Don't Empty Your Bank Account To Buy A Home (12 Minimum Down Payments For Different Loans)
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- Опубликовано: 2 авг 2024
- You don't actually need 20% down to buy a home! Here are 12 minimum down payment everyone should know before they buy a home.
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Conventional loan requirements: • Conventional Loan Requ...
FHA loan requirements: • FHA Loan Requirements ...
USDA loan requirements: • USDA Loan Requirements...
VA loan requirements: • VA Loan Requirements (...
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0:00 Don't Empty Your Bank Account To Buy A Home (12 Minimum Down Payments For Different Loans)
1:07 Conventional
3:20 FHA
4:16 VA
4:47 USDA
5:21 Jumbo
6:25 Portfolio
7:49 Down Payment Assistance
9:12 Example using Max Purchase Price Calculator
Kyle Seagraves - NMLS 1701021
Only for educational usage. All calculations should be verified independently. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This is not an offer to lend and should not be used to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, nor real estate advice. Read the full disclaimer here: www.winthehouseyoulove.com/di...
When I say what PMI ranges are, that's typically what I see in my area. Of course you have to get a quote to find out what it is for your situation.
I thought when putting more down then the mortgage per month changes? I didn’t see that happen in the calculator. Am I understanding that wrong?
@@kaitlynh6089 it's only about 7 to 10 dollars on payment per thousand
Does the PMI depend on credit score and purchase price? I have average credit and a preapproval I got had an “estimated” PMI monthly payment of $506!!
Agreed, I just put down 20% on a 399K home. Closing this Friday. Happy that I'm able to avoid PMI and honestly feels good to be moving in with almost 100K worth of equity. Just make sure to have about 3 months of reserve.
How were you able to make & save the money for the deposit ?
What type of work do you do?
@@drodriguez1724 I am an RN now but that's recently. We basically saved it all while I was working at Marriott making 15/hr and my wife working as a nursing assistant making 12/hr. If you get paid twice a month, use one set of paycheck to pay all of your bills if you can. And save the other one. In 6 years, I literally bought just 2 pair of shoes. My wife, no new purse, no eating out, gotta be all in.
@@RJ-cv2uw Man sir you guys were focus.(Great Job)
@@RJ-cv2uw You sir are the epitome of discipline.... Well done and Congrats! My wife and I are looking to buy a house within the next year but with 3% down (houses around here are ridiculously priced) but we also have 2 kids so that makes saving money extremely difficult....something always comes up! LOL
Thanks Kyle! Your Videos are So Informative and Easy to Follow. ...plus, you have the kind of Voice I could Listen to All Day!
Such great information and content Kyle! Your channel and calm demeanor is such an inspiration to me with my project. Thank you for setting the record straight. So much misinformation out there!
Thank you so much!!
Good tip: When you win the lottery, that's a good time to buy a house. You can't get a decent one unless you have half a million.
You are right👌
Periodt. “Anyone can buy a house! As long as you have perfect credit, a lifetime of savings, and 30 years to pay it off!
I guess that would depend on what a decent home is to you. Where I live I can get a 4 bedroom 2 bath with a basement on 2 or so acres for between 75k and 125k. For half a million you can get a 3500 square foot house with like a guest house and 40 acres at least.
Depends where you live… but in this market, yeah, you need at least half a million
@@nikolai5640 Where abouts?
Kyle sporting the flavor savor now... Looks good man! Love all the hard work you put into this channel, you're a Godsend to anyone looking into or about to buy a house! Cheers my friend!
I appreciate that!
Great Job Kyle! You Are Killing It!
This is gold! Appreciate the info.
Glad it was helpful!
Your channel is a Godsend! We might be buying a home really soon and your wealth of information has given tons of info!
Awesome! Thank you!
I’m currently putting 20% down on a new home because I don’t want to pay PMI. I was able to get the 20% down payment by selling my 1st home. I think people often use that money for other things but I was in a position to put it all on another home.
Me too ✋️ I hate PMI
Great content about loan types, and excellent video and sound quality. Subscribing!
I was able to get a zero down USDA loan last year for 2.5% and 30 years fixed. Your videos on USDA loans and closing procedures were invaluable in helping me get a house without too much stress or fear. I hadn’t even heard of the USDA program till I saw your video.
I love that, congratulations!!
Anyone who gets a house with zero down is an idiot.
@@paulydwaboutit4326 I don’t feel like an idiot. I bought just outside of Austin, and my property has appreciated by $100K since last year. And with inflation at around 6%, I’m basically getting an interest free loan right now. My mortgage is now cheaper than renting a house in the area. Nope, I feel pretty fortunate to have gotten my house when I did.
@@ganthc sounds like you bought at a good time but zero down? Idk. I prefer mortgage payments to be lower so there's no struggle in the future.
Right most have never heard of it. I was searching for years for something like it
Thank you for your informative and helpful presentation. Will follow up with phone
Glad it was helpful!
Like I said to my brother who just became a fireman and had to shave his beard and grew the same mustache you look like a cop lol.
But thank you for this info 🙏🏿. My friends are under the impression that you need 20% down to buy a house. I will be sending them this video. Definitely helps. Thank you.
Thanks for watching!
I got a 5% down payment conventional loan. It was going to be a 3% conventional loan, but I make too much money. My lender juggled some numbers and after she worked her magic, it cost me about $20 more a month with the same down payment. Having a good lender agent and good realtor is the most important thing you can do.
For sure!
You always have good content! Can you do a video on new construction USDA requirements? Thanks
There is a lot of red tape with that. Usda advised me against it. You can find a builder who would do it without a construction loan is what they told me.
Facts and I tried discussing that with the loan originator after researching. I tried to go the no middle man route and there still was a middle man with the online loan. The judgement for residing temporarily in a crappy location aka redlining still exists..
Great breakdown dude! 🚀
Glad you liked it!
Great video thank you
Thank you! I’m planning to make a trip to Chase Bank and talking to a lender to get more info.
Glad it was helpful!
@@WinTheHouseYouLove You’ve given me the confidence to take the first step.
The 20% down payment myth has always discouraged me.
Thank you for all this great content! I have a question related to buying below the median (sorry if you’ve answered this elsewhere): can you recommend any sites that may help folks find more fixer-upper/rural homes? The usuals all seem to focus on the big ticket, move in ready homes- even when I narrow the search parameters. I’ve found a few options on the USDA site, but it’s really clunky & I thought you might have another recommendation 🤔
Thanks either way!
Hi Kyle, I found your videos are extremely helpful. Can I ask if you have ideas on where a new junior loan officer to learn the professional knowledge?
I wish I had seen this vid yrs and yrs ago. I did not know there were options beyond 20% down, and on West Coast, the 20% down seemed unattainable unless you wanted to live a cloister monk-like life, saving for downpayment. Thanks for putting out the info for all the people out there that do not know options.
You can check my channel again if ever you will be needing to buy a house again. Thanks for watching. :)
Where have you been all my life??!
Thank you for your videos
😂 Thanks for watching!
My biggest mistake was trying to save 20% down payment in expensive CA. It is advisable to save 20% in a low-cost-of-living city/state, but you’re missing out on equity in CA. For example, the home I considered in early-2020 was only $500k. Now it’s $695k today. Had I downed 5% in 2020 (which I had), I would have to pay PMI, but would be sitting in massive equity now. I’m still beating myself up over this.
Yeah I keep hearing a lot of stories like that. It's ok to be frustrated by it for a bit, but then we move on and make the best decisions we can moving forward :)
I feel you. I felt same as you but my purchase price was lower than renting so I pulled the trigger.
I am in NYC and it’s the same - saving the 20% keeps you forever chasing as the home prices increase.. Most folks just pay the PMI
I would advise 20%. This builds the character required to buy an affordable mortgage once, twice and beyond!!!
@@derekross6649 And pay it off within 5 - 10 yrs AT MOST. None of that 30 yr mortgage
loving that stache my dude
This is great stuff. What do you use for your videos to create the look of a digital whiteboard? It's really cool.
Hello! What microphone are you using during this video? Your audio tracks sound great!
Greatly appreciate the wisdom and knowledge you provided! Happy Holidays
Happy holidays!
What is down payment needed for land and construction loan. I am curious about buying rural land and having house built on it. Love info on that process. Do you happen to have vid on it?
You my friend, are a genius. Thank you 🙏 for all that you do giving useful info to us people buying our 1st or 2nd homes 🏡. Rates are skyrocketing, but I heard a housing burst is soon to happen. I think a 3 or 5% might be good depending on the price of the home. I know now the more down payment = more buying power 💥 😎
Wow! Thanks for watching. :)
I hate credit!! 😂. I've always paid cash for everything UNTIL I decided I wanted to buy a home. I got 2 credit cards to build my credit and I bought small stuff and immediately paid off the bills once I received them BUT then my credit score went down because it showed that I had credit, but wasn't utilizing it.
I thought the point was to not have debt? Why do I need to pay the minimum when I can pay the debt in full...why am I not rewarded for that??
Credit Card companies and Credit Bureaus want you to stay in debt....that's my consipiracy theory.
It's all a game, the person who plays it best wins
Totally off topic but I love the look- moustache looks good on you. Now on topic I appreciate all of the wonderful information you provide to us! 💕💕💯
Are you here to gain knowledge or to lust LOL
Turn that into a Members Only jacket and he could be a Vice cop from 1988.
Great Video & info:
I,m still waiting to put #20 Down 🏡
Thanks for watching!
Conventional loan with 5% down on a $341K house. My PMI is $68 a month. I’m perfectly fine with my PMI. Many factors in my favor to get low PMI.
I wish you could tell that to the people commenting that PMI is $400/mo + for that price of home haha
I went through NACA who helped me get a 0 money down and a low interest rate at 2.89% interest. The catch was showing 13 months of rent payments close to what your mortgage would be. Three bills paid off entirely for 13 months in a row. Saving the closing cost in a separate account and not touching it! Plus showing all checks and regular underwriting stuff.
Real tedious and long process. However your credit score does not matter, No PMI, pay down your interest rate to zero if you want, bank paid off the NACA fee of $2500 for it's service for houses under $100,000.
How long was the entire process? 13 months ?
I’ve only met one person ever with the last name seagraves, pretty sure you guys must be related because that is a very rare name. Really unique! He is in SoCal
You can also put 15% down and prepay the remaining PMI at closing.
What audio interface do you use? Is that a Neumann tlm102 or a 103? The audio is very clear, so I am curious what you are using. Also these videos have been great as my wife and I are currently in the market for our first home.
Scarlet 2i2 and Neumann TLM 102 :)
You really deserve millions of subscribers mate!!
Thanks!
Im a vet. Used the va home loan. Didnt have to put down payment. Only had to come up with closing costs
Thanks for watching!
Every time I see these type of videos, I be like who's buying in the Bay area 😂 🍿
2,100 in the example is the mortgage only. It's not including property taxes, pmi or hoa. When that's added, the monthly out of pocket could be very close to 3,000. That's a lot on 90,000 income.
Even with my very close to 800 credit score and zero debt, I've been priced out of the market. I can get a house, but I can't afford a house.
It includes all of that. If you look below $2,100, its lists everything included.
@@WinTheHouseYouLove okie I'll Rewind and pause it.👍🏿
I have the same numbers as you (income) luckily I have my wife who can help. We closed on our home almost 2 months ago. 20%down on a 600k home. Just to give you and idea I'm close to 2800 after taxes and Home insurance. It's possible. I didn't think I would be able 2 but here I am. Go for it. You can do it.
Hi. Thanks for sharing this and appreciate your delivery style for this type of information. It’s very calm and therefore calming. Question: If I refinanced within three yrs of owning a home, would that disqualify me from being considered a first time homebuyer or the 3% down, in the purchase of another home - after the 3yrs? Thanks in advance for any information you may share.
A first time buyer is someone who has been on title to a home for the past 3 years.
You would have to sell your home and rent for 3 years to be considered a first time buyer again.
We have a current home & don't want to lock in a lease agreement prior to our new-build closing (possible delays) looking at 10% down with a 750-780 credit score. Should we look to pay less?
If your downpayment is less than 20% on a conventional, you will have to pay PMI (private mortgage insurance). PMI is a policy in favor of the lender to cover losses on the event of your default on the mortgage. Not paying PMI could save you $36,000 over the lifetime of a 30 year loan.
The average homeowners keeps the same loan for a total of 5 years. Very rarely do people keep the same loan for all 30 years. Most people refinance and once they do and have enough equity built up they can get rid of PMI. PMI does suck because it only protects the lender not the owner but that shouldn’t stop you from buying a house.
@@jorge3234 yeah and most people are broke. They're staying in the house for only 5 years because they're eating ramen noodles and can't cover a $1,000 emergency.
With rapidly rising home prices, the price of a home will probably rise more than that $36,000 you were hoping to save while you’re waiting to have 20% down. But if you’re fortunate enough to have 20% without having to save for too long or at all, I can see how it would be worth it for you.
Absolutely! With that said, I’m putting at least 20% down because I can afford it.
If you can afford it, do it! It will significantly drop your monthly payments.
How were you able to make & save the money for the deposit ?
@@BRIANDER100 Drugs and my wife’s a$$
@@BRIANDER100 Paid off all debts first. Then spent the last couple years working multiple jobs, and committing to a strict budget. You’ll get there if you’re willing to commit a couple years to a similar grind.
I enjoyed the information you shared. Do you have a link of the excel that I can use ? I want to do a breakdown
In the description :)
Great mustache!!!!
Hi
I would like to know which of if any down payment assistance program would be good for a multi family unit 2 or 4 ? First time owner?
I wonder should I look at other lender like my credit union because the one I have is saying I qualify for dpa and up to 350
Regarding the 3 years not on a title to be considered first time home buyers, are we talking title in all 50 states, or just one?
Does having an asset such as land still owing bank on rural property but having put 25% as a down payment count towards a down payment? I’ve heard something about Land in Lieu can you explain please?
Down payment would be in cash. It can probably be considered for your reserve requirement for closing.
I think 20% down payment still makes sense , it’s saves you money on the PMI and reduces your monthly payments . However you see it the money you pay upfront goes towards paying off your loan .
Do we need two years of job experience?
What if you already own a home and looking to buy a second property. Do you need 20% down or more ?
It took us 2 years to save 10% down payment, we borrowred 10% from his parents. Save 18k of CMHC. We paid 134k and my house went up to 250 k in one year
I put down 5% on my $375k condo in the Bay Area, with a PMI of $68 a month.
It's definitely doable.
I got same PMI on 341K, 5% down town house. I can afford 20% down but I’m investing it.
@@bencortez9907 Me too. The PMI is so low, and the appreciation over the last year has been decent so I'm doing fine.
Im gonna sell my single 3 bedroom family house here in California and thinking of buying a 1 bed condo. My question is, is it wise to put all my equity from the house to my downpayment 20% for the condo? Or just put 3% down on the condo since condo doesn’t appreciate much and put the remaining 17% equity to stocks??
for downpay assistance do you need to talk to state youre living in or the one youre moving to?
Where the subject property is
Even lower than 5-10% is still emptying your bank account. Homes continue to get more expensive
I was told that I needed more than 700 score to get a 5% conventional loan. Did the requirement change in 2022?
Do you have a video about second home loan options w/o 20%? Just curious.
Get question would love the hear the answer I am in the same boat
If you pay less than 20% down then you will be paying more on monthly mortgage. If you have high income you can go with a lower down payment if you don't have enough saving. But if you don't have high income then does not make sense to go with low down payment, you will get into a "Rat Race" term from RIch Dad Poor Dad. This video is helpful in explaining different type of loans out there but not really helpful for people that don't make that much income.
Can you pay down on credits also?? To lower monthly mortgage?? Thankyou
There’s 10% conventional too.
Why do I want more debt and pay more interest if I can afford 20% to get lower rate and avoid PMI. If you don’t have that much then yeah don’t borrow from your credit card to avoid PMI. Come on it is straightforward.
Thought is that you could invest what’d you’d put into a 20% down and make more than you’d spend on PMI in the long run. Personal choice.
@@kkraut that is unlikely in this market now, unless you real need the cash flow for another one. Thx for sharing.
Hmm... i wonder why no one can afford a house... only people who win are the banks (and local municipalities).
I'm so confused. If I put down a low % down payment, I can see how I'm making a bigger ROI.. but, Im still paying off the mortgage each month PLUS PMI and extra fees etc... does this not effect my ROI?
Likewise... I can understand how putting down a smaller down payment means I have more money on reserve for other investing... but, is this not countered by lower monthly payments and having more money spare each month if I put down 20%?
What if I can put down 20%, avoid PMI, have less monthly payments and I still have a cushion of 25K on reserve. Surely if you are lucky to still have a cushion of money after a bigger down payment, then 20% is the best option?
I dont know, I'ld like to hear what you think.
Thank you!
Have a question Kyle in the process of closing on a home 325000 want to give 20 percent for my payment to be lower but closing cost are about 12 gran what’s your suggestion
I’m a first time home buyer. Found a duplex that needs a light rehab on one of the units. What loan options are available. My credit union said they can’t do a fha 203k loans
Hi! Yes, you can do that. You might also want to check out this video about 203k. Here's the link: ruclips.net/video/pZfBMNyuyLQ/видео.html
As someone who paid off 27k plus debt recently. Waiting another year for the 20% just feels right. My goal is 20% down, 6% closing, 2k random expenses, and my 3 months cost of living. Only thing is my credit score tanked after I closed all my cards and paid off my debts. Hopefully I'm back up to 680 by then doubt it though. Love your channel I would have never found Dave Ramsey if not for watching you.
Should’ve just stopped using credit cards or product changed down to a free card and stop using. Or, use them properly like a debit card for necessary expenses, set up autopay, and enjoy getting cash back…
Credit scores are such a game in this country. It’s like the system wants people in debt.
Should have payed off the cards and kept them open. That would have raised your credit score not tank it.
I'll need time to save up so it all works out. I am just glad to not have any open anymore. I'm done with debt period. Besides possibly a mortgage... for now. It's like macys said though it's all a game and I'm not playing anymore. If I have to get a second job and pay cash full in 3 years I'll make it work.
@@rorexc to each their own. If you treat it like a debit card and have autopay there is no debt… you just need discipline and an understanding of how the system works. And buying at a house at a low interest rate with a reasonable mortgage (ideally less than market rent) just means you pay off your own house over time and let the power of appreciation make you wealthy.. don’t fear debt, fear uneducated decisions and bad debt
Is it possible to use 2 dpa programs on the same loan?
Sometimes, but it's rare
I put 20% down I wouldn’t put less in case housing market crashes or interest rates go up as they are right now 2022 January and going up from here making house market crash.if you can’t afford 20% down I don’t recommend playing the monopoly game . I also have a whole 3 years of reserves !The man with the most homes wins ! Own others peoples homes and have them pay your mortgages plus make profit .Good luck to all you
I put 0% down on my VA loan.
Seller paid closing costs, I paid exactly $0 out of pocket.
Also got my funding fee waived because of my service connected disabilities.
Saved me almost 5 grand.
That's awesome!
I like your mustache. Does it comes in different flavors?
This was a great video! Could you make a video directed toward those with student loans? I know you’ve mentioned student loans a lot in your videos, but more information/advice would be great. My husband got a Doctorate degree and I have student loans, as well… Its really frustrating hearing people continue to tell us that we’ll be stuck renting forever because my husband achieved his goal of becoming a doctor.
master's degree here but i agree!!
Dave Ramsey
Great suggestion!
How can I get in contact with you?
20% for us investors.
Unless we go FHA and house hack at 3.5%
PMI is not $60 to $120 it is based on the loan amount, typically is .5% but could be up to 1.0% of the loan, so for a house that is $500k you are looking at around $250 - $500 per month. This is why people really need to know ahead of time and not be surprised why their mortgage payment is so much more. PMI is not tax deductible.
It’s just an example I used for what’s common in my area. I have dozens on videos covering the details of PMI
Is it easier to refy then purchase with higher income. To debt?
Refinancing is usually a lot easier than a purchase. You can use a cash-out refinance to pay off debt if needed to qualify
I’m buying a 450k home with zero down payment, using VA.
unless youre in CA and getting beaten out by cash offers 100k over asking price :')
3%? I could have swore it was 5% but hey that's even better for me.
Lol it's 20 percent in NZ and our houses in Auckland are at least 1.5 million minimum if you want to live somewhere acceptable. Property in the States is so cheap 😩.
Houses are so expensive and going up so fast that if we wait we will be priced out of anything decent. How can you keep up with 10% or even 5% down plus sevral mos of savings when prices go up 20% a year in rents and mortgage. And now intrest rates 1% a month. 550 average price.
Can I use my $KYLEKOIN as a down payment??!? My uncle who used to be a realtor said I could.
Oooh you're out of luck, I only take $DADDYCOIN
It's funny how different america is compared to Canada when it comes to mortgages
PMI really adds up though at only $100 per month... over 30 years that equals $36,000. That is not exactly pocket change.
No one has PMI for 30 years. Watch this video: ruclips.net/video/pJ6KiK4C0wQ/видео.html
Sorry dude im getting Super Trooper flashbacks.
Great job?
If you have an FHA loan and you have a co-borrower, can that person get his/her own FHA for a property when he/she is still on the property with me?
Yes they can
Hey I bought the calculator but I am getting REF in certain places and it is stating that there is circular detection? Can you help with this?
Please email hello@winthehouseyoulove.com
It will only work in Google Sheets, not Excel.
What could be situation/solution for a single guy a who has very low income (let’s assume 60k)
But willing to buy a houy wortb to 600k ?
There would need to be another person on the loan with a similar income to be able to get qualified for that much
O dat 'stache!!!!
That mustache is looking good on you😊😎Just sayin.
How much should I be charged for a refy? Cost
It depends on the lender, but I'd expect $2-3k
0% down physician loan
20% down is only for an investment property
Y you
Why no mention of the fact that having 20%. Allows you to avoid tax and insurance escrows. For people that are responsible in paying these on there own this is huge to avoid escrows
Some lenders do this at 5% down
@@WinTheHouseYouLove Do you have a list of lenders that waive escrow? I'm currently under contract with new construction also a veteran. With the proceeds from sale of home I'm able to put down 20% but mortgage company say they can't waive escrow under va loan but might if I go conventional.