10 FHA Loan Down Payment TIPS AND TRICKS

[@WinTheHouseYouLove]

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 → kzbin.info/www/bejne/iV7Zao2uf8qpnNE

[@SkyLifeIND]

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!👌🏾

[@WinTheHouseYouLove]

Thank you so much for such kind compliments, Josh!!

[@natashadwyer8336]

Yesss nice to look at, soothing to listen to and good info. I subbed.

[@nanettematthews2264]

His tone is soothing. Like he's speaking directly to the listener.

[@shaundocmcgowan8836]

This is the best breakdown of FHA and strategy to get out of it that I've heard or read anywhere. Thank you!

[@WinTheHouseYouLove]

Ah thank you!! That’s so kind. Thank you for watching!

[@WinTheHouseYouLove]

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

[@WinTheHouseYouLove]

🎧 Listen To The Podcast plinkhq.com/i/1493715474 💰 7 Proven Ways To Save Thousands On Your Home www.winthehouseyoulove.com/free

[@TrishZenCorner]

Are you able to request that credit if you go straight into a conventional loan?

[@edwarddasco4792]

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..

[@WinTheHouseYouLove]

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

[@JennLobeauty]

Is it better to start with a conventional loan if your credit score is already 720+

[@ang5035]

his voice got such a soothing, calming effect on me... I am not in the market but I just love hearing your voice!!

[@WinTheHouseYouLove]

Hahah thanks!!

[@YoungSperm]

Win The House You Love I fell asleep lol

[@WinTheHouseYouLove]

@@YoungSperm Hahah I'll be out with the asmr sleep video next 😉

[@natashadwyer8336]

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

[@WinTheHouseYouLove]

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” :)

[@Simpliyvonne]

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 😊.

[@WinTheHouseYouLove]

You're welcome, I'm so glad it was helpful :)

[@sun2001kim]

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!!!

[@WinTheHouseYouLove]

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: kzbin.info/www/bejne/epi9doemmZ6ba9U

[@tomcasey7784]

"No such thing as free money" lol... Must have been before mid-March 😂😂

[@WinTheHouseYouLove]

😂 I did not foresee a pandemic and stimulus money

[@flogol4645]

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 😊.

[@WinTheHouseYouLove]

You are very welcome!

[@tomboydee3326]

Wow this is the best video ive seen that he actually broke it down for us to understand THANK YOU new subscriber here

[@WinTheHouseYouLove]

You’re welcome! Thanks for watching!

[@ARTISTCHD1]

#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 = $$$

[@mrmagorium12]

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!

[@WinTheHouseYouLove]

Awesome!! Best of luck!

[@KCelyce]

Your voice 😩 I can listen to you all day. Thanks for the information !

[@WinTheHouseYouLove]

Thanks for watching!!

[@solmarymedina3546]

It’s like ASMR😫🤤 but thank you for your explanation!!🙌🏽

[@WinTheHouseYouLove]

Haha! You're welcome!

[@presidentialdre244]

Bro this is UNREAL HELPFUL! Wow brother keep dropping 💎’s.

[@WinTheHouseYouLove]

Thanks! Will do!

[@MaggyDreamer47]

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!!

[@WinTheHouseYouLove]

Go for it! Best of luck!

[@tiffanycoleman9970]

Wow, this was the by far the best breakdown of an FHA loan down payment! Thank you so much!

[@WinTheHouseYouLove]

That’s so kind, thank you Tiffany :)

[@dendrxx]

Hey thank you for the helpful information. I never considered taking a higher finance charge to help out with the up front closing fees.

[@WinTheHouseYouLove]

You're welcome! I'm glad to offer something to keep in your back pocket

[@brandonlovestech454]

You sir are a godsend!

[@WinTheHouseYouLove]

Glad to help!

[@bejonnelson1669]

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 KZbin channel😅you have a soothing demeanor

[@WinTheHouseYouLove]

Thanks so much!! Hahah I've had a few people say that, maybe I will! Kyle Seagraves → winthehouseyoulove.com

[@travalasmassey1406]

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????

[@WinTheHouseYouLove]

Thanks! If you have outstanding credit, get a quote for a conventional loan and compare the two :)p

[@amandatex1306]

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

[@WinTheHouseYouLove]

Thanks so much! I'm glad it was helpful :)

[@HumbleBeginningSeven]

Wow i am a week to late for this video😣 you've explained everything clearly. I wish i had this advise sooner!!

[@WinTheHouseYouLove]

Better late than never! :)

[@balilifamily]

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! 😁

[@WinTheHouseYouLove]

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!

[@not_enoughmana]

Hi there. I'm thinking about house hacking and using an FHA loan to get a multi-unit property in California (SF bay area). Do you have any contacts out here that might be able to help? This would be my first property

[@WinTheHouseYouLove]

I do! Reach out to my friend Max Franks ‭[phone]‬

[@not_enoughmana]

Awesome, thank you!

[@philmirez]

PMI for the lifetime of the loan noooo thank you. Conventional FTW!

[@WinTheHouseYouLove]

I agree! :)

[@jesus1sl0rd56]

What’s ftw

[@britbree04]

@@jesus1sl0rd56 For The Win

[@Legolas2819]

Interested to know what your thoughts are, when buying house, with couples earning good income separately, but one spouse is with bad credit.

[@WinTheHouseYouLove]

I definitely plan on making a video on this in the future, it's come up a lot

[@Legolas2819]

@@WinTheHouseYouLove Thanks! Looking forward to it.

[@TysShoeDesign]

awesome advice as usual. thank you!!!

[@WinTheHouseYouLove]

Thanks!! How’s your content creation coming along?

[@robertcornelisse8664]

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.

[@WinTheHouseYouLove]

That's awesome! You have a great head start!!

[@justintrussell7739]

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.

[@carlosalbarracin6234]

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?

[@WinTheHouseYouLove]

The credit depends on a lot of things like the loan amount, specific credit score, etc

[@Snapcracklepwn]

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!

[@WinTheHouseYouLove]

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)

[@jiwannepal3313]

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?

[@WinTheHouseYouLove]

Thanks! You can if you do a cash-out refinance. You could also look into a home equity line of credit

[@jonny82611]

Im thankful for this video 😁 helped me see FHA loans a different way

[@WinTheHouseYouLove]

Wonderful, I'm so glad to hear!

[@Ajibafe]

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.

[@WinTheHouseYouLove]

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.

[@emisuenaga5881]

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?

[@WinTheHouseYouLove]

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

[@TeeaLynn]

New subbie!! You’re amazing.

[@WinTheHouseYouLove]

Yay! Thanks for watching!!!

[@malanesandoval4185]

Can you buy a house with 4,000 down payment and excellent credit ?

[@malanesandoval4185]

What mortgage company is good in las Vegas?

[@mariogonzalez1844]

Heyyyy Thank you! Thumbs up and subscribed! I'm Mario. How can I use this to buy a fourplex? I just got my real estate license (new to the industry), I still work at my current job (2 years and 4 months) and $30k saved up, a credit score of 730-740 varies month to month, the price range of 4plxes in my area go from $600k to $790k Thank you so much. PS: somehow I still think that I'm not going to get approved for the entire amount since my job's income is not that impresive.

[@helloamericanbabi]

I really like the worksheet along with the oral information. You're really good at explaining and easy to understand. Thank you!

[@WinTheHouseYouLove]

Thanks!!

[@Augustschuller]

@@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.

[@WinTheHouseYouLove]

@@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.

[@Freedomrose1]

Is something fishy about my loan now they're trying to close on me. It is an FHA loan my first time we signed really fast it was in 2012. I only put probably 3.8% down on the $100,000 loan. And I had a down payment on that MIP and paid up to 80%.After a small short hardship and when I started work and they would not give me a reinstatement so I could pay the right amount every month I saved my money and they would not take my payment then my mortgage insurance did come off at 80% and now they're trying to close again I guess through the covid they didn't do a whole lot I just don't understand if they sold my house the first time it was tempted foreclosure I had to stop the sale with bankruptcy when they did not take an offer of my money from my lawyer. I think they so the house anyway to themselves and now they're trying to sell me my house all over again for 30 more years when I'm 10 down for $20,000 more. I think they collected on the insurance claim but why is my mom so different than what you're talking about

[@GarciaonlyJesus]

Plus thank you for your tips!!!

[@WinTheHouseYouLove]

Glad you like them!

[@llibressal]

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).

[@rararush9282]

Great advice

[@WinTheHouseYouLove]

Thanks for watching!

[@faith_Zz2]

Where and how to apply fha home loan? Planning to get a house

[@WinTheHouseYouLove]

What state are you buying in?

[@javontedonuts1034]

@@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?

[@javontedonuts1034]

@@WinTheHouseYouLove also my fico score is 616 transunion is 688 Equifax is 688 too would this be enough to apply

[@WinTheHouseYouLove]

@@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/

[@PhillyEaglesFanatic]

My mans just contradicted himself. Around the 11:30 mark, he says free money, but earlier in the video, he says there is no such thing as free money?

[@Motivation66667]

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! 🙏🏻👍🏻👌🏻

[@WinTheHouseYouLove]

Thanks for watching! Keep up the good work on your channel!

[@julio__garza]

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.

[@tiw2572]

I have recently put two children through college with one more to graduate in the next year and a half.. I have a credit score plus or minus 800. I have substantial assets, i.e one million plus. My wife and I are still working with substantial income so qualifying is not an issue. We still have a mortgage at about 50% LTV on our home. What we want to do is invest asap in a depressed rental market. We have little cash at the moment. Other than trying to find HUD properties, do you have any suggestions for securing financing for a rental property without having to put 20-25% down, plus closing costs?

[@WinTheHouseYouLove]

Awesome, I'm sure they greatly appreciate your help! A single-family investment property actually only requires 15% down. But, if you need cash, you could explore leveraging your current assets with a home equity line of credit or a cash out refinance! Those two options would be cheaper than an investment loan.

[@tiw2572]

@@WinTheHouseYouLove Several mortgage bankers who I know personally tell me 20-25% is expected for an investment. Where do I go to get the 15% you mention and will it require mortgage insurance with only that much down. It would seem I should get some leverage with loan security with excellent credit. I have the assets to back up the loan just not the ready cash.

[@dominickcacchio6730]

Thank you so much for your service here. Hopefully I can find someone as honest and knowledgeable as you in my area to help me get all that I can out of this. I especially loved how you described it being a temporary loan by trying to refinance asap. And also about getting money towards the closing costs by increasing the interest rate. Is that something most lenders will typically allow? I'm sure they won't mention it unless someone asks about it lol. Your video was empowering to me, and now I feel less intimidated and more confident about being able to pull this off. Hopefully I can find someone willing to explain more, like does the higher credit score even really matter if you still have late payments within the past 12 months. Thanks again, wishing you well from Philadelphia!

[@roxana_de_la_luz82]

After FHA loan how many year to wait to refinance to a Conventional loans what about PMI ?

[@REI-20244]

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.

[@WinTheHouseYouLove]

Glad it was helpful! Thanks for the support. :)

[@adilkhan714]

I need help with buying a house Can you answer some questions

[@WinTheHouseYouLove]

Sure you can go to my website to reach out to me

[@alphaeta53]

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?

[@WinTheHouseYouLove]

Sure thing! There are some down payment assistance programs for teacher I think, but I'm not quite sure.

[@alphaeta53]

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. 😺

[@Dr2009king]

Kyle your channel is super valuable, you deserve more subscribers buddy!

[@WinTheHouseYouLove]

Thanks so much! I'm just blown away by 14k honestly

[@tiajabilah3532]

Down payment assistance you have to stay for 5 years and you don’t have to pay it back

[@izeilasaldivar9525]

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.

[@WinTheHouseYouLove]

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.

[@yeswe_buy_houses1805]

Can lender's credits go towards down payments?

[@wildwestadventures3583]

I couldn't listen to your video more than 30 seconds because I can hear your mouth sounds so predominantly

[@williamrodgers6851]

Also, I was in school for 2018 and I made little in 2019. But now in 2020 I make a good amount. Would they approve me?

[@WinTheHouseYouLove]

School can be used as employment history :)

[@Brian-ow4gh]

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?

[@WinTheHouseYouLove]

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

[@droshi3464]

@@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.

[@h.s.m1211]

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]

Glad it was helpful!

[@JoshVidal]

What if I was left cash from a family member who passed away (over 10k), can i deposit that in my bank and use that for a down payment? Also, how long before cash deposits to my bank are usable for a down payment?

[@WinTheHouseYouLove]

Hey JV, Sorry to hear about your family member's passing. And yes, certainly, you can use that money for a down payment. The key thing is being able to "season" the funds - which simply means the banks want to see that cash sit in your account for a certain period of time (usually 2 months) before they're comfortably used for a mortgage. Be prepared to show the origin of the money as well (like a will or an inheritance letter). Feel free to reach out if you have further questions or if you're ready to start on a pre-qualification! Either hit the link www.winthehouseyoulove.com/lender or shoot me an email at [e-mail]. Hope this helps! -Kyle

[@beerdividends]

Thank you bro, great video!

[@WinTheHouseYouLove]

Glad you liked it!

[@nikasiamashvili8540]

You make it really easy to retain the information with your clear real world scenarios !! You just gained a subscriber:)

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@justbefunny4592]

Just started process of getting FHA loan, your video helped me more. Thank you

[@WinTheHouseYouLove]

Glad it helped!

[@shylabrown7567]

Do you have any contacts in PA that could assist me ?

[@WinTheHouseYouLove]

Yep! Contact Michelle at paradisemb.com/

[@keilaxo]

If I qualify for FHA loan, just me.. can I refinance later and add a coborrower to a conventional?

[@WinTheHouseYouLove]

You absolutely can :)

[@ianhopkins910]

I hope you see this comment , Is there a limit in the amount a FHA lone will go up to?? An how long do you have to be in your FHA before you can refinance?

[@WinTheHouseYouLove]

There is, FHA has a max loan limit of $331,760 for most counties. Technically, there is no minimum before you can refinance.

[@ianhopkins910]

Thank you for the information!!

[@marioochoa4298]

Hi, we purchased our first home FHA and plan to eventually rent it out, we would like to go FHA for the next home but are wondering what our options are. Our family size did increase, would we meet the exception (assuming LTV is 75%)or refi to conventional then FHA for 2nd?

[@WinTheHouseYouLove]

If your family size increased (and the new home is larger to accommodate the growth) then you'll have no problem keeping your current FHA loan and using a new FHA loan.

[@marioochoa4298]

@@WinTheHouseYouLove thanks for the reply, great videos appreciate your effort

[@J.CherieAmour]

You are my new favorite. I love your calming voice and helpful breakdown. Thank you for this!

[@WinTheHouseYouLove]

Thanks for watching and for you kind words!

[@lisamarie4470]

Love the useful information, the soothing voice is a plus!

[@WinTheHouseYouLove]

Glad it was helpful! And thanks!

[@evelynvega1730]

Is the mike only the mike.

[@andreab1786]

I have a credit score of 750 +, monthly gross at 4,000, my debt to income ratio is between 22-32%, and have $6000 in reserves. My student loans are the only debt that I have but they are really impacting me negatively. Is there anything I can do aside from pay them off the best I can? The 22-32% is calculated for the standard repayment plan for federal loans (10 years) and also with the extended (20 year). I was informed that lenders look at the standard. Even if I were to take out a private loan and pay off federal I would still fall in the same DTI and consolidation options are not helpful either. Any suggestions? How much would that amount influence my interest rate? I know I could always refinance in the future. I'm a fist time buyer. I was hoping to either apply for USDA 1% interest or 3% conventional loan. Thanks!

[@WinTheHouseYouLove]

FHA has a debt ratio that goes up to 56%, so I don't think your current DTI is enough to have to explore any options to bring it down.

[@michaelhewitt1986]

Thanks first time watching your channel

[@WinTheHouseYouLove]

Thanks for watching!

[@Ashton351]

Your final advice sounds dangerous: go for a much higher interest rate (5% vs. 3.5%), or don't worry about getting the interest rate low ... because "we'll refinance in just months." That would mean making much higher monthly payments immediately, betting on the ability to refinance to a lower interest rate. However, rates are currently at all time lows. Also, peoples' circumstances can change.

[@WinTheHouseYouLove]

If it doesn't work for you don't do it. It's just a strategy to consider.

[@XTen1000DaysX]

If I'm in Kansas city and say have like 5k for a 150k house(great bang for the buck here) What are my best options to avoid a down payment assistance program that makes me pay more In long term? I'm 700 credit score. Should I do the bank of America program you made a video about, or the new Biden down payment assistance grant coming soon(they modified it a lot but I think with the Biden + boa could be crazy good as you can use other grants with the Biden one) Basically I'm trying to keep my 5k as emergency money, and get the downpayment and closing costs for damn near free without paying more in the long run. Any advice on where to start?

[@WinTheHouseYouLove]

Hi! Actually you can use FHA, BoA or any loan you think is good. Any loan is good as long as you research well. You can also use my free calculator and compare. How to get the calculator is in this video: kzbin.info/www/bejne/bXbZYZetnMlgl6M&lc=Ugy7gX8NlTgdA5yhzrN4AaABAg Best of luck!

[@markuscarter2386]

How do you find a mortgage broker PREFERABLY California Bay Area....

[@WinTheHouseYouLove]

You're welcome to fill out this form and I can connect you: www.winthehouseyoulove.com/referral

[@natashadwyer8336]

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?

[@WinTheHouseYouLove]

Thanks so much! Mortgage insurance will drop off after 11 years if you put 10% or more down on FHA.

[@trae74]

@@WinTheHouseYouLove and you can't refinance until after that right?

[@binta31]

If you have high credit score. Should you go with conventional instead of fha? Prob is don’t have 20%. Or just get fha anyway and just refinance

[@WinTheHouseYouLove]

Usually, conventional is the best option with high credit even if you have less to put down.

[@armindersingh9519]

Hey! I had some questions regarding the FHA loan vs Conventional. Is there a way I can email you about them? I just need a bit of guidance and I would appreciate that.

[@WinTheHouseYouLove]

Yup [e-mail]

[@MRSJP-sj6sl]

thank you, you are and effective communicator. the best Ive listened to so far.

[@WinTheHouseYouLove]

Wow thank you so so much!

[@kylethomas8655]

Can I get a second property with an FHA loan if my current property remains my primary but I will spend 50% of my time in the second home (note that my primary is a conventional loan). The secondary property most likely will be 50 miles away.

[@WinTheHouseYouLove]

No, FHA has to be for primary residence only. Second homes aren't allowed.

[@yhch101]

I am a single mother of 2 who works a decent job at a decent wage. My credit score is 760, I have 3.5% for the down but keep get passed over when we make offers on a home because I'm using an FHA loan & need Seller concessions for the closing. My lender has never said a thing to me about refinancing later & the possibility of using the higher interest so I can get a credt for the closing. What gives?

[@WinTheHouseYouLove]

A lot of lenders don't bring it up to their clients usually because most people want the lowest rate possible. Ask your lender and I'm sure they can show you some options.

[@daltonpierce7592]

Hello, I'm 22 years old I have a credit score the is 750+ but I don't have the money for a high down payment like 20% what mortgage should I get?

[@WinTheHouseYouLove]

Conventional loans have a minimum down payment of 3%. USDA is 0% for rural areas.

[@rosemaryhazen5260]

Hi my credit score is 730 -744 I would like to apply for a fha loan. . It will be my first time buying a home. How much would u think. My down payment would be?

[@WinTheHouseYouLove]

Wonderful! Since your score is high, I think you should also look into a conventional loan, it will have cheaper mortgage insurance. FHA has a minimum down payment of 3.5% and conventional has a minimum down payment of 3% for first-time buyers. If you can afford to put more down (eg 5-10%) that will save you a lot in interest cost. - Kyle Seagraves winthehouseyoulove.com

[@brucebonkowski3037]

dear Shawn I need to get a home for my family I am.homeless 62 yrs old man disabled in a wheelchair the home I looking at is under $60,000 but my credit is 4 points short of 600 and I working with the Michigan dept of housing and can get up to $7500

[@WinTheHouseYouLove]

I'm Kyle :) Ask them what you can do to raise it those 4 points

[@turnovertheleaf5505]

I have 135k saved for down payment, but no credit cards or revolving debt- The banks wont give me a mortgage loan .. I need debt to qualify 😑

[@WinTheHouseYouLove]

You can still get a mortgage! You'll just need a manual underwrite. I have on my video planner to make a video on manual underwriting within the next 30 videos.

[@davidkwon1322]

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.

[@WinTheHouseYouLove]

You can do that! Refinancing does have fees, but you can shop to find affordable options. Should You Pay Points? → kzbin.info/www/bejne/oKe9hKKPo7qUaKM

[@mistyrosemarie]

My husband is getting our FHA home loan in his name only. I'm giving him cash for the down payment. Are they going to accept that? This is money that I've saved over the past few years, but did not put in the bank.

[@WinTheHouseYouLove]

It would be very difficult to use the cash. You might have to find an alternative way to show the source of funds.

[@octaviofranco8915]

I have a student loan and I got it out of Difult, but with the COVID 19 all students loan are stop till December is this a problem getting culafied for the loan on FHA???

[@WinTheHouseYouLove]

FHA will still count 1% of the outstanding balance as a monthly payment.

[@elvinque5393]

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

[@WinTheHouseYouLove]

Thanks! Great suggestion!! I've been hearing more and more about them recently, so I will add it to my video ideas list :)

[@GarciaonlyJesus]

I just got accepted for a loan and because my husband’s credit we got a FHA loan, we are being already checking houses but it looks so difficult to buy a house with FHA Loan when we are trying to buy it from another person, it looks like our realtor told us maybe we are going to move to new houses now since it will be more easy for us.. what do you think about it?

[@WinTheHouseYouLove]

Congrats! FHA can sometimes hard to get accepted in a competitive market like this one

[@truebrotherhood6779]

Are you using an iPad ? Could you tell me how you make what you write be shown on the screen ?

[@WinTheHouseYouLove]

I am! I just screen record the iPad and then add it on the video in Final Cut Pro X

[@morganlblaney]

Would pulling the money from a savings source like Ally work? That is where im holding a large amount of my money to save for my down payment.

[@WinTheHouseYouLove]

Yep, you can do that with no problem

[@jessicarobison2536]

Do you have any info on down payment assistance? I have a great credit score and some money but even 3.5% is not feasible. I have extra income every month and am saving 500+ per month to save fora down payment but I am wanting a new place NOW not in 2-3 years. Any help would be great. Thanks!

[@WinTheHouseYouLove]

I don't currently, but working on a video for it!

[@dangerusscurvs4709]

Check with the city you want to live in.. they offer downpayment assistance. Also try the FHA website. In CA, there's the CalZIP loan that applies to certain zip codes. You will have to take a homebuyer ed course. You'll find a ton of info on the website.

[@AZNGoSu]

Can you clarify how and why to refi into a traditional loan? If i start at a high interest FHA, how many years/payments do i make before looking to refi. What is the refi process like? Interest rates are super low right now and expected to increase, should i lock in the low rate now? When i refi into a traditional loan, do i get to wash off any MIP?

[@WinTheHouseYouLove]

Sure! So, you'd want to refinance to a conventional loan so mortgage insurance will eventually come off. When to refi is a highly personalized thing, I'd recommend talking to a loan officer for help there.

[@livenactivbeatz341]

I have money saved up, so do I just put it all in savings?

[@designereats3661]

They should teach this at school. Most schools in the US are useless!

[@debhufnagel5912]

So let me see if I have your meaning straight here. Take the slightly higher payment. Besides paying down payment on bills. You would be able to pay a little less than the traditional down payment and getting credit to cover closing costs. At the same time as on time. Proving your credit worthiness to lenders that you can do it. Refinance with a traditional loan of sorts. And come close to if not eliminate any interest? Basically a stepping stone.

[@WinTheHouseYouLove]

Yep, just like a stepping stone!

[@kimaiyaburks7065]

Income tax refund (being in savings) would that be an acceptable source of income?

[@WinTheHouseYouLove]

Absolutely!

[@teniechac9556]

This is interesting. You're suggesting that people be able to refi in less than/about 1 year? How can they build enough equity to do that?

[@WinTheHouseYouLove]

You can do an FHA streamline without needing any equity change or refinancing into a conventional only requires 5% equity

[@joannepark9503]

Do you think there will be a housing market crash due to all this unemployment and covid pandemic.? Please advise

[@WinTheHouseYouLove]

It's so difficult to predict. A crash isn't imminent, but it's possible. Most investors and money managers are trying to hedge against the risk, but they aren't completely pulling their money out of the market.

[@laj4186]

I live in GA and I'm a Realtor. Where can you get an FHA with a 500 CS? Love the vid. Thank you.

[@WinTheHouseYouLove]

I'd connect with a mortgage broker who has access to a lot of programs: findamortgagebroker.com/

[@UnicornJuice888]

Carrington Mortgage