised value of the property of not less than $ _________. The purchaser shall have the privilege and option of proceeding with consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value or the condition of the property. The purchaser should satisfy himself/herself that the price and condition of the property are acceptable. Source: Department of Housing and Urban Development."
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Chapters
0:00:01 History of FHA
0:01:20 5- FHA Misconceptions
0:10:41 Why Sellers May Not Want Your FHA loan
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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.
Where are you buying?
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.
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
Never knew there were lower down payment conventional options. Always seemed to be just FHA or bust with my lender.
They have 0 down and 3% conventional loans and they don’t have PMI.
Here are the other options for conventional:
No down payment - ruclips.net/video/K2r3K3IiAfE/видео.html
3% down - ruclips.net/video/ggkdhzzvtDk/видео.html
Is there a credit limit you have to have to use the 3% conventional loan? My lender said the fees were high and FHA was lower
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!
Happy Sunday, amazing good to know thanks.
Happy Sunday! Thank you for watching.
Great information! Thank you !
@reginacampbell6131 Thank you for watching
Thank you...
Goodness! So much information to remember. I currently have a Conventional loans.
@annadavis6361 Thank you for watching
Happy Sunday 😊
😊Happy Sunday!!!
Hi @Shaheeda great information
Thanks Chef...I had to put some old videos together. Thank you for watching
Thank you for sharing
Thanks for watching!
GREAT information, as usual - thank you!
Thanks for watching!
Thanks!
@angleazero1275 Thank you for watching
Great information
@pearlrodgers354 Thank you for watching
FHA also,when you are buying a house,has more stricter requirements on the house codes-at least that's what I wasbtold
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.
@@ShaheedahHill Do USDA loans also have the same requirements regarding fixers? Ie; homes that may need deep cleaning and paint?
Thank you Shaheedah:)
Do you have any videos on how the home buying on manufactured homes?
Thank you!❤😊
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 - ruclips.net/user/live5uLJarOZoBI?feature=share
@ShaheedahHill OK Thank you much:)
You can do assumable mortgage with VA loans and ANYONE can get that not just veterans
@TeraBeCookin Thanks for watching and sharing
Can you clarify.
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
Thank you for sharing....
What are your thoughts on first time homebuyer purchasing foreclosure homes. Thanks
Here is my video on buying a foreclosure as a first time homebuyer.
@@ShaheedahHill I don’t see the link
FHA protects buyers, right? So sellers don't like it. Hmmm, with conventional loans, does it protect buyers in any way?
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.
@joyceabe1 Thank you for watching
@@ShaheedahHill Thank you.
Does that FHA clause apply for new construction homes with a track builder? Even if you had to pay a % of upgrades upfront and some upgrades in full?
If its new construction then FHA will be fine to use. Thanks for watching.
@@ShaheedahHill Thank you:)
If we close on new construction before selling our home, does an FHA loan allow one to "Recast" the loan to lower the mortgage? Thank you!
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
Can you get the mortgage insurance removed through refinancing?
Yes, or by getting enough equity in your home. Here are 2 videos you should watch:
ruclips.net/video/M-VnXMwTPMI/видео.html
ruclips.net/video/NNbypXxjHh4/видео.html
@1bluegreen2 Thank you for watching
When I tried to like the video it say “ resource has been exhausted”… 🤔
Wow, not sure why but thanks for trying.