What Is The Best Mortgage For First Time Home Buyers? (2024)

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[@KapukWiwis]

After watching this video now I understand when people say “I wish I can go back to the old days” I had to finish this video with a beer everything has gotten so expensive

[@nicogarcia6711]

This was great thanks javier

[@JavyVidana]

Glad you enjoyed it

[@DinoJagger]

This video is everything I needed an more! thank you

[@saltystitchez]

Thanks for the update Javi! We are looking to close in August or September so I've been wondering what our best options are for this year.

[@WilChu]

Nice seamless dub

[@homeloanhubwithsteph]

Nice approach!

[@fremendy4771]

Thanks Javier , what if it's an investment property let's say a duplex multifamily home that you won't be that santimantal about it, what will you suggest in this case?

[@OB_1_92]

Thanks Javi, for all the great insight. I’m actually working on my RE license license so that I can become a more educated buyer when my husband and I are ready to purchase a home…This really pushed me to get that after the NARs settlement. 😅 Wish us luck! (Also, we will be trying to finance with a VA loan)

[@HowardxDuck]

The biggest barrier to entry to buying a house for me is the monthly payment. Everyone talks about down payment assistance when helping first time homebuyers but I have $150k in cash ready for a down payment but the monthly payment in my area on average is $5,000 without pmi. Oh yeah, that’s just a low end 2 bed condo. Don’t know what to do

[@nomadicskyler]

This comment bothers me

[@cristinacarrion4723]

I would love to see a video discussing home buying strategies for people who are relocating into the USA from other countries because they have acquired permanent residency.

[@acaaew]

I am waiting to close on a townhouse on April 15th and we somehow got a FHA loan at 5.75%. They didn’t buy down the rate and all we put down was the standard 3.5%. What also blew me away is that my credit score is only 670 and my wife’s is in the low 700’s and I’m the breadwinner. We had also went on contract on another home in early march that fell through because of some dry rot that the HOA wouldn’t give a date for repair and they wouldn’t allow the seller to pay out of pocket to fix it (it was maybe $1000 of damage that needed to be repaired). FHA loans require no dry rot and they couldn’t get us a conventional loan with our dept to income ratio. On that loan we were quoted 6.9% which is what I would have expected on the new home but whatever, it’s saving me several hundred a month.

[@rastaman7140]

You will have MIP for the life of the loan.

[@reyman011]

@@rastaman7140he can refinance when rates drop. Which they will

[@geedagoat]

They can refinance when rates are lower to avoid PMI. ​@@rastaman7140

[@candelariaw1668]

@@rastaman7140no she won’t. If she ever refinance that will drop

[@gregayiman7446]

@@rastaman7140MPI goes down as your balance go down, if you use a amortization calculator for most people not putting 20% down, FHA is just straight up better. At least until conventional rates goes down.

[@diptikaur1]

Hi javier, very helpful video. Do you get paid from the relator referrals?

[@0akland510]

If you are a veteran, VA home loan by far. No PMI and as little to 0% for down payment.

[@jwat3217]

Sounds amazing

[@mediocrespiderlad9078]

And depending on state, you get a reduction of property taxes which can actually raise your buy limit. Just make sure your lender understands that because it raised me from 300k to 500.

[@mediocrespiderlad9078]

Based on VA disability rating btw.

[@rickyal946]

Gm sir, is that normal the seller is a corporate LLC and they decided to hold the escrow account and choose the title company? I'm just wondering...

[@gregayiman7446]

Your information need to be updated. PMI on FHA is now based on the loan balance meaning it does go down over the years.. by the time you reach 20% paid of with conventional, your fha pmi will be under $100. Even with that the pmi difference doesn’t make up for the interest difference.. as of right now, april 2024, FHA is just straight up better than conventional for EVERYONE that doesn’t put 10 or 20% down.. until conventional interest get closer to fha interest. Also you are wrong about DTI. Fha allows for higher DTI then conventional. Love your videos but yeah this one was not great, lots of wrong information, use an amortization calculator with today’s rate and correct pmi prices and you see that fha is better for most.

[@kinghazythethird]

Thanks Sounds good Javier. Since listening to you I have paid off my car and saved 10k for my emergency fund. Now I’m ready to save up for a down payment and will go FHA so I can have a house by December 🎉

[@yooo2568]

What video did he post that helped you do that?

[@kinghazythethird]

@@yooo2568 one of his videos about what all you should do before buying a house. I know it’s common sense but I was never taught this. Pay off debt Save up emergency fund of 3-6 months Save up down payment and closing cost

[@rasheedgilmer2292]

One correction: if the loan is between 2-5 years old, you need a 75% LTV to get rid of PMI with no improvements. After five years, then its 80-20 LTV.

[@AncientShadow]

First! Yay🎉

[@capsule2326]

I have a FHA for my condo. I know the 43% doesn't include HOA, but thought I'd work out the math for fun and I'm within $6 of that 43% of monthly gross income good times

[@enoch7564]

In my experience in order to get a good deal you basically need to go conventional to compete. Many sellers dont want to bother with fha.

[@candelariaw1668]

That’s because they can’t sell you crap. FHA is strict on what needs to be done.

[@Dead_Link1]

I have plans on building a home. Waiting on property, pay it off then get a construction loan. I’ll get a loan to pay the construction loan. Would they see me as first time buyer and get some benefits from it? Which loans don’t allow this? Could I get down payment assistance?

[@ahumanbeingithink]

Is a NACA mortgage worth it?

[@basschaser9356]

No housing market crash . Too much to affordable at this rate . Keep saving

[@edlup3137]

I wish he would’ve compared VA and FHA

[@rickyal946]

Im closing on May 15 , I kearn a lot from ur videos man, ppl think Im a realtor when Im talking. 3 percent Conventional including Florida Bond Program, in Margate FL, yeah i know Florida Margate is crazy

[@JavyVidana]

I am seriously considering starting to focus on giving buyers as much tools/education to be fully independent and only use realtors for their mls and showings so that way they don't have to pay them that much when the changes happen in July.

[@rickyal946]

@JavyVidana South Florida is crazy, with a little more inventory.

[@Indrajiot]

FHA MIP is way lower than conventional’s PMI and it goes away after 11 years while conventional gets removed automatically at 22 percent but 20 if you request it. I like 20 percent Conventional cause then you can waive silly escrows and have no pmi which saves you a ton on closing costs and mortgage payments.

[@rastaman7140]

MIP only goes away if you put more than 10%. If your putting less then that it’s for the life of the loan.

[@candelariaw1668]

@@rastaman7140not true.

[@candelariaw1668]

My PMI is 30.00 because of my score.

[@Eric-yp3nx]

What amount did you take out for your mortgage

[@pokemoncollectibles2192]

Take from the video- were filthy animals to the banks 🧐 your videos are always golden lol

[@joeparga1070]

I’m feeling regret for not buying down my rate , I locked at 6.15 Va and had at least 15k to buy down but my lender recommended to save the money because the election year is going to drop rates but hearing my friends buy down to 5.5 makes me feel like I missed out

[@enoch7564]

... you haven't even waited yet

[@InvestWithFFI]

Give it time. You’ll see that buying down your rate right now would be wasting a ton of cash.

[@travisrevis1084]

The last 6 houses i made an offer on i lost out to conventional

[@richardbarrow7498]

This is the problem

[@amp2193]

My wife and i want to get a house with my mother law. Is it possible to have all 3 of us on a mortgage? We'll have 20% down, credit scores from 620-700. We're just starting the looking process and want to go for a pre approval in the next 1-2 months.

[@mikekoenig7296]

The one item people tend to forget about is what the property tax will change to based on the new value aka purchase price. Here in Ohio state the property tax is fairly high imo. My two cents.

[@candelariaw1668]

My community got rebates for our taxes so we’re good with no increase

[@user-zd4vf1yc6k]

so which loan would we need for a first time homeowner thats wanting to purchase a fixer upper? we want to by the home next door to my parents but it needs a lot of work.

[@JavyVidana]

FHA is stricter with the condition of the property, but if you have the chance to there may be a renovation loan or something to explore

[@SamSam-ke9zy]

Just lie about having more money than you really have. It's a "victimless crime".

[@user-uo1il6kd4v]

They require evidence, bank statements, …

[@capsule2326]

I see what you did there lol ;)

[@shadoweater18]

And yet, if your using property equity to finance a loan, the bank is responsible for making their own assessment of the properties worth. For taxes however, the IRS decides the worth using their own formula.

[@koyadario]

Videos were much entertaining before . kinda miss your humor and editing style

[@WillV_]

dont buy a house if you dont have 20% down

[@kevinkidneyy]

That’s stupid do you have a house ?

[@WillV_]

@@kevinkidneyy yes do you?

[@Indrajiot]

@@kevinkidneyydon’t just say it’s stupid, explain why it’s stupid. Or keep your mouth such and don’t bother “helping”.

[@ezequielrenovato6608]

@@IndrajiotNot stupid but certainly difficult on average for the majority of Americans.

[@ShayWilliam341]

You don’t need 20 percent down buy a home by the time you have saved all that money the home prices will become higher and you can’t still afford it, if you put 5 percent down and pay your mortgage you will reach 20 percent equity within a few years, the average America can’t save $80,000 to $100,000 especially when inflation is so high.