NEW FHA Loan Requirements 2024 - First Time Home Buyer - FHA Loan 2024

[@JebSmith]

✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral 🏠 - First Time Home Buyer Course - www.becominghomewise.com ⏩ Watch This Next ⏩ - NEW FHA Income Requirements 2024 - First Time Home Buyer - FHA Loan 2024 - kzbin.info/www/bejne/eWinl6qlf710o8k

[@joannjordan6549]

Is va debt to income ratio 60% Thanks 😊

[@MartinX192]

I used FHA last year with a first time buyers bond loan. Paid about 2k total signed and moved in

[@elliemichel7560]

Was it hard for you to find a seller who accepted a FHA LOAN?

[@rachela4071]

That's amazing! Congratulations on the purchase

[@CFish-N-Cars]

What was the price of your home? If you don’t mind. I just got pre approved for fha.

[@YUNGSKOOL]

@@CFish-N-Cars what was the process?

[@dlquani8703]

@@MartinX192 curious to know what your credit score was and the price on your home? With so little down. That’s amazing, also congrats!

[@emmettmortgage]

FHA has gotten a lot better with the PMI drop. And rates have been way better lately.

[@GregGasco-oc7by]

FHA went back down to 500, cool! The lowest FICO score I gave an FHA loan on was 503 years ago! Borrower had to have 12 months reserves, DTI maximum was limited to 41 0r 43% and more than 10% down payment! Great video, Jeb and thanks for clarifying other compensating factors!

[@ObserverDriftMusic]

We had a bad experience trying to buy with FHA. if there are any other offers on the house that are conventional, the seller is always going to overlook the buyer using FHA. Decided to sit out and build our savings and pay off credit so we’re set to apply for a conventional loan. Waiting til end of 2024 to start looking again

[@JebSmith]

Yes, that does happen but it's not automatic. We have accepted FHA offers before because of better terms in other things outside of downpayment. You just need a great realtor and lender to convey to the selling agent.

[@ObserverDriftMusic]

@@JebSmith true. But if your close to having what you need for a conventional it’s going to save you way more time and heartache to just not even mess with fha. save that money you’d be spending on the insurance and wait til you can cover a higher down payment. However with sales slowing down so much now maybe it’s a bit easier to close with an FHA.

[@iloveit7301]

interest rates are typically higher for Conventional loans than for fha oans or government loans. The higher sales prices for homes today will most likely direct most buyers to go with a FHA/government loan to meet Debt to income ratio requirements. What I will say is buy a home BEFORE you buy a vehicle. The increase to the monthly payments on a vehicle can really impact the buyer and often cause them to be at a lower price point in the home they will be able to buy. @@ObserverDriftMusic

[@JoeBuck-uc3bl]

If you’re selling a home, why does it matter? You get paid the full amount by the bank at closing regardless. Hence a loan for the entire amount of the purchase price?

[@trapmuzik6708]

@@JoeBuck-uc3bl exactly makes no sense it wouldn't matter

[@evasesh6585]

I got my house in 2022 with an FHA loan as well as USDA home loan because of where I purchased my house. I got really lucky though, I was trying to buy my house during the major interest rate hikes so they shut down the FHA loans, then for only 2 hours the reopened them, my mortgage agent was able to get mine processed just before they closed it again.

[@dustins7259]

That is not why they shutdown FHA loans. The shutdown was implemented to minimize the need for lenders to resubmit response documents once the errors are resolved. Had nothing to do with interest rate hikes.

[@evasesh6585]

@@dustins7259 I am just repeating what I was told by my loan officer at that time, again this was back in March / April 2022 when interest rates where changing almost daily.

[@rumbeandito]

100% agreed to your 2024 housing market forecast. People is forgetting that even before 2020 there was a huge housing shortage, today is worse.

[@JebSmith]

You nailed it.

[@firstnamelastname9661]

Will it crash or go up in 2024 ???

[@garymapes6955]

I hope I can buy a house this year. I've been working on my credit and have a decent job now. I feel like this will be my year to do something good for my family. Thank you for the info, you gave me some hope that I can actually buy a house soon.

[@BleuSkiddew]

I'm right there with you. Best of luck.

[@perikoglopez6276]

I KNOW we will all get what we want for our family this year 🙏🤝

[@chaosindafridge]

Im in the same boat.

[@DieselRamcharger]

lmao youd buy a house at 7% interest? good luck with that!

[@boejiden1065]

@@DieselRamcharger your comment holds zero value…go somewhere else

[@positivemanda]

I live in joshua tree.. it has become a popular str destination. I want to buy a home. Im almost 40 and just landed a career id like to keep. My credit score is only 630 or so. I sure hope this will help me to finally be a home owner.

[@sxerralzve2739]

I wish you the absolute best on your home owning journey! I'm only 22, and am lacking any confidence in being able to afford a home in my future, but I'm trying to learn the most I can and keep my hopes up, and I will hope for the absolute best for you as well!

[@amandalee714]

Sadly, even with a terrific credit score, and a subpar home in a bad neighborhood, you will not be able to afford the payment unless you have a massive down payment.

[@jimbo4187]

Yeah unfortunately this is very true. A lousy house in a lousy neighborhood right now is still really expensive and that’s with 2 full time incomes. Single people can’t buy homes anymore.

[@karynhilton6220]

It’s got to have a point where the market crashes

[@Cookie-sf6fs]

So happy your here California is so expensive and this is an option for us ! Keep making videos I know your throwing a lot at us but we can rewind

[@JebSmith]

Hey @Cookie-sf6fs, thank you so much for your kind words and support! It's definitely a challenging market to navigate. I'm thrilled to hear that the videos are helping you and I'll definitely keep them coming. A lot of information is indeed shared, so don't hesitate to hit that rewind button! Thanks again.

[@jordyisdrunk]

Leave California

[@SolidRockEnterprises]

Thanks for being factual and edicating people. FHA is great although it does have its caveats which you explained excellently. I have FHA loan. If it weren't for FHA, I wouldn't own a home as I didn't qualify for conventional loans.

[@JebSmith]

💪💪💪

[@SunshineGigglez]

Im 37 and have a low credit score due to poor choices in my 20s, identity theft and student loans. I'm currently paying rent on a house at 1600 for the pass 7yrs. It sucks that im financially capable to carry a mortgage but yet unable to own a home. And 7 yrs worth of rent at $1600 isnt proof enough to be approved for a home loan😭

[@JebSmith]

That's unfortunate...........Credit is extremely important when getting a home loan. I would focus on trying to improve that score as my #1.

[@SunshineGigglez]

@JebSmith I have been☺️ im currently at a 600 working on getting it above a 620

[@laurent3415]

You got this. You'll get there so don't give up.

[@brizzle3903]

@@SunshineGigglez600 isn’t bad I’m sure you can get it well above 620 a lot sooner than you think, I was in a similar situation and hustled like no other I went from 600 to 775 in 3 years No lie it required SIGNIFICANT sacrifices but it was worth it

[@KitoCunningham]

😊good job! What helped us is get a secured line of credit at a credit union. Most times it’s only $1,000.

[@abrahamgomez3484]

FHA loans are one of those that you will love but hate. I think FHA take advantage of people plain and simple. It will best to get all covered before getting an FHA loan and go for convetional. I've got several conventional loans with 10% down and no PMI. Doing the work really pays off. Nice video for someone that doesnt have a clue of whats needed when buying a house. Your views make no justice, you should have a lot more!

[@ms.b9093]

Buyers definitely pay higher closing fees and sometime interest rates with an FHA loan to offset the lower downpayment and fico score.

[@jrxboi808]

Out of all the videos i cased on youtube on stuff like this your vids are the most informational hoping to be a 1st time home buyer but living in hawaii its really hard to find anything thats less the a million dollars these days😅 very informational video though👍🤙

[@JebSmith]

Hi @jrxboi808, Thank you so much for your positive feedback! I'm really delighted that you've found the videos helpful. Buying your first home is a monumental step, and I'd be more than honored to help guide you through the process. I understand the challenge of finding affordable housing in Hawaii and it's my goal to make this milestone as easy as possible for you, despite the hurdles. Feel free to reach out if you have any concerns or questions. Good luck on your home buying journey!

[@kilamkam]

This comment hits because you're in Hawaii and Im in NY with the same problem.. The market is so high where we live😮‍💨😮‍💨....

[@jacobeastridge8832]

Thank you for making this video this is helping me out a lot it’s hard to read books about these things and get in the spirit of learning. I’m a visual learner and your video was very PowerPoint like so exactly the way I like to learn

[@JebSmith]

It's always rewarding to know that we're helping to simplify complex topics, especially for visual learners like yourself.

[@gregoryharrison6239]

Thank you for simplifying the steps to purchasing 1 st home . Continue the great work.

[@JebSmith]

Hi @gregoryharrison6239, thanks a lot for your kind words! I'm really glad to know you found the information helpful. It always excites me to guide first-time homebuyers through this significant journey. I'll definitely continue to share more helpful insights. Stay tuned!

[@ngirardo86]

You have to jump through hoops for a 100k home but you can go to a dealership and leave with a 100k vehicle that day lol something’s wrong here l

[@JebSmith]

Hello @ngirardo86, You make an interesting point and it's a common frustration many people share when trying to understand the home-buying process. What it comes down to is the difference in the two types of assets: a vehicle depreciates quickly, which makes it a less risky loan for a lender. A home, on the other hand, generally appreciates in value, and a mortgage loan is typically for a much longer term, hence there are more rigorous qualifications to ensure a borrower's long-term financial stability. However, this process is in place to protect both the buyer and the seller. I hope this provides some clarity. Your observation is greatly appreciated, and so is your time spent watching the video and sharing your thoughts.

[@ngirardo86]

@@JebSmith if you take proper care of a vehicle it will remain reliable for a VERY long time. We have allowed the industry to believe that vehicles depreciate. Just like a house if you do no repairs and upkeep it will fall apart. Well the same goes for a vehicle. Buying a $120k Escalade is no different from buying a $120k house. It’s still the same amount of money except the banks gets it back over 20 years sooner. It shouldn’t be this difficult to obtain housing.

[@OrganicallyLuxeLife]

​@@ngirardo86 thank you for saying this..I tell people this about cars all the time 😎

[@Fun-under-the-hood]

@@ngirardo86 that car rolling off the lot put rolls of cash in the dealers pocket. Buying a home doesn't do anything for anybody not the government no one. All it does is put a roof over your head. That's why it's not easy to get one because no one cares about a roof over your head. All people want and all the government wants is cash in their pocket

[@rickyal946]

Hey Jep, another great video, I sent it to most of my friends who asked me how to I know about buying. Thank you

[@cesarsierra6525]

Excellent information and very well explained. Thank you for putting this video together!

[@culturaltherapy6273]

Why not? The banking system is crooked. The credit system isn't really a system at all.

[@wendykelley9266]

Well Said

[@JebSmith]

Why Not?

[@SisterTonya]

Thank you so much for how you explained this information. My husband and I trying to buy a home and the way you explaining this information it make perfect sense thank's so much. His credit score is 582 he trying to build it with the help of Lexington law firms. We live in Georgia hoping we could buy a home in Florida real soon!!

[@JebSmith]

I'm glad you found the information helpful! For purchasing a home, a credit score of 620 or higher is typically recommended, so keep working on it. I wish you the best in your journey to home ownership in Florida!

[@AssortedVideosforALL]

thank you finally your video is such a CLARIFICATION... GOD BLESS YOU.!

[@lamishaforever2703]

Great job explaining as usual.

[@JebSmith]

Thank you!!!!

[@caroljackson2094]

Hi Jeb, I learn a lot from your training.

[@venusdyk637]

Hey! Thank you so much for the video, quick question - You said that FHA loans can get better interest rates, could you tell me around what % are they asking for?

[@CJManning86]

Amazing video, so much great information for the start of my home shopping/buying journey as a first timer! It's so overwhelming but this helps so much! I have a question to ask... My wife has income that is not 1099, nor W2... but can back it up with bank statements. I've been told that can't be used with FHA. Is that true? I'm also told that there are other options but the required percentage down is much higher :(

[@JebSmith]

Hey @CJManning86, glad you found the video helpful! As far as your question, each lending situation can be somewhat unique. Generally, for FHA loans, lenders require a two-year employment history including W-2 or 1099 income. Other forms of income, like your wife's, may or may not be accepted, and it's usually up to the lender's discretion. There are indeed other loan options that might accept bank statement income, but you're right that they often come with higher down payment requirements. My suggestion is to consult with a trusted mortgage professional who can understand your specific circumstances and guide you accordingly.

[@Bmw_Z3R]

Thanks jeb! Im 29 this week! I think my biggest mistake was not buying realistate back in 95 when i was born! Shucks.

[@JebSmith]

next time do better.

[@JayshaunPatty-wf8pq]

Great video. There's a lot that I learned about FHA in this video. Thank you your time to explain.

[@mukta3able]

Thank you for sharing all of these information . We are looking for house now as a first time home buyer, I hope I can get my desired home.

[@JebSmith]

You're welcome, @mukta3able! It's definitely an exciting process. My advice would be to thoroughly research your options, work with a trusted realtor, and get pre-approved for a mortgage. This will give you a clear idea of your budget and will make the house hunting process easier. Best of luck with your search!

[@ReynaDPerez]

Thanks so much for this valuable information 😅

[@JebSmith]

My pleasure 😊

[@leongrant7439]

Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold.

[@RitaMeyers-oc4le]

The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.

[@demetriussullivan4088]

I completely share your perspective.

[@demetriussullivan4088]

If you are in cross roads or need sincere advise on the best moves to make now, its best you seek an independent advisor who knows about the financial markets.

[@virgilludwig]

I see the wisdom behind employing the services of a professional because I understand the effects of bad financial choices. I would be happy getting assistance, but how can one spot a reputable portfolio manager?

[@StellaAlmiron]

Working with an experienced investor who has survived adversity and prevailed is always motivating. It may be frightening when your portfolio goes from green to red, but if you have invested in strong firms, you should maintain growing them and stick to your goal.

[@stephenpavlov8942]

What are the income requirements? That is the hardest part. Verifiable income, that is. Anyone can get a 720+ income score. If you're self-employed then you have to pay a lot more in taxes to claim a large enough income.

[@swethagunasekar7053]

Great Video Jeb.

[@allendrippa2148]

Great video Joe! Im 21 and living at home and was considering getting a single family home or a duplex/triplex to look into house hacking. Would a fha loan be applicable for those two things? I have great credit im just working and in school. Thanks for the informative video!

[@JebSmith]

Hi @allendrippa2148! Yes, an FHA loan can be used for both single-family homes and multi-unit properties up to 4 units. That means a duplex or triplex would unequivocally qualify. Additionally, having great credit would certainly be beneficial. Keep in mind, you'll need to live in one of the units for a minimum of one year. House hacking is a fantastic strategy. Good luck with your real estate journey!

[@allendrippa2148]

@@JebSmith thanks Mr.Smith any other videos I should check out on your channel for additional information on this specific topic?

[@InsuringUrFuture]

I recently had a discharged bankruptcy though

[@johnburnett9847]

it doesnt really matter if you can get qualified for any type of loan, for the simple fact that all these big companies, running under multiple llc names are paying cash the second a home comes to market. unless your can out compete the mega investers you'll never get a home

[@ms.b9093]

its these lower FICO score and low downpayment home buyers that we are seeing the most in loan defaults and foreclosures! Banks should not be loaning money to those who are not in the financial position to pay it back!

[@georgegonzalez319]

Great video!

[@lisasimpson8985]

Good video! Thank you!❤️

[@waldeckdolce7379]

Sweet vid🎉

[@jonathanmartin7081]

Good afternoon @Jebsmith you said “around a year” that you have to live in. Is there a smaller amount than 365 days you can leave the property?

[@JebSmith]

There's no inspection police that are going to see if you are there but the general rule is 1 year.

[@josephlamanna7022]

Of course you specified that fha and conventional loans requiring 20% down to avoid pmi. It should be worth noting that a VA loan doesn't require any amount down and you will not have pmi. Albeit a tiny percent that qualify for a VA loan less than 1% of the population, it's still note worthy.

[@JebSmith]

Unfortunately with FHA, you can't avoid mortgage insurance regardless of how much you put down. You're right about VA, it's a great loan but most don't qualify.

[@NormVW2013]

Does FHA remove MI for 20% +. down? Part of the appeal of FHA is not only a reduced down payment but also the higher debt to income ratios. I was in your business 20 years ago, I'm just wondering if anything's changed with the larger down payment and DTI of 47% and don't have a problem putting 20% down with a fico of 778. I realize conventional is certainly another route, but I'm looking for something with slightly higher DTI ratios

[@milesdyson5211]

If you have a low credit score means you OWE on debt and the Loan officers want you to pay off those debt FIRST, then it raises your credit score so what's the point of saying minimum credit score of 580 ?

[@jamessilba2271]

Denid at 580 no credit low debt / semi ret

[@JebSmith]

What was the reason for the denial?

[@chrisgraham3003]

The fed backs the loan but the banks still have higher standards…

[@ms.b9093]

People with a 580 FICO should not be taking on more debt! Improve either your spending habits or financial responsibility first!

[@dt8694]

The cheapest homes in the neighborhood are 1 million+… in the city there is no cheaper home than $600k….

[@nikkaewing5]

I’m currently at a 642 credit score, would it be wise to go with a FHA or shoot for a Conventional Loan?

[@JebSmith]

You might find success with both, but typically a 642 credit score will qualify you for an FHA loan. Conventional loans often require a higher credit score. However, I would focus on improving my score before doing anything as it will offer you may better terms in both programs.

[@BlackTownie999]

Ok so in my situation, my wife and I are disabled, what that means is we have a solid reliable income each month, However it is not a lot to work with. we are busy trying to raise our credit from a life of paying cash for everything, we do not have any debt..we live in Oregon so any cheap house is CASH ONLY putting us solidly out of that market (It's stupid and discriminatory).. so in order to own a home we're looking to migrate to Iowa, at first I thought our only option was USDA loans but the issue with that is due to our medical needs we have to be closer to hospitals and pharmacy's and USDA is extremely restrictive on where it can be applied, and also our teenage son will probably be living with us as he goes to school and USDA has restrictions on that too.. I'm wondering if there's some sort of program that helps low income migrate from one state to another and perhaps a down payment grant...We intend on living the rest of our life there...I was hoping for Des Moine's

[@MindfulnessMeditationRelaxatio]

I currently own a home I purchased in 2021 & I am listing it next week. I know I will make $150k over what I purchased it at from 2021, I found a new built home about half a mile from my current home but do not know when to apply for an FHA loan while I am going through my entire selling process?! I want to make sure that I get the new home built that’s half a mile from my current home before someone else snags it up. What should I do??? Wait till my home sells which it will since I have received numerous offers on it before I even thought about selling it or wait until I sell it and then apply for an FHA loan for my new home build?? I am working with the same realtor that I worked with when I purchased my current home. I just want to be extra prepared when asking my realtor questions on when I should apply!

[@imenehaddad2860]

Yeah with that credit score and no down payment I'm sure it's a great idea to be buying a house especially now. What could go wrong lol😂

[@JebSmith]

Nothing as long as you continue making your payments. You have to live somewhere! You can either pay your own mortgage or someone elses

[@allysongoff6276]

Do you realize it's cheaper to buy a home than it is to rent ????? Nothing funny about that now is it ??

[@wendykelley9266]

Sounds like faith to me

[@Jbig1430]

We should remove credit score requirements because you can make a mistake early in life have a 500 credit score but have a income of 100k a year and you are stuck unable to get any kind of loans even though you have the income.

[@rexbeavers6746]

This type of loan is lenient, but then they ream you with that insurance payment. That’s the rip off , and the rub. you really should just get your crap together before you purchase a house I’d say the majority of the population just don’t know how to handle money and that’s the basic facts

[@MoistureMagnet]

My wife and I have never bought a house and we tried to get an FHA loan and we were told that we “make too much”…..It’s honestly very disheartening to be told that.

[@JebSmith]

Hi @MoistureMagnet, you need another opinion as FHA doesn’t have income restrictions

[@MoistureMagnet]

@@JebSmith Thank you very much!

[@TheEdutainersPR]

It’s a .55% for mortgage insurance new for 2024? I understood that it was .85%

[@JebSmith]

Yes, it changed in 2023

[@rexbeavers6746]

@@JebSmith doesn’t that depend on how much you’re borrowing though?

[@edwin6136]

Spot on

[@nktaylo1]

USDA can be a wonderful option as well!

[@Theuniverseisstrange]

Good one

[@yooo2568]

Been trying to figure out if I should go this route or usda loan.

[@jpl57210]

I would assume that most who have a 600 or less credit score don't have 3.5% laying around. Good luck finding a $200,000 move inready home also. It's like finding a needle in a haystack because investors are swooping them up.

[@JebSmith]

Hello @jpl57210, You bring up some great points. It can indeed be challenging for those with a lower credit score to have the required down payment, and finding an affordable home in a competitive market is not always easy. However, it's important to remember that everyone's situation is unique, and there are often creative solutions or assistance programs available that can help. In the end, it's all about taking that first step and seeking the right advice. Thank you for watching the video and sharing your thoughts. Your feedback is truly valuable!

[@DerrickWe]

Wait who goes to buy a house or are is at least interested in buying a house and has not pulled all their credit reports.

[@loitersquadX]

My and my fiance want to buy a house. We want to use fha loan and be co signers. It says that it needs to be non occupying co signer. So what does that mean?

[@yooo2568]

Should you buy a new car before trying to get a home loan? Or get home loan first then try car?

[@daniellealexander1888]

You want to secure the mortgage loan and wait until after closing to apply for a car loan.

[@yooo2568]

@@daniellealexander1888 thanks!

[@Just_a_guy093]

Why are the Fannie/ Freddie limits as well as the other form higher for a single family?

[@StarOasis26]

I'm self-employed and want a FHA loan. I have work restrictions making it difficult to be employed. Can I be a DoorDash driver and still get approved for a FHA loan? Thank you

[@igotthatfuego7019]

veery very informative

[@JebSmith]

Hi @igotthatfuego7019! Thank you so much for your comment. I'm pleased to hear that you found the video informative. That's precisely what I aim for - providing value and clarity in both buying and selling properties. Always here to answer any of your real estate questions. Thanks for watching!

[@vietnamus9093]

If you don’t have enough savings to put down payment for the house why bother buying anything? If that was the case then how would you be paying for that ridiculous interest and the principal on the inflated price house?

[@JebSmith]

it's important to remember that every individual's financial situation is unique. There are various mortgage programs that require little to no down payment. If one has a secure job and steady income, they could potentially manage the monthly mortgage payments, even without a large savings. Moreover, owning a property is seen by many as a long-term investment that can appreciate over time.

[@Charly589]

What if I buy a condo for 230kz 3.5 down . My credit score 722. Am I a good candidate?

[@twistedcheshire4806]

Cool... now when we can afford it with wages being stagnant and costs going up? When are they going to fix that? And I love the use of "only" 3.5%. Anyone wanna loan me about $8500, because the housing cost in my area is outrageous, and I can only imagine what the property taxes would be like. I could buy a plot of land... maybe.

[@twistedcheshire4806]

@wilfridjoseph5222No. Because I refuse to buy anything right now due to the skyrocketing costs. You can buy a home, but let's look at other things like rates, property taxes, repair costs, etc... You will be house poor at this current time and it's been shown time and time again.

[@garybal8166]

I got fha loan I put 210000 down payment for 630000 home still paying pmi going to refinance soon

[@JebSmith]

Refinancing can indeed help eliminate PMI but before you call anyone, just add your interest rate plus the pmi to make sure that refinancing with today’s rates actually makes sense.

[@patrajones9763]

With Fha loan can you use down payment assistance for the down payment if you don’t have 3.5% of your own in the bank?

[@JebSmith]

Yes, you definitely can use down payment assistance programs in conjunction with an FHA loan. The key is to find programs that are compatible with FHA requirements. Please consult with your lender to get assistance on this matter as each case is distinct.

[@DimasHidalgomk3jdm]

Does the fha have contruction loans by any chance?

[@shapegifter1637]

@jeb i got my first home from fha loan since 2016, can i buy another home from fha again

[@xKitKatx-]

I have a 720 score and 13k. What kind of multi family is best???

[@talcareyifill5937]

I say gave people a chance

[@JebSmith]

💯

[@natashatori]

How about low income ?

[@phabloagr]

Could you please explain all times of loans haha? Too many. ? Anyways thanks for the info.

[@Shenelly67]

So how long do you have to live in the property before turning it into an investment property

[@demonplug137]

@@Shenelly67 1 year

[@firstnamelastname9661]

Can I avoid PMI mortgage insurance If I put down 10% down-payment? Also my credit score is Excellent 800 plus

[@joy2come119]

I thought it was 20 percent to avoid the pmi

[@ms.b9093]

@@joy2come119 Usually! However, there is permanent PMI (usually for low downpayment FHA loans) and PMI that comes off once the property values increases to 20% loan to value.

[@tawfiqueshahriar5349]

Could I pay 20% down on an FHa loan and enjoy the low interest rates?

[@JebSmith]

Sure, you can. However, it's important to note that an FHA loan requires mortgage insurance regardless of the amount of down payment. This may potentially increase your monthly mortgage payment despite the lower interest rates.

[@marshamercer876]

What if i own a farm thats been paid off. Could i use it as collateral. My credit score is 500 when they can find it. I have lived 3 places since leaving home and i own all 4 places. And i sold one in the 70s.

[@JebSmith]

They can't really use it as collateral but they may let you borrow against it for a down payment but hard to say.

[@blacmex13]

Where do I find fha lenders

[@faith-unfiltered]

Can Canadians buy with FHA?

[@kikimauharuyumi]

Can I have a prior bankruptcy?

[@ms.b9093]

NOPE!! TOO HIGH RISK!

[@ThatRedEvo]

I really hate that all these KZbinrs say you HAVE to pay mortgage insurance with any loan with less than 20% down, couldn’t be more wrong, I’ve had 5 mortgages with down payments from 0% to 10% between them, never had PMI and no I’m not a vet

[@JebSmith]

Sadly, you paid it without knowing that you paid it. It was built into your rate my friend.

[@ThatRedEvo]

@@JebSmith I love that reply, especially when both APY and APR were some of the lowest at the time, credit unions, they’re great loan providers, my 0% down loan was 30yr fixed at 4.5% it was my first house, 10% down is 3.75%, two 5% down are my most recent at 6.125% and the 3% down is 4.125% all fixed rates, all zero PMI, most I paid in points was 1%, no funding fees

[@joshuam3903]

@@ThatRedEvo I’m very ignorant to this subject can you please explain how you got those loans without mortgage insurance ? Also what state do you live in does that matter as well?

[@MexicoPescadoro]

580?! Jesus Christ! We are in trouble...

[@weiss9263]

hi i got pre approved for 800000 in southern california but the city i want to stay in are around $900000, what can i do to get the loan higher?

[@JebSmith]

You might want to look into increasing your down payment. This would directly decrease the loan amount. Alternatively, paying off debts or searching for a loan program with more lenient debt-to-income requirements could potentially increase your approval amount. Consulting a financial advisor or loan officer would also be beneficial.

[@weiss9263]

Ty for the reply! ok if i increase down payment amount do you mean i just pay the difference on the house cost if its 875000 like 75k? or like just increase downpayment percent from 7% to like 10% or etc@@JebSmith

[@BePresent333]

Are there income limits for the fha loan?

[@JebSmith]

Yes, there are no official income limits for FHA loans.

[@hopefaithandlove6236]

Do you have to have an open line of credit

[@JebSmith]

No, you don't necessarily need an open line of credit to buy a house. However, having one can improve your credit history and could potentially make it easier to be approved for a mortgage loan. Lenders will look at numerous factors, including income and debt-to-income ratio.

[@digleman1]

What are "overlays"?

[@JebSmith]

they are additional restrictions lenders put on top of the guidelines to make they more restrictive.

[@traceecj]

Where do i go to apply for an FHA loan?

[@JebSmith]

jebsmith.net/referral

[@brantmorse1900]

Everyone: we have the same last name and dojutsu, are we related? Nick: no Some Alabama sht going on with the hyuga and uchiha bruh

[@JebSmith]

While the Hyuga and Uchiha clans might have their intricate web of relations within the Naruto narrative, such connections don't typically extend to real estate or mortgage lending. Can I assist you with any property-related queries instead?

[@jessesamano390]

What about if you on bankruptcy?

[@JebSmith]

You can still qualify for a mortgage or home purchase after bankruptcy, but it might be a bit more challenging. You would typically need to wait a specified period (usually 2-4 years) after the discharge of your bankruptcy before mortgage lenders will consider you as a potential borrower. It's essential to use that time to rebuild your credit history positively. Also, different types of mortgages have different requirements.

[@SariahSavvyTips]

FHA is also expensive.

[@millenialmemoirs]

Wife and I want a house so bad. Running the numbers it makes no sense. We have a down payment and can afford the mortgage, but it would be a huge financial mistake. For us, renting and putting that down payment and monthly savings that would go towards upkeep and taxes on a house into Bitcoin makes so much more sense for growing our nest egg.

[@JebSmith]

It's essential to consider the potential return investment (ROI) from every angle before moving forward. Rental income can indeed provide a steady money flow. Additionally, investing in cryptocurrencies like Bitcoin certainly has potential, but it also carries with it significant risk due to its volatility. It's advised to diversify your investments. Lastly, homeownership can also be viewed as a long-term investment, providing benefits such as potential appreciation and tax breaks. This decision should ideally be made after careful consideration of your financial goals and risk tolerance.

[@rubencaro]

I would love to shar this video on my website.

[@JebSmith]

Go for it.

[@kay9689]

Can a couple use it?

[@JebSmith]

Yes

[@danahogge2620]

Can you get a loan with FHA have peace of land to put tiny house on it live in Va

[@JebSmith]

Yes, you can potentially get approved for an FHA loan for a tiny house. However, the house must meet certain requirements - it needs to be on a permanent foundation and meet minimum size and safety standards. The land can certainly be used as part of your application. You should reach out via

[@nonexistent5030]

Ah yes, the modern government subsidized subprime borrower. Love to see ain't nothing changed. :)

[@JebSmith]

Hi @nonexistent5030, you bring up an interesting point concerning subprime borrowing. It's certainly a complex part of the market that continues to be instrumental to both home buyers and the economy. Meanwhile, it's important to remember that many regulations and guidelines have been put in place to ensure a healthy, transparent, and secure lending process. While changes are never instant, they are happening gradually. I appreciate your input. Thanks for watching and sharing your thoughts!

[@nottoday.c]

But u dont I wb your home till 10 years later

[@danlau3991]

If I get a FHA loan for my primary residence and a year later want to move somewhere else, can that home become an investment property and I get a new FHA loan for my next primary residence?

[@freedyorozco8451]

After 3 years or move 300 miles 🎩🥃