Which is better FHA or Conventional Financing for First Time Buyers? FHA Loan Requirements 2024

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[@Realtorangiepittman]

Great information - straight to the point with Important details! Thank you, Mrs. Hill!

[@ShaheedahHill]

Thank you Angela!

[@karimsanchez8058]

Great info , I put down 30 % on my 3 bedroom condo in the long term it will be worth it , my credit score is 800 . I just closed on Jan 4 , 2022 . It went pretty smooth .

[@ShaheedahHill]

Congratulations and thank you for watching!

[@jusshy]

Now write that mf off 🤭 cus you bought it soon as you signed

[@youngkrich]

What state?

[@Skipperloop]

Bro said all this just to brag lmaoo okay dude we get it big money 💰

[@manoftheyearkp7158]

I'm sorry but FHA isn't good to me. Most people getting FHA loans have low credit scores and low income. They are you getting a mortgage that's whyyyyy to much and before you know it they are out of the house. People please save some money to put a nice down payment on your home and get a low mortgage for no more then 15 years.

[@kimabze]

Thank you this video saved me from a bad deal. It’s so important to get two loan estimates. Your video is much appreciated❤

[@ShaheedahHill]

That's awesome, thanks for watching

[@August28.]

Thank you for these amazing videos.

[@ShaheedahHill]

@August28. Thank you for watching

[@connie3502]

This was a great video...So much important information that I never knew...I think in a year I wanna start my buying process...

[@ShaheedahHill]

Go for it! Thanks for watching🙂

[@lilliewashington-mccloud7503]

Thank You so much for sharing the difference in FHA and Conventional Loans.

[@luissantos396]

Why conventional has a higher interest rate compared with FHA ? I was approved for a $ 400.000 conventional loan, 3% down, first time home buyer, score 780 .. just wanted to say your videos are really a blessing for all of us dreaming to buy a beautiful house and to close in beneficial terms. I had many questions you have answered clearly and free of charge ... I wish ai could give you at least a hug ! ... God bless you ! Keep posting ! ... I'm planning to buy a house to raise my kids and stay there for the rest of my time, don't wanna keep moving ... So u said conventional makes more sense plus I can get rid off PMI once I reach 20% equity ... I applied with 2 lenders, at what point can I request them a loan estimate ? ... Once we make an offer ?

[@ShaheedahHill]

Ask for an unofficial loan estimate now and when you go under contract get an official loan estimate. Watch this video kzbin.info/www/bejne/bWPRnmWoer19Y68

[@luissantos396]

@@ShaheedahHill thanks !!!!!

[@cookies4582]

Thank you for posting this Shaheeda I'm definitely not gonna do an FHA if I don't have to my credit score is low like in the 500's but I'm working on it I don't want to except my low score to qualify for a FHA loan that's like saying I have a D on my report card but at least it's passing no ma'am not me

[@ShaheedahHill]

Thanks for watching

[@momof4121]

Hey Shaheedah Thank you for this video! Did you do a video about refinancing a conventional vs FHA?

[@ShaheedahHill]

Here is my video on refinancing, most people will typically refinance from FHA to conventional to get rid of mortgage insurance, but it has to make sense. kzbin.info/www/bejne/hH_FqqOOrc97npY

[@lelaslipgloss1728]

Thank you so much Shaheedah! This is exactly what I been looking for! First time home buyer and it is so overwhelming.

[@ShaheedahHill]

You're so welcome!

[@claudettealexander5204]

You explained well, but if a person has no buying house experience one is just going along blindly until he/ she learns. My banker told me I did not know what questions to ask him. Thanks

[@ShaheedahHill]

Yes, exactly. Thanks why I made my Handbook and masterclass for first time homebuyers. @claudettealexander5204 Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7

[@trw927]

Great information! Thank you for doing this comparison video. I have learned a lot about conventional loan from KZbin university lol and it’s not as scary as I previously thought

[@ShaheedahHill]

Thanks for watching!

[@robertcolon4998]

You are so helpful god bless you we need more people like you in america I am finally getting my home as a single parent and you was my teacher also yo are a very good looking woman keep up the good work you have a puerto rican fan I told a couple of my co workers about you and now everyone is watching your videos and trying to buy a house 🏠

[@ShaheedahHill]

Thanks for watching! Congratulations!!!

[@trent9890]

Very professional and very knowledgeable about the home-buying process I actually needed this information had no idea they were so relaxed with FHA loan requirements thanks.

[@ShaheedahHill]

Thanks Trent!

[@Aichabraids]

Girl you are the best for me right now I come across your videos right on time thank you soooooo much

[@ShaheedahHill]

Thanks for finding me😊Welcome to the channel!

[@newday8888]

Thank you!! Beautifully presented and highly informative 😊❤

[@ShaheedahHill]

Glad it was helpful! @newday8888 Thank you for watching

[@angeliamattingly]

We got approved for both FHA and conventional. Down payment was the same however interested wasn't. FHA it's 6.3% with conventional it was 8.6%. We thought about sticking with conventional but the lender that really wanted us said FHA would be better for us. I never had a lender want us so bad. So we did FHA. We closed on June 15, 2023. It was a construction loan. The loan amount was more too. Because I'm getting land and mobile home.

[@ShaheedahHill]

Thanks for sharing. Congratulations and best of luck!!

[@tinazhang4396]

You are the best one to talk about it 👍

[@ShaheedahHill]

Thanks for watching!

[@jamesrecknor6752]

Took me about one minute to decide to subscribe. Thank you for helping us.

[@ShaheedahHill]

Awesome! Thank you!

[@robynmoore7331]

First let me say that I am an FHA Direct Endosement Underwriter which means that I have been approved by FHA to underwrite FH A loans. 57% DTI is Highly Highly unlikely. Probably around 50% is more realistic. Credit score and reserve assets (the amount of liquid assets after loan closing) will carry a lot of weight in terms of pushing the DTI higher.

[@ShaheedahHill]

Thanks for sharing. Agreed...I think the minimum credit score and maximum DTI is misleading for a lot of people.

[@Chanel_Dior.]

I just applied today and I’m nervous. I have a 720-750 score but my dti is a little high. One of the car notes on my credit I don’t pay but it’s solely in my name, if I can prove that I don’t pay it do you think they will remove it?

[@BahatiCalliope]

​@@Chanel_Dior. any update.on clarity for your question

[@Chanel_Dior.]

@@BahatiCalliope Hello there, yes they removed it once I proved that the payments weren’t coming from my bank account and they had my parents proof of payment for the vehicle. Everything went rather quickly. I’ve been in my home for 9 months now. 😊

[@cjmatthews6096]

@@Chanel_Dior. Did you have to provide bank statements from your parents or a written statement? 🙁

[@happynootnoot]

This video was so informative and really cleared up a lot of topics for me. Thank you so much!!!

[@ShaheedahHill]

Thanks for watching!

[@missjackson1014]

I love your videos! You explain things so thoroughly! Ty!

[@ShaheedahHill]

You are so welcome!

[@carolyneasley8980]

This video was better than the home owners class I took.

[@ShaheedahHill]

Thank you😊

[@elsmith329]

I was disqualified for FHA on a 86,000 condo cause I have too much money in my savings. Thanks

[@KamalElfahssi]

As always, Shaheeda, very informative and it is just a great pleasure to watch your videos.

[@bggrfafe]

Thank you so much for the info! Love your channel! So easy to understand 😀

[@ShaheedahHill]

Thank you for watching

[@Tricia2023]

Well I have a 740 credit score and I’m still having problems trying to buy a 195 k condo 😮 I even have 10k to put down and I’m still having issues 😮

[@rajaes123]

Thank you for the advice and I did qualify for both FHA was harder to get the seller to accept my offer but when i went conventional, it only took one time, I like FHA because it's government insured, investors make me leery. Lol

[@ShaheedahHill]

You will be fine and you will be able to get rid on PMI when you get enough equity.

[@OsborneFans]

They lied to me. They said score had to 620 min and I had a 20,000 down payment. My score was way higher by closing because I had paid off several things before closing.

[@MichaelGouldcanyouimagine1858]

keep doing what you're doing...

[@ShaheedahHill]

Thank you🙂

[@famf6234]

Great info again Shaheeda! Thank you much! 🙏

[@ShaheedahHill]

You are so welcome!

[@chanyg1013]

Thanks for this video! Very informative.

[@ShaheedahHill]

Thanks for watching

[@trinab.9633]

Thank you so much for the information, very helpful, can you do a video for those whom are interested in purchasing a multi-unit home using FHA, thank you.

[@ShaheedahHill]

Watch my house hack video...thanks

[@tinarichardson2678]

Hi, Shaheedah. Would you mind doing a video about what I should do right after I close? Any tips? I feel like there's so much to do but in what order should I tackle things? Thanks so much.

[@ShaheedahHill]

Yes, I will soon. Congrats on the house🙂

[@Paynelessfamilyvacations]

Can you do some videos on second time homebuyers. Looking for a new home while still having a mortgage and trying to sell that first home.

[@tosinorogun]

Thank you. Clean analysis!

[@ShaheedahHill]

Thanks for watching!

[@Cpre1111]

Great video! Thanks for sharing!

[@monavamp8642]

Thank you so much for this info. We want to start looking into the process of buying but with the market the way it is well... It's been scary. Your videos have really helped thank you again ☺️

[@ShaheedahHill]

Thanks for watching!

[@tjane.m]

Great info! Thank you

[@ShaheedahHill]

My pleasure!

[@ginettejeanmichel6274]

Thanks my teacher 😘 very helpful information.

[@ShaheedahHill]

Thanks for watching

[@drumnoise865]

so clear,,thank you

[@ShaheedahHill]

You are welcome!

[@BigJim5754]

Fantastic clear info. Thank you

[@ShaheedahHill]

Glad it was helpful! Thanks for watching

[@dianaly649]

I just subscribed. Great channel, very informative. I’m looking to buy my first home in NJ, have a good credit store of 745, enough for a down payment. But I’m only 22 y/o still in college, no paystubs and my income taxes is less than 15k/yr. What has to be the yearly income to purchase a house at ~500-600k? What should I do? Can I still apply for FHA or conventional…? Thanks

[@ShaheedahHill]

Welcome to the channel - you will likely have to wait until you have enough income. Watch my "can you afford a house video" that will explain how they calculate how much they will approve you for. Thanks for watching!

[@dianaly649]

@@ShaheedahHill Thank you!

[@hollowaymiles]

Thanks!

[@topnotch1012]

Great video!!! Full of helpful information for first time home buyers like myself.

[@ShaheedahHill]

Thanks for watching!

[@maritzasantiago4741]

Hi.i owen a home already in N.Y. but will like to move to florida .what are the steps to follow it would be nice if you talk about this would be very helpful thank you so much🙏🙏🙏

[@Lynn-cv2pz]

Thank you, thank you, thank you!!!

[@ShaheedahHill]

Thanks for watching

[@darylmclain5181]

Fha used to be better but you can't remove pmt unless you refinance conventional loan you can remove pmi after 20 percent equity build up good info hope people are doing well in getting into your first home fha owner occupied home for 1 year

[@ShaheedahHill]

Thanks for watching!

[@reginalawrence6369]

What about 2nd time home buyers. That had a foreclosure?

[@ShaheedahHill]

You can buy with a FHA loan 3 years after foreclosure. @reginalawrence6369 Thank you for watching

[@masudpeach3017]

Very informative video, thank you so much!

[@ShaheedahHill]

Thanks for watching🙂

[@ChanelBrooke1994]

I love this video well explained

[@monique5528]

My credit score is 810 home prices are sky rocketing in Arizona I’m looking at 500k-530k with only 5% down. (I have more saved but was told it makes more sense to save it for later) Do you think I should be looking at conventional or fha? I make 97806k yearly but really my take home is 5200-5600 monthly . I’m scared to buy anything as I don’t want to be house poor I got 5 lenders who approved me but still looking at 6.5-7% interest monthly comes out to be between $3500-3800 I honestly would be comfortable with something around $3000. I believe if I keep saving it’s not going to do me any good because I’m likely getting a new home as a first time home buyer with time until built for closing is 9-12mo. I just need help idk what to ask or what to do anymore as being a homeowner is a dream.

[@ShaheedahHill]

You should have each lender give you an estimate for conventional and FHA an you can compare, usually the interest rate with FHA will be lower but the mortgage insurance is for the life of the loan, where conventional loans you can get rid of the mortgage insurance when gain at least 20% equity in the home, through payments and/or increases in value of your home. That will help you to make the decision. Be open to resales in AZ as well, that could help you bring that monthly payment down.

[@ShaheedahHill]

@monique5528 Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7

[@toppf294]

Very informative information only if I had knew this 3 years ago when I brought my house. Made some mistakes now trying to get from under this pmi insurance.

[@ShaheedahHill]

Get a refi quote, in this market you may have 20% equity already. Thanks for watching.

[@toppf294]

@@ShaheedahHill Thanks you

[@landonthatcher2539]

the credit score is almost irrelevant today in most loans since they mostly look at your income vs expenses ratio if you have more than 1 third of your income free to spend that is the most important factor debt to income and expenses are irrelevant as long as they know you have enough income to cover its costs in this market, and if you wait till the moratorium on payments ends from covid the market will be entirely be based on what people can afford otherwise the banks will crash again like in the great depression. Also their are the new religious loans from Islamic religions becoming more prevalent where it is illegal to charge interest at all more than a certain base increase but has a larger base downpayment.

[@landonthatcher2539]

another thing you should look into is fha land to perm loans which alow you to buy the land and build your own house all including in 1 total payment system or the 204k fha loans that alow you to pay for a house and all repairs needed to be like new also all rolled into one cost.

[@landonthatcher2539]

oh also pt2 another huge thing to look into is every bank is required by law to put 20% of their profits into local renewal, purchases, and refurbishment of local properties allowing you to apply for free grants and cash, i at the moment completed a $75 course for my bank that qualifies me for a free $6,000 payment to assist with down payment and closing costs with any property i purchase in the next year, each bank has many of these programs that if you dont ask about will go un-noticed and un-used, the same is for repairs and other programs as each is unique for each banking branch.

[@landonthatcher2539]

also pt3 yes you are correct that if you do not occupy a property the costs are higher however for occupying a house you also need to apply for a homestead tax credit also which reduces your property tax by up to 60% but you will not get this unless you apply to your local tax agency immediately upon purchase and move in for the most benefit.

[@landonthatcher2539]

also pt4 there are also homestead acts still in place in a few states where they give away land for free if you can build a house on it including Kansas and many other states, or the unused property by-laws stating that if a person can live on a property for up to 2 years or more and make improvements to the property they become its sole owner, these laws apply in many states and this way a person can get properties worth millions at no cost, there are some people that have lived inside others homes in Texas and other states that do not have the means to visit all of their properties or it in its entirety each year. this allows for those that may classify under the renter landlords under the title of "vexing vagrants" which those that are allowed entrance to a property can take up to 3 months to evict even if they pay no rent, but if its on private land with 2 years of the owners neglect these lucky citizens can become its sole owner. This becomes easier in unoccupied back woods or "group hunting" property where as if they can go unnoticed for 2 years and provide proof they made upgrades of any kind to the property they become its sole owner in its entirety.

[@zarinakhimani9149]

Thank you so much for this video! I’m so glad I came upon your channel. This is the best actionable advice I have seen for buying a home. I have a question, I know you mentioned you have to live in the home for at least 1 year before you can rent it if you have a fha loan. Is that the same case for a conventional loan too?

[@ShaheedahHill]

Yes, the same for an owner occupant loan - they require that you live there for a year.

[@jaymsleedan]

Wow great video! I always thought the higher your credit score the more you would get from the lender.

[@ShaheedahHill]

If you have a higher credit they will allow you to have a higher DTI ratio, which will allow you to qualify for more. But they are looking at credit score and DTI ratio together.

[@sugadeeification]

Thank you so much man this information was very informative and helpful.

[@ShaheedahHill]

Thank you for watching!

[@stephaniemciver1395]

Very straight to the point and informative. Thank You!

[@bd3470]

I'll ask here just in case it gets an answer but I'll keep looking on my own... So my fiancee and I have been homeless and struggling for 10 years due to health issues. For the last 5 years she has been taking all the free classes she could find on programing and web development and filling out hundreds of applications. In the meantime we worked odd-jobs, restaurant, construction labor etc. Well 11 months ago she got a great job. Making $50k plus great benefits working remotely. She paid off all but the $8k of in default student debt (more than 7 years old and doesn't show up on a credit report). Her credit score is a 730 average now, we have $16k cash saved... Should we qualify for either fha or conventional loans? We were hoping to find something around $60-80k in northern Michigan. So I guess my question is what things beyond credit score and down payment should we expect a lender to deny us for? Work history? Credit limit? Etc Thanks

[@ShaheedahHill]

Lenders typically want to see 2 years of work history that may be your obstacle at this time. But you are making great progress. You should watch this video and print out the where to start guide. kzbin.info/www/bejne/ZnqynWimdqiSfc0

[@bd3470]

@@ShaheedahHill thanks for the quick response. I watched like 4 more of your vids and the 2 year employment thing kept coming up.

[@feminineone9610]

You are a blessing 💜🌺🙏🏽

[@ShaheedahHill]

Thank you for watching!

[@tjtj6540]

Yes

[@AllBusiness33]

I LOOVVEE ALL YOUR VIDEOS

[@naturally_fit3549]

Thanks so much for this informative information

[@ShaheedahHill]

Thanks for watching!

[@antoinemotivate1890]

Thank you for the great content 👍

[@ShaheedahHill]

Thanks for watching

[@blessedmom7448]

Great information! Thanks

[@ShaheedahHill]

Thanks for watching

[@EmcXperience]

Great video!

[@ShaheedahHill]

Thank you!

[@vanikastrickland2995]

You are Heaven Sent Mrs. Hill

[@bm9074]

Absolutely i do you have a question if you have never purchased a home does your age affect a lender's decision I know it may sound discriminatory but it happened though Because I'm 48 and looking to buy my 1st home

[@ShaheedahHill]

The Equal Opportunity Credit Act prohibits lender discrimination for various protected categories, including the borrower's age. Go for it...you are still young! Buy a primary residence and then save for some investment property!

[@bm9074]

@@ShaheedahHill thank you ms!!!

[@Chrissy726]

I bought my first home. I was originally getting and FHA through a different lender. I got a conventional through my current lender. I was excited about escaping the mortgage insurance. However, I later realized that they rolled the mortgage insurance into the loan. Therefore, it's like an FHA loan because the mortgage insurance is for the life of the loan. The language was in the documentation. I was just too excited about the other aspects of the loan. Is this a bad thing?

[@ShaheedahHill]

I am not sure the conventional loan you received, maybe a 100% financing? Those loans typically have no PMI but a higher interest rate. The way to avoid PMI on a conventional loan is to put down 20% or more.

[@Chrissy726]

@@ShaheedahHill It was 3.5% down with a 3.375 interest rate.

[@jusshy]

READ the contracts. Stop just signing your signature is gold

[@deshawnbaker5992]

Great video good way to explain

[@ShaheedahHill]

Thanks for watching!

[@krystlec8210]

Thank you for the information.

[@ShaheedahHill]

Thanks for watching

[@yvonneowilliams4920]

I went back today to revise my building. Is it normal for a builder to go $2,000.00. My original price was $261,000 now it's $263,000.

[@ShaheedahHill]

If you were under contract for $261K then the contract should not have changed to $263K, but if you were not under contract then they may have had a price increase. That is not unusual.

[@artandkim]

I like you. I really do. Extremely knowledgeable.

[@ShaheedahHill]

I appreciate that, thanks for the feedback and for watching!

[@TERESAFILIPINAINAMERICA]

Very interesting and informative video very clear explanation i love your voice too .

[@ShaheedahHill]

Thanks for watching!

[@nickromero3421]

You rock Shaheedah!

[@ShaheedahHill]

Thanks for watching!

[@KeebasLife]

Great information. Thank you for all you are doing to help future buyers.

[@favorb]

Very detailed 🙏🏽

[@ShaheedahHill]

Thank you!

[@ruployngam8891]

I looking to buy in Detroit I would like to apply with fha but my credit score is 409

[@ShaheedahHill]

Watch my credit playlist

[@johnwayneeverett6263]

THANK YOU...God bless to all .

[@ShaheedahHill]

Thanks for watching!

[@crazyknotts6016]

Thanks !!! :)

[@danielmorency8798]

Great video.

[@ShaheedahHill]

Thanks so much!

[@abdessamadelyajouri2836]

Do you look for houses before getting approved from a bank or get pre approval first?

[@ShaheedahHill]

Approval 1st!

[@TiarraMello]

Hey love, quick question. If an out of state buyers wants to live in two state, and acquire the benefits of receiving an FHA loan (being a first time home buyer) for a 1-4 unit property, how can one go about showing proof of residency, ethically? Being that you have to live in the property for 1 year, whilst also living in another state for Buisness purposes? Is this even possible to do?

[@ShaheedahHill]

For an owner occupied loan the want you in a reasonable distance to your employer... around 60 miles but in commuter states like New York it can vary. If you are a remote worker you can live anywhere.

[@TiarraMello]

@@ShaheedahHill thank you for your response. Do you have any private lenders you’d recommend?

[@houstonnoproblems]

Who did you say would have the person information to contact to remove PMI after the home has reached the enough value to remove PMI

[@ShaheedahHill]

Your lender..

[@XoxoQuandra]

Thank you sis!!!!

[@ShaheedahHill]

Thanks sis for watching!

[@TMKJG24]

Thx Ms do you have a video for lending on manufactured/modular homes

[@ShaheedahHill]

No not yet

[@TMKJG24]

@@ShaheedahHill ok that's the market im going for i will stay tuned 🙂

[@johnwilson5157]

Excellent Info

[@ShaheedahHill]

Thanks for watching!

[@trinity5222]

Thank you so much

[@ShaheedahHill]

Thanks for watching

[@leonaking1865]

How do you qualify for your rental property home equity with good credit and a low paying job. Renters cover rent now and would cover the rent with refinance cash out?

[@ShaheedahHill]

Answered on another comment.

[@mnicole792]

This is extremely helpful

[@ShaheedahHill]

Thank you for watching!

[@barbarawaugh4608]

I live in Connecticut but would like to purchase a home in Florida where i hope relocate in the near future what are my options

[@ShaheedahHill]

Please watch my moving from another state video

[@MermerUniverse]

Hello, Shaheedah, I’m a silent follower of your youtube channel. I have a question, you said that you can refinance an FHA home to conventional loan to remove the PMI? Can you enlighten me regarding this and what are the conditions. Thank you.

[@ShaheedahHill]

Hi silent viewer, I did a full video on this. Here you go kzbin.info/www/bejne/g165n4uDrLmDg6s

[@chosen8031]

Whats your opinion on credit union loans ?

[@ShaheedahHill]

They can be good. I would still quote with 2 other sources as well.

[@joe_smalls]

Do these same requirements apply for a new construction loan? I want to build on a lot that I own already

[@ShaheedahHill]

Yes, for FHA. Some lenders may have higher minimum requirements than others. www.bankrate.com/mortgages/fha-construction-loans/

[@joe_smalls]

@@ShaheedahHill Than you thank you thank you! Your channel is sooo informational!

[@honeypotqueens9865]

Awesome video

[@ShaheedahHill]

Thank you!

[@honeypotqueens9865]

@@ShaheedahHill I was wondering what area to you cover I’m thinking 🤔 about moving in a couple of years my credit our excellent but don’t have history

[@rastafire1219]

Getting a FHA with very minimum money down is o it setting you for MIP for the life of the loan unless you refinance out of a FHA loan. Beware, the LO will tell you oh you can get remove within a year or two lies, the only way is refi out of a fha loan. Conventional is the way to go.

[@tonieljandro8889]

Can we still make an offer if the house under contract or pending or contingent

[@ShaheedahHill]

Yes, but if they are under contract they cannot accept you offer. If can possibly be a back up offer.

[@masudpeach3017]

Me & my sister trying to buy our first home 820k in NEW YORK CITY, we have credit score respectively FICO 781 & 778 & have good down payment but we would like to get FHA loan because with fha only 3.5% down we can save a lot of money & with saved money we can buy a business or something else. Do you think FHA would be a good idea for us? Note: we can afford conventional though). Thank you do much for this amazing video again!

[@ShaheedahHill]

You should have the lender quote both with estimates. Conventional may be less expensive for you long term. FHA may save you upfront. Thanks for watching

[@masudpeach3017]

@@ShaheedahHill Got it, thank you & have a great weekend!

[@followingfist6]

Refi (into) Conventional? Hmmm, conventional is what I already have. Guess I'll stay where I'm at with this home search.

[@OsborneFans]

I have a 2.99 interest rate with my FHA loan. I did pay 20,000 down so should I refinance to conventional loan to get the PMI off or is it worth losing the low interest rate I currently have Or should I apply for an HALOC and get the 135,000 to just pay my home off? My home now has a lot of equity even thought I’ve only been here 2 years and 4 months because of the rates spiking?

[@ShaheedahHill]

It likely does not make sense for you to refinance, you would probably double your interest rate. Here is a video I did on when it makes sense to refinance kzbin.info/www/bejne/hH_FqqOOrc97npY

[@carobp3575]

Very informative

[@ShaheedahHill]

Thanks for watching

[@astrydxo]

Ahhhh why am I not getting alerts when there’s a new video?

[@ShaheedahHill]

Please hit the bell icon and the should notify you🙂 thanks for watching

[@ElleBrOw]

I NEVER get one 😩

[@srtdonp9724]

You’re the best.

[@ShaheedahHill]

Thank you😊