The Down Payment Assistance Trick Most Don't Know

[@arosad]

Came here to tell everyone we just closed on our first house using DPA. It’s doable y’all. Don’t lose hope.

[@NewYorkYankees1]

What lender did you use? Is it forgivable or do you have to pay it back?

[@beabonbons]

Am I the only who’s blood pressure goes down by listening to his soothing voice? If all Loan officers would be like this 😌

[@WinTheHouseYouLove]

Thanks for watching!

[@smc6746]

Amen!

[@deepsoul3256]

😂😂😂mmhm

[@NotOnMyWatch111]

Woosah.

[@leandrozuniga5634]

I have never seen a family member being so generous as to pay you any money for free, or a loan.

[@WinTheHouseYouLove]

If it doesn't apply to you, then it doesn't apply to you.

[@taylorbell8689]

Right, my broker asked if I have any family, aunt, uncle, parents, grandparents to loan me money, I was like man literally don’t have any family. So let’s talk other options

[@brianp2020]

Hi Kyle ! FHA guidelines allow for ' a close friend with a clearly defined and documented interest in the borrower' to gift funds as well. I had my underwriter contact FHA directly and a signed letter stating the relationship as close friends works, which I know first hand now. This really opens up things :) Also, a gift donor can get a loan then gift those funds (loan proceeds) without asking for repayment and would not add to DTI. FYI - I love your videos, you provide SOLID information with a great voice and demeanor !

[@WinTheHouseYouLove]

Thanks for sharing, Brian!

[@PiecessTepy]

This is exactly the video I've been dreaming existed. We've been in the "we're going to buy a house this year" stage since January 2020ish (the irony is not lost on us) and were wanting to be informed as to what this option could look like. I've really appreciated you and Javier as we've attempted to navigate this process and hopefully this year will actually be the year!

[@WinTheHouseYouLove]

You are most welcome!

[@notthatneysa2675]

As always great information. I'm working with a realtor in CA. He recommended your videos. I was happy to tell him I've been subscribed for quite some time. Also my loan officer said I was a very informed client. I mentioned your channel and recommended that she point her clients in your direction.

[@angelloro]

Great info! Never thought about this. My problem is that I don’t want to owe anyone anything to be honest, not even family. I know that if I ask any of my sisters for something, then maybe I’d be owing them for life. Plus, I want to make sure that I can really afford all the costs involved with the process of purchasing a home, so that I am not “house poor” and the mortgage payments and all the extra costs of owning a house, do not become too much to bear. That’s just me though. Great advice, I’ve been following your videos for some weeks now!

[@WinTheHouseYouLove]

Thanks! That's completely fair! I think that's a smart mindset for you to have :)

[@SCIGS30]

Could you do a video on financing for buying land and building a custom home? I am looking to build a retirement house in TN.

[@WinTheHouseYouLove]

Great suggestion, I'll add it to the list :)

[@My-Channel_forever]

@@WinTheHouseYouLove , an agent with Reali says they have an option where their lending arm will (if you qualify) put in a cash offer on your behalf to increase your odds of winning in a multiple offer situation or even save you money by enabling you to offer less. Then you refinance with them or another lender of your choice. Are you familiar with this scenario? They say it can save on various closing costs, too, since it is cash. Curious about your thoughts on this. Thank you!

[@WinTheHouseYouLove]

0:00 Down payment assistance trick 0:33 How down payment assistance normally works 0:54 Downsides of normal DPA loans 1:34 More options than a gift 1:45 The trick 6:16 CalmMoment 7:54 Who counts as family? 9:14 10 FHA loan down payment tips and tricks

[@WinTheHouseYouLove]

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

[@linda27189]

Chills lol 😂 I love your organized lists in every video....I'm a list person myself! Thanks for the tips.

[@WinTheHouseYouLove]

I really need to start spell checking!! hahaha

[@nikki.khristmas.british]

I'm a list person myself...I have to be organized...My kids use to make fun of me because I use to write my list's on the back of receipts but now I have upgraded to printer paper...🤣

[@Morgansaron]

Can’t decide what I enjoy more: your soothing voice or your amazing advice 😅either way, thanks!!

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@Vickiluv]

Your voice makes talking about down payments sound like a slow jam

[@WinTheHouseYouLove]

Haha! Maybe it can make the boring a little more tolerable

[@Vickiluv]

Win The House You Love Haha yes, it totally does!

[@nelauren]

So the secret is asking your parents for money…why had no one ever thought of this?

[@ابوالرمزالرمز]

I’m glad ur video pops up on my screen love ur videos very informative and smoothly

[@WinTheHouseYouLove]

Thanks so much for watching! I'm glad you're here!

[@punk6119]

I needed to hear that part in the middle. Great video.

[@WinTheHouseYouLove]

So glad! Thanks for watching!

[@stephanieharries7746]

You have a really great voice😊.

[@bobingalls4643]

remember, if a family member gifts you money, they may have to prove through bank statements that they had the money in their savings or checking for at least 60 days. They can't just pull out some mattress money give it to you.

[@sandramathew4965]

Interesting! Texas homes by Z also have the best home buying assistance programs. If you live in Texas or if you are planning to move then you can head straight to them.

[@DreamHawkers]

Love your videos

[@WinTheHouseYouLove]

Thanks!

[@harrysachs3737]

Buying a house would solve about 99.999% of my current problems😂. And housing prices have gone up so much I now need 3 jobs and my left arm to buy one

[@WinTheHouseYouLove]

LOL! I here cheering, "you can do that!" Wishing you all the strength and luck! :)

[@RaineyLomo]

Informative and calming. Thank you!

[@WinTheHouseYouLove]

You are so welcome!

[@jellyrcw12]

Great video! Loved your calm moment

[@WinTheHouseYouLove]

Yay! I'm so glad you liked it!!

[@robbywilson6729]

Just to be completely honest, my down payment came from my parents. I originally was going to take the money out of my 401K, but my Mom shocked me when she offered and insisted. What was I supposed to say? No Mom, I don't want 20K? Though just to toss out yet another content idea in reference to this, the gift letter, copies of my parents bank statements, copy of my bank statements showing the money on my end, and all the other annoying details that come with somebody giving you money for the down payment might not be a bad idea.

[@WinTheHouseYouLove]

That's so kind of them!! Documenting gifts can be a real pain! Thanks for the suggestion, I added it to my video planner :)

[@beabonbons]

Your mom is a Gem 💎 🙂💓

[@robbywilson6729]

@@beabonbons that she is. Putting up with and raising me was no picnic 😉

[@Zara_Luna]

@@robbywilson6729 Your mom is amazing! :)

[@Sugin14]

Doesn't work so well whenever one of your parents refuses to help you and the other ones a burnout

[@irmaplacencia8599]

You cut off on the part of how to get a relative to take out a loan to help you with down payment assistance, my mom probably won’t help but if it’s about getting a better interest rate because of the relative loan program how do we bring this up to our loan agent

[@Monse2121]

8.23.2023. Hi, is there a list by state of the current downpayment assistance programs, grants, loans that folks can read and inform themselves of the pros & cons for each?

[@1977raider]

What if you have sold some items on ebay where they can see the money pictures dates ect?

[@Music-od8nl]

Nice video with lots of information. I was wondering what hardware/software do you use for your youtube videos - is that an ipad that you are writing on?

[@WinTheHouseYouLove]

Thanks! Yep! I use an iPad. 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.

[@Music-od8nl]

@@WinTheHouseYouLove Thank you for the information. That sounds like a lot of work. Keep up the good work !

[@Williaem00]

Hey quick question if anyone has time: If your parents have a lot of equity in their house but not a lot of cash, is there a way to use that equity in their home for a loan to their children for a down payment? Without a straight forward cash refinance of their existing mortgage.

[@DanBright]

Interested in this question as well

[@jessicalincoln4540]

Of course I don’t know the specifics of their situation, but a home equity line of credit would allow them to access that equity without having to refinance their mortgage. My local credit union does HELOCs quickly and with no closing costs.

[@MrKelvin2230]

Thank you for the information. :)

[@Raidersince]

Can you do a video about building a house and construction loans

[@WinTheHouseYouLove]

I'll add it to my list :)

[@alejandraramirez2523]

So if I get down payment assistance loan do I have to pay it back

[@WinTheHouseYouLove]

It will depend no the DPA program and its terms

[@Itsebby]

Do the gift for the Closing Cost from a family member need to be Verified ex. (proof of fund)?

[@stephaniem.2909]

Oh yes! I like this calm moments! I wish I would've found you before I bought my house 🤣

[@WinTheHouseYouLove]

I'm glad you like them!! At least you'll be more prepped for your next house ;)

[@Kentonkirk1093]

Hey Kyle, I just started watching your videos and they are incredibly helpful! I myself am trying to become a loan officer and am not entirely sure where to start. Would you have any suggestions?

[@WinTheHouseYouLove]

I'm glad to hear! You'll first need to get your license. This lady has a phenomenal channel on how to pass the test → kzbin.info/door/Gc_5jInsYA6uhr1WwErmpQ

[@Kentonkirk1093]

Win The House You Love awesome thank you for the assistance! Keep up the great videos!👍

[@wesleywright6458]

🤔 No cousins? I’m shocked. I’m very close to several of my cousins. I’m from a large extended family, so that was the biggest bit of information I picked up from this video😮

[@WinTheHouseYouLove]

Yeah it's strange!

[@Alextrevinoii]

Interesting!!

[@WinTheHouseYouLove]

Glad you think so!

[@s.dianneking2455]

Great info!!!

[@WinTheHouseYouLove]

Thanks for watching!

[@VauveAnais]

Does it have to be family member? Can it be a friend? I'm estranged from family right now.

[@jesusromero8081]

Thanks for the video, I have a question? I already have a house and I plan to buy a second house, the first one I will rent and the new house will be my main residence, my mortgage payment on house 1 should be counted as a monthly debt?? Thanks

[@WinTheHouseYouLove]

Yes, it will be counted in your DTI.

[@danieldelikat6459]

had no idea about this. what a hack i like it

[@WinTheHouseYouLove]

Thanks for watching!

[@rehanrazuddin]

Hey , do buying nyc lot qualify for downpayment grant ?

[@WinTheHouseYouLove]

Hi! The State of New York Mortgage Agency (SONYMA) offers special programs to qualified first-time home buyers who want to purchase property in New York. If you haven’t owned a primary residence during the past 3 years, they will consider you as a first time home buyer. BUT for lots, I don't have any information yet. :)

[@jaerardstemmons9067]

If I using Down payment assistance for a duplex but later want to move and buy a house as my primary residence. What’s the best way of doing that?

[@WinTheHouseYouLove]

If you're using the DPA mentioned in this video, there won't be restrictions. However, if you use any other DPA program, you'll have to check their rules on when you can sell the home.

[@KellyKels23]

I signed my loan application on 8/25 and I'm still waiting on my pre-approval letter. I thought this was the part that went a little faster. I applied for the next home dpa and my interest rate went from 3.125% to 3.3%. Could that change or when is your interest rate considered "locked in"? Also, i use an online bank that doesn't have personal checks, should I move my money to another account I have that has checks or can I transfer the money to my mom and have her write a check?

[@WinTheHouseYouLove]

Usually it's fairly quick, but the massive surge in loan applications has slowed things down quite a bit! You'll get a Loan Estimate that tells you when your rate is locked, until then, it's "floating" and changes with the market. Talk with your loan officer on how they'd like you to handle the funds so it can be documented in the easiest way possible :)

[@geno5169]

Where looking at apartments at first or leasing a house with a pool.but is a buying a house cheaper then renting?? We’re looking at our move next year.hopefully near Disney.

[@WinTheHouseYouLove]

It depends on a ton of different factors so it's difficult to give a definitive answer

[@brittanyhunter3331]

Gift from a family member…I laughed 😂😂😂

[@WinTheHouseYouLove]

😂 Thanks for watching!

[@alexanderreyes2736]

Does it have to be a house can It be a multi apartment place? Duplex or something like that?

[@WinTheHouseYouLove]

Up to 4 units

[@learnasyougowithyazandjeff618]

Question: how long will they require the MRI to be sitting in your account? Is there a certain amount of time that this amount has to be sitting in your account?

[@WinTheHouseYouLove]

Just until closing is over

[@WittyKittyRitzy]

@@WinTheHouseYouLove So if we use the money borrowed at closing from a family member, everything is done.. we can use it and then take out a personal loan to pay off the family's loan right?

[@jahayraextra3515]

Great video! Just to confirm - can my sister get a personal loan and then transfer me the funds to assist me with the closing cost?

[@WinTheHouseYouLove]

I think you can take that as a "gift", yes that's considered. Best of luck!

[@Victoria_1330]

I do not have anyone in my family that is able to loan me money to buy a home, lol. I am dealing with an illness, so it has been difficult to save. I am looking into purchasing a home using the DPA program. I am a single mother and work at a stock brokerage firm in Texas and currently have a credit score of 780, however do not have much in savings. Nowhere near 10k. I try to save but have had to spend on medical treatments and just life in general. My apartment is rather expensive, as prices have soared here in Texas. I am hoping using the DPA program will help me get into a home sooner, rather than later.

[@DevinSmith1486]

hey kyle curious if two duplexes are being sold as a package does that mean I can get an fha loan on the total price and house hack that since it would be 4 units? thanks!

[@WinTheHouseYouLove]

If they're separate buildings, then no. However, if they're connected as a 4 unit, then yes.

[@jdicari9534]

how about raising money with friends and family for the downpayment of a property and sharing profits at the moment of sale

[@leverneschiazza2650]

Can you recommend a loan officer or lender for midland Tx.

[@WinTheHouseYouLove]

Go ahead and fill out this form and I can connect you: www.winthehouseyoulove.com/referral

[@daliadali9406]

I need you here in Florida. A lot of corruption around here.

[@WinTheHouseYouLove]

Yikes! Thanks for the support. :)

[@GlowandGrow_]

Can this work with a USDA loan?

[@WinTheHouseYouLove]

You wouldn't need it to, USDA is 0% down.

[@xaviergonzalez1644]

Hey I have a question for you. if i don't have a paycheck for my job cuz they pay me in cash so i do other business and I got that money in cash as well, I have a good down payment in my saving and in cash as well so what I can do if they recurrent me a statement paycheck? thanks so much for your amazing tips...

[@WinTheHouseYouLove]

If you can document that you get paid in cash, that will work :)

[@gerardoconchas9125]

I applied for a VA loan home and the lender told me my debt to ratio was to high. That I may not qualify for first time buyer incentive

[@WinTheHouseYouLove]

Ah that's a bummer. Ask them what you can do to lower your DTI

[@gerardoconchas9125]

@@WinTheHouseYouLove they are adding my wife’s debt. Don’t make sense y they add her debt if she won’t be on the loan.

[@Younger_Melennial]

@@gerardoconchas9125 your married you wife has to be on the mortgage

[@aftech7268]

Trick with the VA loan is u Spend less and debt/income ratio … buy only a home u can afford

[@aftech7268]

What about grandchildern are they considered family members

[@donaldkoestel]

Just making sure I have this right, a family member can get a personal loan and gift it to me for my down payment?

[@WinTheHouseYouLove]

Yes, that's correct

[@donaldkoestel]

@@WinTheHouseYouLove thank you so much for the quick response! Love the channel!

[@fabiola925]

I dislike how the sometimes treat them as a loan on top of the regular loan to get the house.

[@WinTheHouseYouLove]

For sure!

[@aftech7268]

Borrow from your TSP at 1.5 % … you pay yourself back when u repay the tsp loan

[@jasonalamo3496]

Does COMMON LAW marriage count as family? My girlfriend and I have been living together for 5+ years and we have cash saved but our loan officer says we have to source the cash that we have been saving for over 4 years

[@Nwadiogo]

What if the cousin transferred the money to aunt/uncle so they can “loan” it? Just curious. Lol

[@WinTheHouseYouLove]

Technically yes, but it’s mainly up to the underwriter’s discretion. If they feel/see you’re trying to get around the guidelines, they can choose to not allow it.

[@Nwadiogo]

@@WinTheHouseYouLove thanks for indulging my curiosity!

[@NewYorkYankees1]

I'm stuck and don't know how to proceed. I'm seeking down payment assistance for first time home buyer loan. I'm currently in California and wanted to use my income to buy home in Washington. My adult children will live with me in the home and help with expenses but I want the loan in my name only. Loan consultant I was communicating through email with says I can't get loan because my income is in CA, said I would have to submit new job offer or retirement letters with same income to qualify. This will be my first home. I travel back and forth to Washington. I explained that I understood the process can take up to six months or more in this market. I'm not sure when I will relocate completely. I want everything settled before I stay in Washington permanently. Crashing on someone's couch and staying in hotels for months at a time while I'm in Washington is getting old and expensive. I want a home I can live in when I'm there. My adult children will be there full time and help with expenses, my daughter's lease is up in August. I will continue to commute back and forth until I retire. Maybe a year still up in the air. When I do leave I will have retirement income but will continue to work full time I won't make that transition until the house is done settled everybody's situated I know what payments and everything are going to be. My question is because this is my first time right now this will be my primary home and I would like it in my name can I close alone my name come and move later still be considered a primary residence? She wanted me to put the loan in my daughter's name and be cosigner but that's not what I want. I want the loan in my name it's going to be my house, my credit is excellent. I have the income. I have the job history etc. I'm ready for a mortgage. Is there anything I can do to qualify for down payment assistance for first time home buyer loan if I'm commuting back and forth. That mortgage would be the only one I have and I would have a place to live in when I go to Washington. Can you please give me some advice. Thank you in advance 🤞🙏

[@karens7620]

Hi how are you? Great info thanku. Do you deal with va loans? If so do you know who I would contact? (Toledo OH) I do have a person who has been sending me house to my email. I told him taking it very slow. Im not very trusting . he is very nice, no disrespect to him. do you know of a good realtor company & best banks to go through? I know i have lots of questions. 😞

[@WinTheHouseYouLove]

Hi! We sure do! Go ahead and fill out this form and I can connect you: www.winthehouseyoulove.com/referral

[@tishcasillas8844]

Lets say I borrow $10k from a family member BUT I know I need money to close. Can I borrower $15K from family, use only $10k as the down payment and still have money left over for closing? Is this allowed?

[@WinTheHouseYouLove]

You can borrow the down payment, but you cannot borrow closing costs. Closing costs have to be a "gift"

[@tishcasillas8844]

@@WinTheHouseYouLove So I can get a loan from a family member, plus have a different family member GIFT me the closing cost money?

[@marianykelvin]

i saved for downpayment, closing cost and an additional 10k for my emergency fund. yes it took 18 months, but i would be too nervous to buy and drain savings to 0. just my thoughts.

[@WinTheHouseYouLove]

That's perfectly ok! I wouldn't want to drain my savings either

[@bobbyhurley4869]

We not scared our first house already paid for sista 😜

[@sb8404]

How much did u save in all??

[@bobbyhurley4869]

That’s best way though

[@marianykelvin]

@@sb8404 i got 40k total. saved all my stimulus checks. budgeted to save one paycheck per month and lived on one paycheck. i follow Dave Ramsey.

[@NaturallyGifted77]

Nothing is free and most agencies they help you but with a price a price

[@WinTheHouseYouLove]

For sure

[@majorcutz4733]

How on earth do you get lenders to learn and know that this can be done? Everyone I speak to is yelling family money is a GIft gift gift- it can’t be done- it’s not accepted! Please help me educate these people. I can secure a DP via this ave and none of my lenders are aware.

[@WinTheHouseYouLove]

FHA 4000.1 Handbook on guidelines. In section II-A-3-a (page 273) it lists the the guidelines for Family Members issuing a second Mortgage or lien through TOTAL (automated underwriting).

[@zillahurd651]

Hey kyle I need your info again been trying to contact you

[@WinTheHouseYouLove]

[e-mail]

[@zillahurd651]

I got a new phone you must got a new number

[@AsIs2884]

Freaking luv you, that's all I have to say today😊

[@WinTheHouseYouLove]

Thanks!

[@ItsMeTotally]

Thanks, For the video. I will look into this. Trying to become a home owner before I have a child. Well, I guess I have to find a man first after the house to start the step lol.

[@WinTheHouseYouLove]

Hahaha best of luck in the man + house journey!

[@LatoriaMartin]

Smh for what and you see the answer is get with a down payment assistance program.

[@carloswiley1223]

Wish I would of thought about borrowing money from a family member. Who would of thought.

[@WinTheHouseYouLove]

Sent you a detailed reply on another one of your comments. It’s disappointing that you’re taking plain information as a personal attack on your situation. I make myself available to provide free info and help to people. You’re welcome to ask a question and I’d love to collaborate with you on a solution. Let me know when you’re looking for help instead of a place to vent and I’d be happy to help. My number is 937-358-6542 you can text me.

[@marizaguillen6650]

There is no brainer, Either you have the money to buy Or not, If you don't have money for the down payment and closing cost Nothing is free in America my friend. Simple as that.

[@thatoks6498]

@ Win The House You Love What if you don't have a family member who can't help then what, Your video reminds me of using other people money. Most of us do not have family help.

[@WinTheHouseYouLove]

Sorry to hear that, this is just showing the guidelines. It may not be applicable to everyone

[@thatoks6498]

@@WinTheHouseYouLove Understood

[@abelcerrillo2162]

What if my boss loans me the $220,000K to buy my brother and sisters out of my parents house. What would be the process cause my boss told me he would help me with a loan.

[@WinTheHouseYouLove]

Since someone private is loaning you money, none of the guides on this channel would be helpful.

[@blueingreen1717]

Not helpful for those who don't have family to assist. He's basically saying ask a family member.

[@WinTheHouseYouLove]

Every video I make will not apply to every person. That would be nearsighted to assume. This is helpful information for people it applies to. If it doesn't apply to you, move on.

[@MrGrowthAndChange]

This video should have been titled, "Borrowing from family members for down payment" at least that way, I wouldn't have wasted my time watching it....

[@YellowCab524]

Family be the biggest haters

[@WinTheHouseYouLove]

Unfortunately sometimes

[@anthonypearson8168]

So how can it be done through a child ?

[@WinTheHouseYouLove]

Let's say the child was 30 and the parent was 55. The child could gift/loan the money to the parent for the down payment.

[@colleenschwab]

Lol you would save a lot of people from wasting their time watching this by stating if your parents never owned their own home, they sure as hell won't have funds laying around to give to you, so skip this vid if this applies to you!