Here's everything you need to know about FHA loans so you can make sure you don't run into any issues when you're ready to qualify → ruclips.net/video/S-v9ZxJevfo/видео.html
I’d like to compliment this guy on a few things: 1. Thank you for getting straight to the point and not wasting time in the beginning asking people to “hit that thumbs up button and be sure to subscribe”🙄🙄🙄 2. Thanks for speaking in a calm tone that is clear and breaking your knowledge down in a way people can understand and not lose attention to. 3. Awesome haircut! Very nice fade on the sides!👌🏾
Timestamps for y'all: 0:48 Your credit score and minimum down payment 1:44 $100 down program 2:22 Why down payment assistance isn't good 3:24 Where does the down payment come from? 5:15 Using a loan for a down payment 6:10 Gift funds 6:29 Who can give gift funds? 8:44 FHA loan strategy you need 9:30 What you need to do if you have an FHA loan 10:40 Using FHA to pay closing costs
Edward Dasco on riskier loans, the lender wants to make sure people have money left over to make the first payment instead of draining their bank account. If you deposit anything large, the lender has to document that it came form an acceptable source
Thank you sooooo much for this video . I am planning on buying a house because I don’t think renting makes sense for me . I had no idea you could refinance and later get a conventional loan . That literally changes everything for me . Again thank you for your knowledge 😊.
You are truly a Blessing for those who are doing their homebuying research 🙏. Thanks for not wasting time and getting to the point. I am in the process of starting my homebuying adventure and searching for true, honest and keeping it real information. You are the best. Hope I can reach out for more questions to you!thanks again for sharing 😊.
I'm not in the best time of my life right now, financially and personally, and with the whole COVID-19 tragedy, I was honestly getting depressed. You videos giving me a hope and I think I will look into buying a fourplex as my first home. Really appreciate your knowledge sharing videos!!!
Thanks for your comment! I recorded a personal video reply for you: m.bixel1.net/g35imo Also, here is a great video on anxiety and COVID-19: ruclips.net/video/DgZETpd9h5s/видео.html
Been looking for a HUD REO home on the HUD HomeStore. $100 down is incredible! Going to pair that with the 203k option and refi 12 months later. IRR is going to be JUICY!
I been studying fha for the last 2 years. I knew 75% of what you explained in this video...thank you so much for the 25% i didn't know. This video is gold. My wife and i want to buy a house with a fha203k. We found out it's really complex to buy a house.
I’m currently looking to buy a house and I was looking into down payment assistance for mostly closing costs but this strategy makes so much sense! I wasn’t thinking long term and you completely changed my game plan in such a positive way!! Thank you!!
#2 STIMULUS $1200.00: = SENATE & CONGRESS & HOUSE OF REPRESENTATIVES: Step down and aside, from official politicized powers; herein, THE UNITED STATES FOR AMERICA OF NORTH USA. Really resign requiring remorse- regrets - repentance righteously + reciprocal restitution. The U.S. Certified Citizens collectively, comprising cosmetic coloration complexions commandeer co-creating + controlling "climate change" and courageously cleansing cultural customs and correcting crooked corporation companies, capital cash currency commerce = $$$
I just Want to thank you SO SO MUCH! My "Loan Officer" wasted a whole 3 months of my life just recently and NEVER took the time to sit down with me and my husband to break this whole FHA loan down! This makes so much more sense to me now! This whole thing is actually pretty confusing when you're a first time home buyer!
Wow! Amazing! You answered all my questions with this video. I’m actually house searching now. I got pre approved for an FHA loan. This video is exactly my situation. Thank you so much for your information. It’s really helping.
As a seasoned loan officer, I think you did a very fine job on explaining this program. Many loan officers do not even understand FHA and never offer it as an alternative.
#2 STIMULUS $1200.00: = SENATE & CONGRESS & HOUSE OF REPRESENTATIVES: Step down and aside, from official politicized powers; herein, THE UNITED STATES FOR AMERICA OF NORTH USA. Really resign requiring remorse- regrets - repentance righteously + reciprocal restitution. The U.S. Certified Citizens collectively, comprising cosmetic coloration complexions commandeer co-creating + controlling "climate change" and courageously cleansing cultural customs and correcting crooked corporation companies, capital cash currency commerce = $$$
Trying to buy my first home these are very good insights because I don't have a clue and better to know something when talking to your lender....thanks alot
@@WinTheHouseYouLove I've struggled in my home buying consults using zoom etc...what is the setup to have the side by side whiteboard? Well done by the way.
@@Augustschuller Thanks! I don't know of a way to make this setup work live, but: First, I screen record my iPad and use a drawing app called Adobe Fresco. Then, I record the video while drawing any notes on the iPad. Next, I import both the screen recording and video into Final Cut Pro. I overlay the screen recording on top of the video and sync them up so you can see me draw and talk at the same time.
I have never watched any of your videos but it came up because I have been looking into FHA Loans. Your video is the hands-down best video on FHA loan strategy or FHA Loans. Got an instant subscribe from me for this one. I love the way your mind works and you were able to clearly explain so many things so quickly, so thank you for making this video.
Wow! Thank you so much for this breakdown! I have been trying to get this information for the last year and not one lender has broken this down for me. Now that I know this, I will definitely look for an FHA approved lender and direct ask for the 5% down and the credit for the closing cost. That is genius and a very great tip! Your advice is highly appreciated.
Glad to help! Just to clarify, you’d still only put 3.5% down, but you’ll be asking for a higher interest rate than normal to receive a lender credit towards closing costs. In this video, I used a 5% interest rate as an example :)
My brother thank you so much for your channel. The biggest mistake mistake ive made in the last 4-5 years is not getting a head start on any of this stuff.
Really, the best video out there, hands down. yYu must have been a teacher in another life. You explained everything in a way that I understood, and I feel more confident now when dealing with my mortgage broker. I loved the idea about higher interest rate, to switch over to conventional. This is something not taught!! Ty
Can you explain how to switch from a FHA loan to a conventional loan when you refinance? How does that look like? Loving the information by the way. You've gained a new subscriber! 😁
Sure thing, it's a pretty hands-off experience. Basically, you'll talk to a lender and let them know you want to switch from FHA to conventional and they'll draft up paperwork for you to review. Thanks so much!
You literally just saved me. Am less than two months to closing on a new construction,we had decided to use fha and state housing for down payment but suddenly the down payment program says I made too much money. Now I have to come up with 3.5 percent in less than 2 month,my loan agent is as confused as a mf and your idea about a secured loan is literally the only way am able to save this deal cos my car is paid off n am taking a loan against that. Thank you and thank you and thank you so much
I just started watching your videos and I have to say that the information provided in them is top of the line!! But I also would like to ask you to consider starting a ASMR RUclips channel😅you have a soothing demeanor
This was super helpful. I was about to try fir an FHA loan in September but then the lockdown happened so I lost my job :( hopefully I can get back on track in 2 years cuz I really want this. I'm gonna a share this. Ideo with my friends cuz they are also interested in buying homes but don't know where to start.
Thank you this really helped me understand more about FHA loans and DPA which I rather not move forward with. I'm glad you broke it down regarding the FHA loan to Conventional loan. We are in the process of buying but we are taking our time. Thanks again!
This was so informative. I’m in this process right now and can only qualify for an FHA loan but at least now I know what I need to do to refinance with a conventional loan
I've been told by a mortgage officer who works with HFA mortgages, that some states HAD offers Down Payment Assistance Grant which you doesn't need to repay if you live in a purchase house for at least 5 years. However, grants are limited.
Hey man, first of all awesome video. Clear and right to the point. If I refinance my FHA loan to a conventional loan will I be able to put that equity toward another house?
so each app I've tried doesn't look good after I remove one half of rental income due to me wanting to live on one side of a duplex. How do I account for that? Or will a lender take that into consideration? I wouldn't plan on living there forever so eventually monthly income would increase.
This is a great video with lots of beneficial tips. Your last point about taking a higher rate and using the credit to pay off closing costs seems like a really costly decision. Personally, I would rather strive to pay $3,000 at closing than increase my interest rate from 3.5 to 5%. I think a huge benefit of refinancing an FHA loan is to get rid of mortgage insurance. In order to achieve that, most people need to have 20% equity in the property to refinance to a conventional loan. That could take a few years & the decision to go for a higher interest rate at the beginning of the loan becomes costly down the line. Nevertheless, this is just another point of view. Great video still, you have a new subscriber.
Great insight! I would only recommend the higher rate if someone was refinancing in the short term e.g. they had low credit they were building aggressively.
Thanks for the video, got some refresh knowledge and learned a few new things, like, I didn't know you can use the loan to cover closing and the mip info and to think long term to use FHA as a stepping stone , great info and to the point thanks man
Thank you so much for getting to the point. I am definitely going to ask my lender to bump interest rate to get a credit. Would you happen to know any programs that benefit teachers?
Hey! Thanks for the reply. I have the 3.5% for the down. I just need a little help with the closing costs. So, definitely going to take your advice. Keep up the great work! I just subbed to your channel. 😺
Such an amazing video! Very detailed. As a training MLO, this helps me learn if I have missed anything in my education. What type of camera or video device do you use for your videos? I will be doing RUclips videos soon, and really like the clarity of your videos. Thanks again! Grey
I'm closing in on my last ten payments to my FHA loan. If I can pay the rest of it in one chunk should I do that or should I continue the individual payments. (I'm currently 14 years ahead of schedule on payments on a 30yr loan).
Really great video: good info, soothing voice and easy to digest info. I appreciate that. If you qualify for 3.5%, but put down 8% you won’t have mortgage insurance for the entire loan?
My wife and I are prequalified for a conventional loan and because of our good credit, we were told we only need to put down 3%. But since we are putting down less than 20%, we have PMI. My question is, will that PMI eventually go away after we have paid a certain amount? Or would we have to wait a certain amount of time and then refinance. Thanks!
If it’s a conventional loan, the you can request the PMI to be removed when you have 20% equity and it will automatically be removed when you have 22% equity. If it’s an FHA loan, MIP will stay on for the life of the loan unless you put 10% down. Sidenote: conventional mortgage insurance is called PMI (Private Mortgage Insurance) and FHA mortgage insurance is called MIP (Mortgage Insurance Premium)
i listened to like 7-8 of your videos today. Now i cant find the one where you suggested the books by someone named dave Ramsey? is that posted somewhere?
This video is helpful and your voice is soothing af, but I'm curious about the down payment assistance grant programs costing money. Can you clarify that part? If it's a grant, how does it cost you money? I did one of these programs 5 years ago and got a $15k grant toward my down payment. There were lots of stipulations, but they weren't too difficult. I had to live in the house for 5 years (if I was trying to build a real estate portfolio that would be a problem but I was just looking to buy a home for myself), and I had to do homeowner education classes (honestly very helpful), and there were a few others. But now, 5 years later, the "loan" is forgiven. Free money! ..? What am I missing?
Thanks! Most down payment assistance programs I've seen have a much higher rate. And usually the cost in increased interest is greater than the assistance amount. However, all DPA programs are different and some may be exceptions to my experience. Kyle Seagraves → winthehouseyoulove.com
Regarding the credit when switching to 3.5% to 5.0%, is a credit automatically calculated if you choose to put down more than 3.5%? Or is it a set amount?
Fantastic video, I learned something new! Would you still recommend working the down payment into the interest rate with a B.R.R.R.R strategy or a pyramiding up strategy? I'm planning on living in a triplex for 2-3 yrs. and most likely will sell and 1031 into a bigger property with another FHA.
That was a great video. Thank you so much. I have one question, as someone who does not know much about purchasing home. why would i refinance my home with a conventional loan after getting a great interest rate from the FHA? is it possible to get an even better rate after easily jumping through the hoops of the FHA requirements which i wouldnt be able to do with conventionals?
Thanks, and thank you for watching!! FHA loans might have a lower interest rate, but they have much higher mortgage insurance that usually doesn't get removed. Kyle Seagraves → winthehouseyoulove.com
@@WinTheHouseYouLove Ok, but if I put 10% I can avoid that MI right? also, isn't apart of the appeal of an FHA loan the locked fixed rate over 30 years? I might be confusing this with something else but don't conventional loans require you to renegotiate rates every 6-10 years? what if you happen to find yourself in a time of high-interest rates. And by putting 10% not only do you avoiding the MI but you start off with more equity and are better protected, right? I'm new to this stuff and still trying to figure it out, thank you for the video and for engaging in the comments both were very helpful.
Increase interest rate to avoid closing cost -> Refinance to a conventional loan to minimize interest rate 3 month~12 months. Is this right? If so, Is there any additional fees I can expect to incur when refinancing? Could you also explain points or direct me to a link that explains this further? Thank you so much.
You can do that! Refinancing does have fees, but you can shop to find affordable options. Should You Pay Points? → ruclips.net/video/jvZSoYnUa2A/видео.html
Thank you s much for your schooling. I’m planning on buying a condo and I will be using an FHA loan. I have a great credit score so I hope that helps me.
Question if you know - if you are a real estate agent representing yourself as the buyer, would an underwriter count your commission towards the ability to pay closing costs and down payment?
Hello I wanted to know if you can please do a video on having a bankruptcy on your credit after 2 yrs. And wanting to buy a home. What would be the process and best option. Thank you
You're very welcome! First, I screen record my iPad and use a drawing app called Adobe Fresco. Then, I record the video while drawing any notes on the iPad. Next, I import both the screen recording and video into Final Cut Pro. I overlay the screen recording on top of the video and sync them up so you can see me draw and talk at the same time.
Thanks! First, I screen record my iPad and use a drawing app called Adobe Fresco. Then, I record the video while drawing any notes on the iPad. Next, I import both the screen recording and video into Final Cut Pro. I overlay the screen recording on top of the video and sync them up so you can see me draw and talk at the same time.
WOW you are too cool. Thank you for being so informative & involved with your viewers! Means more than you know. What are all the social media handles we can follow you at? Or is it just your website?
@@WinTheHouseYouLove I'm in spartanburg SC I can get a usda loan to but I was wondering I have 2 medical debts that I didn't pay for a long time 1 is 173 other is 73 can I still get a loan or should I pay them first please help?
This is very helpful. We were recently offered 2.99% if we paid more at the closing table. I want to bring this up with my lender to see if she can make this work for us. Hopefully I don’t botch the question. Any tips for how to inquire?
Glad to help! You won't botch the question, most lenders will be glad to help :)
3 года назад
When refi into a conventional, say, after 4yrs, would I still need a massive 20% down? That's what's kind of keeping me at bay as someone with an AGI of only 38,700/yr :/ The 5% interest to make that credit does look appealing though! I didn't know this before, thanks!
Great video first of all as always! However my question is, taking a higher interest rate now since the rates have gone up would that still be a good idea, to lower closing cost? Thanks!
Here's everything you need to know about FHA loans so you can make sure you don't run into any issues when you're ready to qualify → ruclips.net/video/S-v9ZxJevfo/видео.html
I’d like to compliment this guy on a few things:
1. Thank you for getting straight to the point and not wasting time in the beginning asking people to “hit that thumbs up button and be sure to subscribe”🙄🙄🙄
2. Thanks for speaking in a calm tone that is clear and breaking your knowledge down in a way people can understand and not lose attention to.
3. Awesome haircut! Very nice fade on the sides!👌🏾
Thank you so much for such kind compliments, Josh!!
Yesss nice to look at, soothing to listen to and good info. I subbed.
His tone is soothing. Like he's speaking directly to the listener.
This is the best breakdown of FHA and strategy to get out of it that I've heard or read anywhere. Thank you!
Ah thank you!! That’s so kind. Thank you for watching!
Timestamps for y'all:
0:48 Your credit score and minimum down payment
1:44 $100 down program
2:22 Why down payment assistance isn't good
3:24 Where does the down payment come from?
5:15 Using a loan for a down payment
6:10 Gift funds
6:29 Who can give gift funds?
8:44 FHA loan strategy you need
9:30 What you need to do if you have an FHA loan
10:40 Using FHA to pay closing costs
🎧 Listen To The Podcast
plinkhq.com/i/1493715474
💰 7 Proven Ways To Save Thousands On Your Home
www.winthehouseyoulove.com/free
Are you able to request that credit if you go straight into a conventional loan?
Question. Why does the lender care if you have 5K cash or not? Uhh Like it’s my money ? Why do you care. What if I deposited that before hand etc..
Edward Dasco on riskier loans, the lender wants to make sure people have money left over to make the first payment instead of draining their bank account. If you deposit anything large, the lender has to document that it came form an acceptable source
Is it better to start with a conventional loan if your credit score is already 720+
his voice got such a soothing, calming effect on me... I am not in the market but I just love hearing your voice!!
Hahah thanks!!
Win The House You Love I fell asleep lol
@@YoungSperm Hahah I'll be out with the asmr sleep video next 😉
Wow he does lol it’s bedroom nice yet professional lol I can listen to him all day. Wonder if he has a podcast? Lol
Natasha Dwyer hahah. All of these videos are turned into a podcast on Spotify and Apple Music and such. Search “Win The House You Love” :)
Thank you sooooo much for this video . I am planning on buying a house because I don’t think renting makes sense for me . I had no idea you could refinance and later get a conventional loan . That literally changes everything for me . Again thank you for your knowledge 😊.
You're welcome, I'm so glad it was helpful :)
You are truly a Blessing for those who are doing their homebuying research 🙏. Thanks for not wasting time and getting to the point. I am in the process of starting my homebuying adventure and searching for true, honest and keeping it real information. You are the best. Hope I can reach out for more questions to you!thanks again for sharing 😊.
You are very welcome!
I'm not in the best time of my life right now, financially and personally, and with the whole COVID-19 tragedy, I was honestly getting depressed. You videos giving me a hope and I think I will look into buying a fourplex as my first home. Really appreciate your knowledge sharing videos!!!
Thanks for your comment! I recorded a personal video reply for you: m.bixel1.net/g35imo
Also, here is a great video on anxiety and COVID-19:
ruclips.net/video/DgZETpd9h5s/видео.html
Been looking for a HUD REO home on the HUD HomeStore. $100 down is incredible! Going to pair that with the 203k option and refi 12 months later. IRR is going to be JUICY!
Awesome!! Best of luck!
I been studying fha for the last 2 years. I knew 75% of what you explained in this video...thank you so much for the 25% i didn't know. This video is gold. My wife and i want to buy a house with a fha203k. We found out it's really complex to buy a house.
That's awesome! You have a great head start!!
Make sure you have additional funds, to finance the renovations, at the start. The lenders want to see progress before they will shell out that 50 k.
I’m currently looking to buy a house and I was looking into down payment assistance for mostly closing costs but this strategy makes so much sense! I wasn’t thinking long term and you completely changed my game plan in such a positive way!! Thank you!!
Go for it! Best of luck!
Wow this is the best video ive seen that he actually broke it down for us to understand THANK YOU new subscriber here
You’re welcome! Thanks for watching!
#2 STIMULUS $1200.00: = SENATE & CONGRESS & HOUSE OF REPRESENTATIVES: Step down and aside, from official politicized powers; herein, THE UNITED STATES FOR AMERICA OF NORTH USA. Really resign requiring remorse- regrets - repentance righteously + reciprocal restitution. The U.S. Certified Citizens collectively, comprising cosmetic coloration complexions commandeer co-creating + controlling "climate change" and courageously cleansing cultural customs and correcting crooked corporation companies, capital cash currency commerce = $$$
Your voice 😩 I can listen to you all day. Thanks for the information !
Thanks for watching!!
I just Want to thank you SO SO MUCH! My "Loan Officer" wasted a whole 3 months of my life just recently and NEVER took the time to sit down with me and my husband to break this whole FHA loan down! This makes so much more sense to me now! This whole thing is actually pretty confusing when you're a first time home buyer!
You're very welcome! I'm glad you have a solid understanding of the program :)
My lender is the same way 😩
As a Real estate agent I want to thank you for brining so useful information about differnet loans and educating people , it is so important! 🙏🏻👍🏻👌🏻
Thanks for watching! Keep up the good work on your channel!
Wow, this was the by far the best breakdown of an FHA loan down payment! Thank you so much!
That’s so kind, thank you Tiffany :)
Wow! Amazing! You answered all my questions with this video. I’m actually house searching now. I got pre approved for an FHA loan. This video is exactly my situation. Thank you so much for your information. It’s really helping.
Glad it was helpful! Thanks for the support. :)
As a seasoned loan officer, I think you did a very fine job on explaining this program. Many loan officers do not even understand FHA and never offer it as an alternative.
Thank you so so much! It's amazing how many lenders don't understand FHA. FHA is about half of our loans here in Ohio
#2 STIMULUS $1200.00: = SENATE & CONGRESS & HOUSE OF REPRESENTATIVES: Step down and aside, from official politicized powers; herein, THE UNITED STATES FOR AMERICA OF NORTH USA. Really resign requiring remorse- regrets - repentance righteously + reciprocal restitution. The U.S. Certified Citizens collectively, comprising cosmetic coloration complexions commandeer co-creating + controlling "climate change" and courageously cleansing cultural customs and correcting crooked corporation companies, capital cash currency commerce = $$$
Trying to buy my first home these are very good insights because I don't have a clue and better to know something when talking to your lender....thanks alot
Glad it was helpful!
I really like the worksheet along with the oral information. You're really good at explaining and easy to understand. Thank you!
Thanks!!
@@WinTheHouseYouLove I've struggled in my home buying consults using zoom etc...what is the setup to have the side by side whiteboard? Well done by the way.
@@Augustschuller Thanks! I don't know of a way to make this setup work live, but:
First, I screen record my iPad and use a drawing app called Adobe Fresco.
Then, I record the video while drawing any notes on the iPad.
Next, I import both the screen recording and video into Final Cut Pro. I overlay the screen recording on top of the video and sync them up so you can see me draw and talk at the same time.
I have never watched any of your videos but it came up because I have been looking into FHA Loans. Your video is the hands-down best video on FHA loan strategy or FHA Loans. Got an instant subscribe from me for this one. I love the way your mind works and you were able to clearly explain so many things so quickly, so thank you for making this video.
Justin, you made my day!!
I'm so glad this video was helpful! Thank you for watching and subscribing!
This helped a lot. We needed just another $1000. Got a secured title loan on our car. Paid the DP. Then paid the loan off in 2 months!
Glad to help!
Just started process of getting FHA loan, your video helped me more. Thank you
Glad it helped!
Wow! Thank you so much for this breakdown! I have been trying to get this information for the last year and not one lender has broken this down for me. Now that I know this, I will definitely look for an FHA approved lender and direct ask for the 5% down and the credit for the closing cost. That is genius and a very great tip! Your advice is highly appreciated.
Glad to help! Just to clarify, you’d still only put 3.5% down, but you’ll be asking for a higher interest rate than normal to receive a lender credit towards closing costs. In this video, I used a 5% interest rate as an example :)
@@WinTheHouseYouLove noted.
@@WinTheHouseYouLove btw.. love your voice 🙂just saying.
Never heard about interest rate vs credit from any other RUclipsr or article. Thinking ahead could really save thousands!
Absolutely!
My brother thank you so much for your channel. The biggest mistake mistake ive made in the last 4-5 years is not getting a head start on any of this stuff.
You're welcome, thanks for watching!!
You make it really easy to retain the information with your clear real world scenarios !! You just gained a subscriber:)
Thank you so much for watching!! :)
Really, the best video out there, hands down. yYu must have been a teacher in another life. You explained everything in a way that I understood, and I feel more confident now when dealing with my mortgage broker. I loved the idea about higher interest rate, to switch over to conventional. This is something not taught!! Ty
Thanks so much! I'm glad it was helpful :)
Im thankful for this video 😁 helped me see FHA loans a different way
Wonderful, I'm so glad to hear!
Hey thank you for the helpful information. I never considered taking a higher finance charge to help out with the up front closing fees.
You're welcome! I'm glad to offer something to keep in your back pocket
Can you explain how to switch from a FHA loan to a conventional loan when you refinance? How does that look like?
Loving the information by the way. You've gained a new subscriber! 😁
Sure thing, it's a pretty hands-off experience. Basically, you'll talk to a lender and let them know you want to switch from FHA to conventional and they'll draft up paperwork for you to review.
Thanks so much!
This is fantastic! I thought we were years from home ownership. We can do this NOW!
Incredible! I'm so glad to hear it was helpful!!
You literally just saved me. Am less than two months to closing on a new construction,we had decided to use fha and state housing for down payment but suddenly the down payment program says I made too much money. Now I have to come up with 3.5 percent in less than 2 month,my loan agent is as confused as a mf and your idea about a secured loan is literally the only way am able to save this deal cos my car is paid off n am taking a loan against that. Thank you and thank you and thank you so much
thank you, you are and effective communicator. the best Ive listened to so far.
Wow thank you so so much!
Bro this is UNREAL HELPFUL! Wow brother keep dropping 💎’s.
Thanks! Will do!
I just started watching your videos and I have to say that the information provided in them is top of the line!! But I also would like to ask you to consider starting a ASMR RUclips channel😅you have a soothing demeanor
Thanks so much!! Hahah I've had a few people say that, maybe I will!
Kyle Seagraves → winthehouseyoulove.com
Kyle your channel is super valuable, you deserve more subscribers buddy!
Thanks so much! I'm just blown away by 14k honestly
Broke it down like abc. Thank you
Glad it helped!
This was super helpful. I was about to try fir an FHA loan in September but then the lockdown happened so I lost my job :( hopefully I can get back on track in 2 years cuz I really want this. I'm gonna a share this. Ideo with my friends cuz they are also interested in buying homes but don't know where to start.
Ah that's a bummer, sorry to hear that! You will only need to be back at a new job for about a month, not 2 years.
Love the useful information, the soothing voice is a plus!
Glad it was helpful! And thanks!
Is the mike only the mike.
Thank you this really helped me understand more about FHA loans and DPA which I rather not move forward with. I'm glad you broke it down regarding the FHA loan to Conventional loan. We are in the process of buying but we are taking our time. Thanks again!
I hope I'll be able to help you more prepare for your loan. Thank you so much for watching.
Wow i am a week to late for this video😣 you've explained everything clearly. I wish i had this advise sooner!!
Better late than never! :)
"No such thing as free money" lol... Must have been before mid-March 😂😂
😂 I did not foresee a pandemic and stimulus money
Nice tips on taking a higher interest rate in order to get credit to pay closing costs. Thank you!
Thank you so much for watching!! :)
I really like this iPad and speaking concept
Thanks! Me too!
You are my new favorite. I love your calming voice and helpful breakdown. Thank you for this!
Thanks for watching and for you kind words!
This was so informative. I’m in this process right now and can only qualify for an FHA loan but at least now I know what I need to do to refinance with a conventional loan
I'm so glad it was helpful!
Thank you for breaking this down. you do a great job at explaining this in a simple easy to understand way.
Thank you so much for watching!! :)
Thank you for getting into the meet and the bones of FHA!
You bet! Thanks for watching!
THIS IS WHAT IVE BEEN LOOKING FOR AS A NEW LO!!! Need more videos like this! I feel like an expert already.
So glad to help!
I've been told by a mortgage officer who works with HFA mortgages, that some states HAD offers Down Payment Assistance Grant which you doesn't need to repay if you live in a purchase house for at least 5 years. However, grants are limited.
Nice! Yeah, I imagine a lot of programs are tight right now unfortunately
It’s like ASMR😫🤤 but thank you for your explanation!!🙌🏽
Haha! You're welcome!
this video was the most informational video i ever seen in reference to buying a home. Thanks for the info
Thanks so much!! I'm glad you enjoyed it!
Hey man, first of all awesome video. Clear and right to the point. If I refinance my FHA loan to a conventional loan will I be able to put that equity toward another house?
Thanks! You can if you do a cash-out refinance. You could also look into a home equity line of credit
You sir are a godsend!
Glad to help!
Plus thank you for your tips!!!
Glad you like them!
so each app I've tried doesn't look good after I remove one half of rental income due to me wanting to live on one side of a duplex. How do I account for that? Or will a lender take that into consideration? I wouldn't plan on living there forever so eventually monthly income would increase.
This is a great video with lots of beneficial tips. Your last point about taking a higher rate and using the credit to pay off closing costs seems like a really costly decision. Personally, I would rather strive to pay $3,000 at closing than increase my interest rate from 3.5 to 5%. I think a huge benefit of refinancing an FHA loan is to get rid of mortgage insurance. In order to achieve that, most people need to have 20% equity in the property to refinance to a conventional loan. That could take a few years & the decision to go for a higher interest rate at the beginning of the loan becomes costly down the line. Nevertheless, this is just another point of view. Great video still, you have a new subscriber.
Great insight! I would only recommend the higher rate if someone was refinancing in the short term e.g. they had low credit they were building aggressively.
Great video! what if i have a 720+ credit score already? Should i just go with the Conventional loan and forget about the FHA loan????
Thanks! If you have outstanding credit, get a quote for a conventional loan and compare the two :)p
Great video man didn't give many opinions just straight facts love to see it.
Thanks for watching!
Can lender's credits go towards down payments?
Sir you are very prepared very clear and to the point quite helpful.Thank you
And you have nice hands👍
Thanks so much! And thank you for watching!
Great video. You answered so many questions I didn’t even know I needed answers to...
I'm so glad to hear it was helpful!!
Thanks for the video, got some refresh knowledge and learned a few new things, like, I didn't know you can use the loan to cover closing and the mip info and to think long term to use FHA as a stepping stone , great info and to the point thanks man
I'm so glad to hear! Thanks for watching!!
Be well,
Kyle
www.winthehouseyoulove.com/
From the time you initiate contact with a lender, how soon is closing on average? And when is the downpayment due?
Hi! Usually it takes 30 days depending on the lender and the documents that you have. Best of luck!
Great video. The way you explained things. 👍🏼👍🏼👍🏼Can you elaborate on the credit towards the closing cost? Thank you.
Thanks for watching!
A credit reduces closing costs.
Thank you so much for getting to the point. I am definitely going to ask my lender to bump interest rate to get a credit. Would you happen to know any programs that benefit teachers?
Sure thing! There are some down payment assistance programs for teacher I think, but I'm not quite sure.
Hey! Thanks for the reply. I have the 3.5% for the down. I just need a little help with the closing costs. So, definitely going to take your advice. Keep up the great work! I just subbed to your channel. 😺
Such an amazing video! Very detailed. As a training MLO, this helps me learn if I have missed anything in my education. What type of camera or video device do you use for your videos? I will be doing RUclips videos soon, and really like the clarity of your videos.
Thanks again!
Grey
Hi! Thank you! I'm using a Sony a7 III. Best of luck!
Are the the person who wrote these documents u made it so easy to understand my lender say a bunch up stuff I really dont understand 🤣💯thanks
I know, jargon and some other stuff. Thanks for watching. :)
Very clear and through!!! Thank you for taking the time to make this!
Thanks! Glad you enjoyed it!
Thank you!! You explain this in such an easy way to understand. Excellent!!!
You're welcome! Thanks for watching, Amy!!!
Kyle Seagraves → winthehouseyoulove.com
@@WinTheHouseYouLove My pleasure!!
I'm closing in on my last ten payments to my FHA loan. If I can pay the rest of it in one chunk should I do that or should I continue the individual payments. (I'm currently 14 years ahead of schedule on payments on a 30yr loan).
awesome advice as usual. thank you!!!
Thanks!! How’s your content creation coming along?
Really great video: good info, soothing voice and easy to digest info. I appreciate that. If you qualify for 3.5%, but put down 8% you won’t have mortgage insurance for the entire loan?
Thanks so much! Mortgage insurance will drop off after 11 years if you put 10% or more down on FHA.
@@WinTheHouseYouLove and you can't refinance until after that right?
My wife and I are prequalified for a conventional loan and because of our good credit, we were told we only need to put down 3%. But since we are putting down less than 20%, we have PMI. My question is, will that PMI eventually go away after we have paid a certain amount? Or would we have to wait a certain amount of time and then refinance. Thanks!
If it’s a conventional loan, the you can request the PMI to be removed when you have 20% equity and it will automatically be removed when you have 22% equity.
If it’s an FHA loan, MIP will stay on for the life of the loan unless you put 10% down.
Sidenote: conventional mortgage insurance is called PMI (Private Mortgage Insurance) and FHA mortgage insurance is called MIP (Mortgage Insurance Premium)
Thanks for this. I’m looking to buy next year
Glad I could help!
thank you very clean and easy to understand
i listened to like 7-8 of your videos today. Now i cant find the one where you suggested the books by someone named dave Ramsey? is that posted somewhere?
You're welcome! Total Money Makeover is a great book to start with as an introduction to Dave Ramsey :)
This video is helpful and your voice is soothing af, but I'm curious about the down payment assistance grant programs costing money. Can you clarify that part? If it's a grant, how does it cost you money?
I did one of these programs 5 years ago and got a $15k grant toward my down payment. There were lots of stipulations, but they weren't too difficult. I had to live in the house for 5 years (if I was trying to build a real estate portfolio that would be a problem but I was just looking to buy a home for myself), and I had to do homeowner education classes (honestly very helpful), and there were a few others. But now, 5 years later, the "loan" is forgiven. Free money! ..? What am I missing?
Thanks! Most down payment assistance programs I've seen have a much higher rate. And usually the cost in increased interest is greater than the assistance amount.
However, all DPA programs are different and some may be exceptions to my experience.
Kyle Seagraves → winthehouseyoulove.com
Regarding the credit when switching to 3.5% to 5.0%, is a credit automatically calculated if you choose to put down more than 3.5%? Or is it a set amount?
The credit depends on a lot of things like the loan amount, specific credit score, etc
Fantastic video, I learned something new! Would you still recommend working the down payment into the interest rate with a B.R.R.R.R strategy or a pyramiding up strategy? I'm planning on living in a triplex for 2-3 yrs. and most likely will sell and 1031 into a bigger property with another FHA.
Thanks! What do you mean by working the down payment into the interest rate?
@@WinTheHouseYouLove Having a higher interest rate in exchange for not paying the closing costs upfront (The final point you discussed in this video).
That was a great video. Thank you so much. I have one question, as someone who does not know much about purchasing home. why would i refinance my home with a conventional loan after getting a great interest rate from the FHA? is it possible to get an even better rate after easily jumping through the hoops of the FHA requirements which i wouldnt be able to do with conventionals?
Thanks, and thank you for watching!!
FHA loans might have a lower interest rate, but they have much higher mortgage insurance that usually doesn't get removed.
Kyle Seagraves → winthehouseyoulove.com
@@WinTheHouseYouLove Ok, but if I put 10% I can avoid that MI right? also, isn't apart of the appeal of an FHA loan the locked fixed rate over 30 years? I might be confusing this with something else but don't conventional loans require you to renegotiate rates every 6-10 years? what if you happen to find yourself in a time of high-interest rates. And by putting 10% not only do you avoiding the MI but you start off with more equity and are better protected, right? I'm new to this stuff and still trying to figure it out, thank you for the video and for engaging in the comments both were very helpful.
Increase interest rate to avoid closing cost -> Refinance to a conventional loan to minimize interest rate 3 month~12 months. Is this right?
If so,
Is there any additional fees I can expect to incur when refinancing?
Could you also explain points or direct me to a link that explains this further?
Thank you so much.
You can do that! Refinancing does have fees, but you can shop to find affordable options.
Should You Pay Points? → ruclips.net/video/jvZSoYnUa2A/видео.html
Thank you s much for your schooling. I’m planning on buying a condo and I will be using an FHA loan. I have a great credit score so I hope that helps me.
Best of luck!
Awesome work bro
Thank you!!
Are you using an iPad ? Could you tell me how you make what you write be shown on the screen ?
I am! I just screen record the iPad and then add it on the video in Final Cut Pro X
Question if you know - if you are a real estate agent representing yourself as the buyer, would an underwriter count your commission towards the ability to pay closing costs and down payment?
After FHA loan how many year to wait to refinance to a Conventional loans what about PMI ?
Valuable content right here. Thank you!
Glad it was helpful!
Great advice
Thanks for watching!
Hello I wanted to know if you can please do a video on having a bankruptcy on your credit after 2 yrs. And wanting to buy a home. What would be the process and best option. Thank you
Thanks! Great suggestion!! I've been hearing more and more about them recently, so I will add it to my video ideas list :)
Thank you for this information!!
Please share. What pad & app are you using to write on that reflects on the video screen?
You're very welcome!
First, I screen record my iPad and use a drawing app called Adobe Fresco.
Then, I record the video while drawing any notes on the iPad.
Next, I import both the screen recording and video into Final Cut Pro. I overlay the screen recording on top of the video and sync them up so you can see me draw and talk at the same time.
@@WinTheHouseYouLove Awesome!!! Omg, thank you so much. I'll need to purchase a stylus pen of some sort. Still watching your video
Great video and content!
Can I ask what application you are using to take notes on your iPad and mirror onto your computer screen? Thank you! :)
Thanks!
First, I screen record my iPad and use a drawing app called Adobe Fresco.
Then, I record the video while drawing any notes on the iPad.
Next, I import both the screen recording and video into Final Cut Pro. I overlay the screen recording on top of the video and sync them up so you can see me draw and talk at the same time.
Great video! Do you have any advice on debt to income to buy a house.
Sure thing! ruclips.net/video/M2jwQICQ77k/видео.html
WOW you are too cool. Thank you for being so informative & involved with your viewers! Means more than you know. What are all the social media handles we can follow you at? Or is it just your website?
Thanks! I'm glad to help!
Right now, I don't have social media. Maybe in the future :)
Very informative! You got yourself another subscriber
Awesome, thank you!
Where and how to apply fha home loan? Planning to get a house
What state are you buying in?
@@WinTheHouseYouLove I'm in spartanburg SC I can get a usda loan to but I was wondering I have 2 medical debts that I didn't pay for a long time 1 is 173 other is 73 can I still get a loan or should I pay them first please help?
@@WinTheHouseYouLove also my fico score is 616 transunion is 688 Equifax is 688 too would this be enough to apply
@@javontedonuts1034 Those 2 medical debts shouldn't be an issue and FICO score should be good.
Contact D.C Terry Sr. at www.wegetloansapproved.com/
This is very helpful. We were recently offered 2.99% if we paid more at the closing table. I want to bring this up with my lender to see if she can make this work for us. Hopefully I don’t botch the question. Any tips for how to inquire?
Glad to help! You won't botch the question, most lenders will be glad to help :)
When refi into a conventional, say, after 4yrs, would I still need a massive 20% down? That's what's kind of keeping me at bay as someone with an AGI of only 38,700/yr :/
The 5% interest to make that credit does look appealing though! I didn't know this before, thanks!
Great video first of all as always! However my question is, taking a higher interest rate now since the rates have gone up would that still be a good idea, to lower closing cost? Thanks!
Possible! You'll want to compare the long-term costs. I made a calculator that does this: www.winthehouseyoulove.com/advisor
Thank you bro, great video!
Glad you liked it!