FHA Vs. Conventional Loan: Which One Is Right For You?

[@TxHoneyBee]

00:36 You filmed this in 2022 or 2023?😅

[@jamaicanblackqueen]

I think she meant 2023.😂.

[@JenniferBeeston]

Oh goodness 2023. That’s what happens when you have no script 😂 sorry about that

[@jamaicanblackqueen]

@@JenniferBeeston 🤣🤣.

[@JOJo-ci3uw]

I like to revisit your videos lol thx so much for all you do girly!

[@cheryreynald8]

This is a great video. Thank you for the information 🙏

[@JenniferBeeston]

Glad it was helpful!

[@eddieb9102]

I just love this lady and if you're a first-time homeowner or if you purchased many times, the information that she provides is absolutely invaluable. I'm a vet and my wife and I are thinking about moving and we will be utilizing her services

[@JenniferBeeston]

Appreciate you!:)

[@joemaxxcapri1799]

Thank you, Jennifer one of the best videos I watched explains everything well in the process of refinance

[@JenniferBeeston]

Glad it was helpful!

[@SonicVibeReacts]

just want to say me and the wife are buying a house the 1st time for me not for her. but you have made the house buying for me less stressful for me. plus your entertaining!! thnx so much!!

[@JenniferBeeston]

Thank you:)

[@JOJo-ci3uw]

Thank so much Jen! Amazing information! Talk to you in March 2024.. my lease is up in May 2024 ❤

[@JenniferBeeston]

Look forward to chatting!

[@jaygarcia7478]

I get such a great vibe from you and I love your candor. Will be in touch soon

[@JenniferBeeston]

Thank you!:) look forward to chatting:)

[@sunnyD2529]

Wow! Incredibly helpful video, thank you! Can you elaborate more why you prefer FHA for live in duplexes? Just because of the lower down payment with FHA? 3.5 as opposed to 5? Or are there other reasons?

[@JenniferBeeston]

I haven’t seen the conventional 5% for duplex’s be enticing with pricing yet

[@suburban_utopia]

Such an informative video! Thanks!

[@JenniferBeeston]

thank you!

[@paulverner1932]

I just started following you I've watched several of your videos and I haven't come across one that kind of fits my situation so I figured I'd ask. Because of a car accident when I was younger I haven't been on the workforce for many years I've only been able to collect SSD for the past 24 years. Because of this my monthly income is only $1,150. Anytime I've tried to seek out alone everybody has turned me away I've checked my credit and I'm running at somewhere roughly between 680 and 715 depending on who checks it. I've been trying to get a mortgage to buy a house for nearly 5 years now. Is there any advice you can give me on what I can do? Thanks in advance

[@JenniferBeeston]

Hi Paul, always happy to chat. The key is going to be that a lender really can’t use more than 50% of your gross income. With VA of course sometimes we can push up to 60% however I would never advise that. At that level, depending on where you are in the country, there may not be homes in that price range. However there are some really great programs whether it’s VA or USDA that can help you accomplish your goal. The key is going to be the debt to income. VA is an amazing and magical loan and one of my all-time favorites. However, USDA direct has an amazing lower income loan that subsidizes the payment And gives you a below market rate so it’s definitely worth checking out USDA direct loan.

[@paulverner1932]

@@JenniferBeeston thanks for getting back to me I'll have to definitely look into USDA I was injured in a car wreck before I could even enlist so VA is out of the question. As for where I live I actually live in west central Florida in Citrus county. I really need to figure something out cuz I am currently renting a three bedroom two bath two car garage when I first moved in the rent was $750 a month every year my landlord has raised the rent and I'm currently up to $1,395 a month that's almost double from when I started 10 years ago. I've tried to look for other places to rent but even a small little one bedroom around here is close to $1,000 or more but it's not feasible when your income is only $1,150 a month.

[@richardcontreras6115]

Ty so much for this video. I learned so much. I'm a first time buyer in North Texas with a credit score of 760 and rising. I plan on putting approximately 15% down using a conventional loan, but I'm also interested in the down payment assistance programs they have here up to 5%. Am I able to utilize both together to get me to 20% down and avoid PMI? Also my debt to income ratio is 12%.

[@JenniferBeeston]

Most of the down payment assistance programs have income limits, so you’re going to want to see if you’re hitting that because if you’re debt incomes that low odds are above the income limit. In terms of whether you could pair that with 15% down, it will depend on the program. You’re going to want to speak with a lender that specializes in the DPA you’re looking at.

[@emiliosandoval7287]

I noticed you mention that the 1.75% premium for FHA is financed into the loan. Are there ever times where an FHA loan monthly payment is still lower than that of Conventional even with the financed premium factored in?

[@JenniferBeeston]

Yes depending on credit score and where rate and mortgage insurance lands FHA can be lower monthly payment

[@emiliosandoval7287]

@@JenniferBeeston thanks for the reply! Yeah, my partner and I have over 800 credit, enough for 20% down payment, very little monthly debt ($300 a month for student loans), and about $180k combined annual income. We live in California. We’re pretty ready to buy, but just nervous about how much we can afford with the interest rates being so high... Been also trying to do research on FHA vs. Conventional but I keep seeing contradictory info 😵‍💫

[@JenniferBeeston]

You should do conventional based on what you said. The 1.75% financed in makes no sense and your PMI will be less with conventional based on score. You may qualify for one of the first time homebuyer ami programs. Feel free to call me to go over 707-478-0637. If you get vm just say beeston only and I will call you back. Text is good too

[@toddplace8309]

@@JenniferBeeston Aloha Jennifer, Looking to buy a house (move in April 2025). Are we way tooooo early to start the actual approval process ? Don’t have any debt and an 834 credit score. How can we make this happen. Looking for a top end of 500k. We are older, and this will be our final home. We have owned 3 previous houses, but have been renting for the past 6 years. Please reach out

[@JAMESWARTMAN5250]

So I can use the conventional loan for a house-hack? Using the 5% down payment?

[@Luxury.Famous]

thank you best of all this info is free

[@her-story-mylife5099]

What information will you need before getting on a call with your team?

[@JenniferBeeston]

Generally you do not need to do any prep work. I would grab a spot on the calendar and if we need more info we will let you know at that time. We have to see what your situation and scenario is first. If you are planning to buy a house it is not uncommon to have a few calls to get questions answered etc.. Don't worry about only calling once as you can chat with us as much as you would like;)

[@jenjen5184]

This is great! Can you make a video about USDA vs FHA? Or just about USDA?

[@JenniferBeeston]

Yes ultimately will do. I have not been focusing on much as the underwriting system for usda is very picky.

[@jenjen5184]

@@JenniferBeestonthank you! I am very interested in this video as that’s going to be what I look into for my purchase later this year. ❤

[@OFFRODER2]

How about explaining 203k rehab loans also?

[@JenniferBeeston]

I did one with our expert:) Check it out here kzbin.info/www/bejne/rnnQZGeAg5KaZsk

[@royjohnson9043]

can you refinance a FHA loan ?

[@JenniferBeeston]

Yes

[@miketony8152]

. Age 69, spouse age 68. 811 FICO. 20% for down. Income high $70's. Will begin Social Security next January. Another $42, 000 annual income. Will also continue working. (Computer and phone) What are the negatives of my situation?

[@JenniferBeeston]

Do conventional. No reason to do FHA

[@miketony8152]

Thank you very much for your prompt reply. @@JenniferBeeston

[@Crystal.Rosales_Realtor]

Great video/!

[@JenniferBeeston]

Thank you!

[@BoswelliaLuna8]

Jennifer do you talk about the new 1% down conventional loan that comes with a grant? Is it legit?

[@JenniferBeeston]

There are so many of these. Guaranteed Rate has one but it is up to $2000 so on conventional loans where the buyers meet income limits. It is legit free money but it is maxxed at 2K. Different lenders have different programs

[@Lovealltis1972Quincy]

I like you so much 💖