NEW 2024 Conventional Loan Requirements (Everything You Need To Know)

Everything you want to know about Conventional loans!
AMI Lookup: ami-lookup-tool.fanniemae.com/
Loan Limit Lookup: www.fhfa.gov/DataTools/Tools/...
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0:00 Overview
1:30 Down Payment
3:29 House Hacking
4:55 Helpful Team
5:35 Underwriting
7:19 HomeReady/HomePossible
8:09 Income Lookup Tool
8:53 Closing Costs
11:06 Point Stuffing
12:15 Grant Finder
13:44 Seller Credit
15:25 NAR Settlement
16:18 Source Of Funds
19:23 Credit Score
23:29 Rates
26:00 Get Started
27:22 Permanent Buydowns
29:23 Temporary Buydown
32:29 Mortgage Insurance
34:05 Credit Issues
35:31 Collections
36:16 Student Loans
38:28 Citizenship
38:52 Income
40:43 Rent History Bonus
41:52 Property Types
42:37 Accessory Dwelling Units
43:30 Affordability
46:15 Max Purchase Price Calculator
46:50 Loan Limits
48:19 Refinance
50:35 Appraisals
52:24 Appraisal Types
54:46 Appraisal Waiver Myths
56:15 Example Home 1
57:47 Example Home 2
59:15 Appraisal Condition
1:00:32 Success Rate
1:04:32 Get Started
- DISCLAIMER -
Kyle Andrew Seagraves is Federal Mortgage Loan Originator (NMLS 1701021) licensed in all 50 states with the Dan Frio Team at Allied First Bank (NMLS 203463), an Equal Housing Lender. Separately, Kyle owns Win The House You Love LLC, an education company. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This video is only for educational usage. All calculations should be verified independently. This video is not an offer to lend and should not be used directly to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. Allied First Bank is not affiliated with the VA, FHA, or any other government agency. This video has not been approved by any government agency.

[@WinTheHouseYouLove]

Thanks for watching! If you have questions I couldn't cover in this video, you can email me at [e-mail]

[@Poison21Ivory]

I have gone to an 8-hour home buyers class recently, and the breakdown in this video wasn't the breakdown in the home buying class. You have shown me a better way to look at home buying and how to breakdown closing cost and also gave me an eye opener on more questions to ask my loan officer, just to make sure nothing is hiding from or I'm missing anything. Your video was very clear and critique, and I loved it.

[@WinTheHouseYouLove]

I'm so glad this was helpful! We'd love to help you with a second opinion on your loan :) [e-mail]

[@kimberlywooten4715]

Your voice is so soothing, and you explain things in a detailed manner. Very informative!!! Thank You

[@WinTheHouseYouLove]

Thanks, Kimberly!

[@atxgurl00]

Excellent and informative content as always! Your videos are invaluable for us first time home buyers! Thanks so much for your efforts! 👏🏽

[@winniethepoohandeeyore2]

We were approved for every loan there is except VA since neither of us are vet using an SSDI income, qualified for down payment assistance but bought USDA zero money down. My mortgage is $404 a month, we paid a $650 USDA fee that they roll into the loan then I pay $18 USDA fee, we have the double homestead exemption, seniors who earn 25k or less property tax freezes, 100% disabled vets are property tax exempt, Current military are also property tax exempt. I'm a happy home owner.

[@ktru4474]

What do you need exactly to get approved? Can you share precise details? Do you need to show your taxes, have money in the bank or do they ask for your employment yrs? Thanks

[@winniethepoohandeeyore2]

@@ktru4474 Be prepared to show all kinds of info numerous times.

[@bigd2256]

A lot to decipher there…what??

[@winniethepoohandeeyore2]

@@bigd2256 Read it 1 sentence at a time..

[@caburg1208]

Watch the whole video and I really do appreciate the content you put out! Makes the process more comfortable and understanding… Will be calling soon!

[@WinTheHouseYouLove]

Thanks so much for watching!! Feel free to reach out if you have questions [e-mail]

[@nickysunshine8734]

Completely off topic for a moment. Your voice is so smooth and calming! Could listen to you for hours…Okay back to the topic, I’m taking notes and will apply this knowledge when my husband and I are ready to buy a home in the next 2 yrs. We are currently still building up our : 1) Savings for Down payment 2) Closing Costs 3)Expensive appliances we are going to have to purchase immediately after closing (ex. Washer/Dryer, Fridge, Stove etc) and last but not least … 4) Additional Reserved Savings so they can see we still have something in case of emergency. In case someone is curious our total realistic reachable goal is $40K to cover what I listed above. Also, we refuse to purchase a home for what we qualify for, we are aiming for below that amount. So we are not scrabbling for money when taxes + insurance increase down the road. I don’t want to lose sleep over a house, I just want a roof over my head and be at peace 😅

[@WinTheHouseYouLove]

Thanks! Sounds like a good plan to be ready not caught off guard! Don't forget to look into the grants and potentially seller credits to help reduce the costs needed for closing. That may speed up your timeline :)

[@nenigma1]

4 Years ago when u had glasses helped a Great deal w our 1st purchase of a home w a fixed 2.68 on a 30. Priceless information. We put 10% down. Thank you and glad to see you gaining a substantial following.

[@WinTheHouseYouLove]

Awesome congrats!!!

[@machellekennedy2199]

This was AWESOME information!!

[@WinTheHouseYouLove]

Glad it was helpful!

[@julianparks3325]

Great advice. Can't wait to work with your team

[@WinTheHouseYouLove]

Thanks for watching! Feel free to email me if you have any questions!

[@needhelp0913]

Great info and made it to the end :).

[@WinTheHouseYouLove]

Amazing!!

[@apartmentinvestingforbeginners]

So cool dude. Thank you for sharing this.

[@WinTheHouseYouLove]

Thanks for watching!

[@NiSeLiA2]

Hey Kyle: I made it to this point. Thank you so very much for your time to help us understand 🙏. I am trying to get myself prepared to purchase a home for myself...

[@WinTheHouseYouLove]

Incredible! Thanks for watching :)

[@Brian-ej7uk]

Great video,would have liked if you talked a little bit about the new rule for buyer agent fees and i wonder if new construction homes will still pick up that tab.

[@WinTheHouseYouLove]

15:25

[@starsworld5284]

This is very informative, thank you so much. My husband is coming into the country in two months, and we plan to buy our first home next year. We have saved up a reasonable amount to cover down payment, etc. I will be reaching out to your organization when the time is right, but for now, i will keep feeding myself with the knowledge from your channel 😊

[@WinTheHouseYouLove]

Awesome, thanks for watching! Please email me if you have questions [e-mail]

[@drrrrasdah3222]

Love the video! Just finished watching your underwriting video from a couple years back and followed up with this one. A couple questions but would cash work for closing if it came from my job income and is sourced through my W2's? I worked as a bartender a couple years back and only recently deposited it

[@WinTheHouseYouLove]

Thanks for watching! Cash is almost never allowed. You will need to "season" that money in your account for at least 60 days to be able to use it.

[@BronzeGirl]

Do you have information or video on paying property taxes after purchase, currently in escrow, do we have put in escrow for following. year or you have to pay it yearly

[@WinTheHouseYouLove]

If the lender is setting up an escrow account for you, you don't have to do anything. The lender will collect taxes from you monthly and pay on your behalf (usually semi-annually)

[@gusv7777]

Hey Kyle i made it to this point great video the way you explain everything is great. I have a question, When you mention the need for home inspection and possibility of getting seller credits does that pertain to New Construction homes as well? For example, in city of Winchester California?

[@WinTheHouseYouLove]

Thank you for watching! Yes, you can ask the builder for seller credits

[@gusv7777]

@@WinTheHouseYouLove one more question, also is it a good idea to get a home inspection for a new construction home as well?

[@WinTheHouseYouLove]

Yes it is. Just because it's newly built doesn't mean there aren't potential issues with quality or corners that were cut

[@gusv7777]

@WinTheHouseYouLove Thanks Kyle your the best 👌

[@tonyhernandez3433]

Do you do CP loans ? One time close deals. With land included in purchase price ? Looking around in colfax ca.

[@WinTheHouseYouLove]

At the moment we don't

[@Tony8325788]

Hi kyle, Long time viewer. Me and my wife are hoping to buy within the next year as we have a little one. Shes on salary but I just became a 1099 and have been w-2 for the past 5 years in this career. however ive been working in my field for 5 years with significant wage increases each year. I was hoping if at some point you could review a case like this or have an updated 1099 loan. Our combined income will be around $120k-$160k this year depending on how things go for me this year. We both have strong credit 780+ with years of car loans and credit card history. Thanks kyle! Always appreciate your videos!

[@WinTheHouseYouLove]

Thanks so much for watching! Can you send me an email with more detail on your work history? [e-mail]

[@Sabianism]

AMI portion was very interesting and i was not aware of this. I had no idea about qualifying for a lower rate/PMI. Something to note for the future thank you very much!

[@WinTheHouseYouLove]

Glad to hear!!

[@ozmondos]

May I ask what microphone do you use? What else do you use for voice recording?

[@WinTheHouseYouLove]

Neumann TLM 102 and Descript

[@Verum_XXII]

Hey man @ 2:00 you mentioned “if you are one person on the loan” does the percentage required go higher than 3% for two people even if you’re still within the income requirements?

[@WinTheHouseYouLove]

Only one person on the loan has to be a first time buyer to qualify for 3% down

[@jocelynbrown1732]

🙏🏿I’m looking to buy a house in NC in the 4th quarter of this year 🙏🏿between October-December. Since interest rates have been extremely high 😢…..today I heard about assumable mortgages. 👀What is this type of mortgage (pro’s/cons) about is it a good option in today’s market? Thanks 🙏🏿

[@WinTheHouseYouLove]

Assumable mortgages can be great, but the biggest hurdle is they take forever and you have to pay for the gap between the sales price and the seller's loan balance.

[@SuperNewMom1]

I don’t know where to go to get started with an application. I applied through different brokers last year and this year only to have my personal information hacked through their credit check tool. Anyway I have worked my fico up to 700 for each score but I have no idea where to go to apply now.

[@WinTheHouseYouLove]

You can schedule a call with us here for a pre-qualification: www.winthehouseyoulove.com/ Freezing your credit before and after apply for credit is a helpful strategy to protect your credit.

[@jmaxvil7978]

Is there a self sufficiency test required for 4 units?

[@WinTheHouseYouLove]

Not with Conventional

[@amandamiller798]

Hi Kyle We are self-employed 89500 year 2023 net income ,our gross is 325000, 706 credit score, $420 total debt monthly, credit utilization 6%, no late payments or derogatory marks, no bankruptcies and charge offs, and we were denied a conventional loan with a company direct mortgage loans. They put us in FHA with a 325000 max loan limit. We are so disappointed. That is way below what we can afford, and homes are just not that price anymore. We can't find anything in maryland that cheap.We had a consult with your company. keeping fingers crossed. What would be the reason for our conventional loan denial, and why are we approved for so little?

[@WinTheHouseYouLove]

Hey Amanda! Standard loans mainly look at the income you receive from your business, not the business gross revenue, to qualify you for a loan. Another option is a bank statement loan which looks at business gross revenue and then applies an expense ratio. You can reach back out to your loan officer and ask them to explore that option for you :)

[@carlai05]

If I signed as a co-borrower on my parents' home loan, will I still be considered a first-time homebuyer when I decide to get my own house?

[@WinTheHouseYouLove]

A first time home buyer is someone who has been on the title to a home within the past 3 years. So, if you're on the title you would not be a first time home buyer.

[@HeLaysUsBesidesStillWaters]

Are seller credits available on a FHA loan?

[@WinTheHouseYouLove]

Yes, up to 6% on FHA no matter the down payment

[@kanishabenton2090]

Hi Kyle, I would appreciate your input - I have non-taxable income ($4900 monthly), less than 3% DTI, FICO 750+, $20+K savings.. How much home could I afford & Would I qualify for a Conventional loan?? Thank you in advance!!!

[@WinTheHouseYouLove]

The max would be a $3k/mo payment if you have no other debt. For qualifying, I can't know that from a KZbin comment, but you can schedule a call with us to get started on a pre-qual: www.winthehouseyoulove.com/call

[@ReynaDPerez]

25:43 So when you say it will be a .188 higher than the average, what average are you talking about?

[@WinTheHouseYouLove]

I said higher on average :) Meaning the average person would expect to see that change in rate.

[@ReynaDPerez]

@@WinTheHouseYouLove Another quick question, do all banks follow the rate hack method when getting a rate for the conventional loan? I saw your video, and yes it would make more sense to do the 3% down then put the rest in payment #1 of the loan.

[@WinTheHouseYouLove]

Yes, they're based on LLPAs that all conventional loans follow

[@stephenking9305]

Hi there, can you please let me know how much you charge to work with you? And is your team as knowledgeable and customer service friendly as you are? The reason I ask is that I have experienced situations where I can’t work with the expert but need to work with their team but their team is not as knowledgeable or friendly as the expert is and I am trying to avoid a similar situation.

[@WinTheHouseYouLove]

We get paid by the lender like most loan officers do so we don't charge clients. And yes I work directly with our team and they all have over 20 years of experience each. Our loan officers are Dan, Alan, and David. We're a close-knit team and can all step in if needed. Please feel free to email me if you have any additional questions :) [e-mail]

[@88gcllc]

lol 3% down, what could go wrong? Peeps u don’t need to buy a house, it’s a myth, rent and save and invest. Thank me later

[@WinTheHouseYouLove]

No one needs to buy a house, plenty of people want to, though.

[@MyOldNameWasTaken]

Dumb comment. "Just in invest bro" Has it ever occured to you that buying a house is one of the safest if not most safe investements that you can make WHILE also allowing you to stop throwing money down the trash because you are renting a place to stay at?

[@matthewhernandez3202]

So I'm 25, have 11k saved up right now, and im able to save around 2k a month I also have a 750 credit score with great credit history, help a brother out on trying to get a house 100 miles from my job since these local lenders want me to only get a house within 100miles(which I would have to make 10x what I'm making to qualify for these houses) btw i live in bozeman, MT

[@WinTheHouseYouLove]

Do you work remote? A 100 mile commute to work and 100 mile commute back home is usually not reasonable to an underwriter without a strong explanation (e.g. documenting you've been making that commute over the past year for instance). You'd likely either need to buy the home as a secondary home (10% down) or show that you work allows you to work remotely.

[@matthewhernandez3202]

You're the best man, and I appreciate the help! I would've come here quicker if youtube notified me about your repy lol ​@WinTheHouseYouLove

[@matthewhernandez3202]

​@WinTheHouseYouLove To answer your question, I do not work remotely, so I'm going to be looking up a secondary home loan option since I did not know that was a thing! Thanks for the help brother!