sorry to be off topic but does someone know a trick to log back into an Instagram account? I somehow forgot my login password. I love any assistance you can give me!
@Jayson Lee Thanks for your reply. I found the site thru google and Im in the hacking process now. I see it takes a while so I will reply here later when my account password hopefully is recovered.
Under contract now using FHA on a $340k home built in 2014 over 2,400sqft in central Florida, we did not offer anything over asking price and the seller is paying a portion of our closing cost . We were approved for both FHA and Conventional but ultimately choose FHA because the interest rate was lower (locked in 2.8%) and the monthly PMI payment was $50 cheaper. We will refinance in a few years and get conventional to knock off the PMI. But I said all that to say everyone’s experience will differ, don’t get discouraged guys ❤️
Hey what’s up guys is Chad Seagraves here back with ANOTHER REAL ESTATE video. I’m today’s video we are going to talk about the TOP REASONS why this market ABOUT TO BUSS. And if you stay until AFTER the video I’m going to show you 7 ways to HACK real estate and make MILLIONS. Make sure to hit like, subscribe, and also don’t forg.... *dies of lung failure for not breathing at all during the intro.
bruh i straight up LIKE just for the full respect in keeping it real and telling me the click bait answer in 5 seconds and then also having the gaul to admit it!! love it lol
My husband and I are in escrow right now. FHA loan, no contingencies, $6K above asking price, and paying for all our closing costs. We went up against 7 other offers here in the Southern Arizona area.
It's not even just the loan type. I feel for first time buyers especially. In a seller's market, your lender and agent also impact how seriously your offer is taken. Local lenders who are known to vet their clients thoroughly (and agents who are known to do the same) are given greater credence that the sale will close. The seller wants the buyer most likely to go the distance, not necessarily the highest offer or 'best' terms. It's been that way since at least 2014. Also - love the shitty flute!
The SELLER cares. Conventional loans have less hoops to jump through so the deal is more likely to go through and actually close. If you are up against multiple offers the seller's usually gives preference to conventional loans over FHA.
as a first time home buyer, I originally was looking to get a house with FHA. but after a week it was really hard. Switched to conventional after learning about the benefits. went into escrow for a nice home a week later. def the way to go!!
@@MsPink0769 yes but there are benefit to both with a conventional loan show your more stable they don't have to go off your sopuse income no pmi. FHA can be good to pro are you dont but too much down it usually look at a stepping stone but you will have a pmi but are ways to get around that both have pros and cons.
@@MsPink0769 yes you pay more out of pocket upfront but the benefit of that is that it can lower your APR %, depending on how much you put down. once you reach a certain amount of equity that premium mortgage insurance you pay monthly is no longer a cost. this is what ultimately can save you a couple thousand. if you get FHA you have to pay that PMI for the life of the mortgage. better to pay upfront but also don't wanna be house rich and money poor. pay what you can afford. way the pros and cons. FHA requires at least 3.5% downpayment (the pro) however its much harder to get your offer accepted on a home. (con)
People! Use whatever loan you want! Including FHA. The only THING any Seller understands is CASH. If you use any type of loan be it Conventional, FHA, or VA Sellers don't understand a word of any of that. All they care about is whether or not you are going to waive the inspection, the appraisal, or have some crazy conditions. That is it. If anybody has a prejudice against a particular loan type it is Realtors, not Sellers.
All you can really do is save money. It will take years depending on where you live. Think about it this way, if the market crashes, then you have money saved up to jump in. If not, you’ll eventually save up enough to buy a house. It took me 12 years, but it’s doable.
I got my house (in Phoenix) April 2020. Right on the cusp of everything getting really crazy. We made 12 offers on 12 different places within our budget on FHA. Didn’t get any of them. Once we went conventional (lowered our price of houses we were looking at) we got one the first try with no concessions and we used the down payment assistance. So it only cost me about $1500 out of pocket to get into the house. Couldn’t have had better timing.
I went to get pre approved from my bank and they asked what my credit score was and I was like idk, 700ish. They ran my credit and it turns out It was 799
I recently bought a triplex in Idaho with FHA. Only had to put 3.5% down versus 25% percent down. 25% was on the fringe of what I could afford, so it was awesome to be able to finance with such a small and less risky down payment.
Just managed to find a sweet new construction townhome deal in suburban ATL with an FHA loan + 1st time homeowner DPA + builder's incentives. Got one of the first lots after looking around for almost 2 years. Dodged any more shenanigans, discrimination or competitive offers. Depending on the market there may still be hope for you if you're serious, qualified and willing to look for new builds. Appreciate the content as always Javier!!
@@curatedchristinaa Hey check around the Stonecrest, Lithonia, and North Decatur areas. Prices have not skyrocketed as far as things further inside of the Perimeter. Central to Southwest Gwinnett County is also an option.
Pretty sure people would choose conventional if they could. I'm a loan officer and would always choose the best loan for a client based on their score and how much down they got available. End of the day, many people just don't got options. We always try conventional but scores are just not always high enough.
I'm kind of being forced into buying a home right now because I'm being forced to move, and I cant stomach paying more money to rent a crappier place than I'm in now ugh. Luckily it's only a year earlier than I was planning and I qualify for a decent conventional loan at a good interest rate but the market in AZ is still crap. I think I would be freaking out right now if I hadnt been watching Javier for a few years and taken a first time homebuyer course around Thanksgiving. I highly recommend anyone who's considering buying in the next few years to take one early, I regret not doing it sooner. It was sooo helpful.
I’m glad you specifically say this is what’s impacting your market in Arizona and that it’s still possible in your area. Here in PA it’s not like that, in most areas. Yes our market is red hot but FHA isn’t necessarily looked down at in this manner. Now, of course areas vary in PA, and it’s also up to the seller to say NO FHA. I’m a realtor in PA and I’ve helped first time homebuyers get their offer accepted, using FHA. It’s all about strategy and realistic expectations. If your realtor always responds with “yes it’s all possible” then chances are you’ll be getting used to rejection and viewing 10-30 homes before getting tired and giving up.
I just purchased a home in CA with an FHA loan . Three offers on three different properties and the last one accepted. No appraisal waivers, no inspection waivers, just a straight deal. I mentioned to my agent about this video and that I thought it would take a lot longer to get an FHA loan accepted. He looked right at me and said "It isn't June anymore..."
We are currently trying to purchase (CA) with FHA and it has been heart break after heart break. Even offering $40k over cash hasn’t helped us secure a home. This has been really discouraging for my wife and I. Will have to look into conventional. Thanks for the another great video!!
Going conventional should help. The reason why is because FHA loans impose things on sellers that conventional loans are more lax on. Just a head's up: we bought in the Phoenix Metro market (2021). We had to buy "as-is", waive the appraisal contingency and even submit a love letter with no protected class info - just stuff like what we loved about the home and community, no mention of a spouse / kids, etc. Oh, and we offered a down payment of 42%, with $10k EMD. We won a 7-bid war, and the home we bought needs a good bit of work: foundation repair, drainage, new roof, new flooring, etc. Just be ready if you're in a crazy market like ours.
look into conventional.... also a tip that helped us secure a home in this crazy market (and helped two of our friends on their first try) *offer to pay over asking by X amount AND if it doesn't appraise to that amount you offered, then say you will pay the difference from asking to your offer IN CASH. This way you are VERY similar to the cash offers without having to have to pay FULL in cash. (you are just paying that small amount in cash)....with this always make sure you have the cash to back up that offer as it will be in writing. GOOD LUCK:)
I got lucky. I’m currently under contact with an FHA loan and will close next month with seller who is moving into a new home with a VA loan...haha. I qualified for conventional, but was maxed at a certain point which is why I had to go FHA. Javier is right about people looking down on those who have FHA loans, it sucks and it’s unfair. I’m always going to root for more regulations because it’s crazy out there.
We just found out that if we go with an FHA loan we can't buy a house with chipped paint because a house with chipped paint will fail an FHA inspection. A lot of the time home sellers want to sell as is (in my town).
I live in California, so as everyone knows, houses are easily $500K plus here. I’ve been saving right out of college. Took me 12 years to save up for 20% down. I also got lucky that the seller was able to pay half my closing costs. Anything but 20% is a waste IMO with the PMI. After buying my home in 2019, I feel like it’s almost impossible to buy a home if you haven’t saved up over the years. Home buying is really planning. You can’t just say, interest rates are low and gonna by tomorrow. I see many friends and relatives say that and then they realize they came affords a home, especially in California.
We got our offer accepted and hopefully will close on the 30th. In phoenix. Granted it took us three times.... Way over our initial budget but still doable. We did get FHA but we know better to stay FHA so we will fix our credit in the next six months refinance to conventional. This market is crazy. We didn't want to wait another year and be priced out. We didn't need DPA but I'll be honest, we go into the house with cash in the bank because we didn't need the full down payment.
Good luck. Just bought in Phoenix Metro, too. Crazy market, for sure. I was disappointed to have to shell out as much as we needed to. Apparently, the good deals were some years ago. Glad your FHA loan has been accepted. Provided you end up closing, be sure to have your home looked over thoroughly. Ours has foundation problems, needs new flooring, needs the drainage redone, and needs a new roof. And we still bought at $475k! But, we also had additional funds for crazy repairs like the ones I mentioned. If your home has S-tile, I was told that they're phasing out those tiles in about the next 1-2 years, so I'd get a roofer in ASAP if that applies to you.
@@bencastro921 These days even rent could make you feel 'house poor'! We honestly live a very simple life. No real debt, one credit card which is paid off and no car payment. That's the ONLY reason we could go higher in the first place. And once we refi that's an additional 250 a month we get off our mortgage. We won't be house poor but we aren living the glamorous life either 😆.
@@Awakenthemasses2016_thetruth Love it, congratulations on staying on top of your finances. As for being glamorous, there’s no need to keep up with the Joneses. It feels so much better having minimal debt. Again congratulations on the house!
@@lyndagruen2047 Congratulations on getting your house! I think we all missed out on buying last year. We haven't found a house yet that doesn't have issues. One of the things with FHA is that you must get the house inspected. Ours also has something going on with the foundation. We sent a repair request to seller. Praying they fix it or give us a credit towards fixing it ourselves. My husband is pretty handy so not worried about small things but foundation, roof and A/C are things we want them to fix before we get into it.
I'm dubious that these stats are being interpreted accurately. We have low inventories (not just because of buying but people not selling) and it seems that most of the buying is happening in limited markets. Could the reason we're seeing crazy amounts of cash and conventional is that they're the only ones in a position to move/buy right now? People who'd use FHA aren't in the position to buy. Sure they're out there but most can't afford the inflated pricing.
This is definitely the case in the philly area market. You were talking about skipping the 8s, 9s, 10s if you're going for FHA, but I've even seen some listing that I would call 5s or 6s that straight up have "No FHA offers" in the descriptions
Considering veterans make up about 7% of the population and being 5% closed, I think they are doing quite well. According to my Agent, VA owned home owners would prefer to sell to a to VA buyers. The only problem is that is a needle in a haystack.
While my guess is that FHA is less competitive than conventional, the data shown does not conclusively show that FHA applicants have fewer chances of successfully bidding on a home. That data could also indicate that fewer persons with FHA financing are applying to attempt to purchase a home. To prove that FHA buyers have lower chances, we would have to know how often their bids were accepted when compared to buyers using conventional financing, cash offers, and VA loans. With that said, a big issue for FHA loans is that there are limits for how much financing is available for a home based on the geographic area. This can prevent FHA buyers from making successful bids, because they have a ceiling that other buyers do not have. Also, in most cases, sellers don’t care about the buyer’s financing, because they’re paid off regardless. It makes no difference to a seller where a buyer gets their money from. If a buyer defaults on a loan, that’s a problem between the buyer and their lender. In general, the seller of the home is long out of the equation when a buyer defaults as they were paid off during escrow. The main exception to this would be if the seller offered the buyer a carry back mortgage. In that situation, the seller might lose money during a foreclosure, but they might also get the title to the home back.
I applied for an FHA loan with credit in the high 700s. The only reason I went that route is because I was told (by a realtor nonetheless) that you had to have 20% down for a conventional.
That’s been my concern and I didn’t know that! Thanks for sharing. I’m not going fha because of low credit I have good credit just don’t have and don’t want to put down a high down payment
😧 and like a super hero here you are, timing incredible. My husband and I were just turned down for a conventional and we were JUST about to apply for a FHA...Thank You🙏🏼
And here I just prequalified for an FHA loan too. So I guess I'll give the rest of the video a watch to learn why. Edit: Watched it, I guess I'll just give up on the idea of owning a home this year so instead I'll just go back to saving up for 100% down because F*** this confusing crap.
Just because 15% of sales are FHA doesn't mean that you have a 15% chance of closing the deal if you are FHA. That assumes an equal spread. You need to look at the ratio between who actually buys houses vs the applicant pool.
It’s possible in FL. There’s a couple on UA-cam and they shared their process...paying over $200 in PMI, but the house is move in ready and what they wanted. I was honestly shocked they got a house then I realized that FL is just different in some areas.
Javier! Appreciate your work! You’ve helped me with my first home purchase back home for me in Houston. I’m here in Phoenix visiting for a wedding I owe you a drink! Hope to meet you man! Thank you again!
Sellers also don't like the intrusive process of FHA inspectors who seem to find issues with their home. You cannot avoid that if the buyer is using FHA for financing.
FYI, waiving your appraisal contingency on an FHA loan isn't a huge deal because...at least in CA...because the FHA/VA Amendatory Clause trumps those contingency waivers.
Why do sellers care what kind of loan you have? The fact that you have a loan, doesn't that indicate that the seller will get paid? Why does it matter?
Because FHA can have a lot of requirements for a house to qualify. They may require updates to the house or that certain things be fixed. It can be a pain in the neck to bring your house up to FHA loan standards. As a seller, a conventional loan is MUCH less hassle.
@@hanab837 , Thank you for explaining. I heard the same with VA loans, which I used to buy my house late December. New build. No issues at all. Easy! I 😊
If you sell your car and let's say guy A and guy B both offered the same or similar price for your car. A wants the car the way it is. B wants you to fix up everything and make sure your car is stable enough. Who are you selling it to? A who just want to take it off your driveway, or B who wants extra things done?
I got fha with a over 700 credit score no debts making good money my bank screw me. Now if i want Conventional i have to start another 30 years if I refinance. Javier is right if you can do conventional go for it don't let them give you fha you'll be stuck with the PMI for the rest of your life. The reason why I was told i didn't qualify fora conventional was because I need it to have more money in the bank. You all out there save save save
I'm being forced out of my rental by my landlord who is planning to sell this property, so I was looking into buying because rent is astronomical where I live here in FL. I want to thank you for your videos because you've helped me realize that buying in this market is not realistic for a first time home buyer like myself.
Husband and I have been through the ringer in the dallas market trying to buy a house. We have qualified for a conventional loan and keep offering 15-20k over asking with appraisal waivers and still nothing. We are throwing in the towel, hoping things even out...
Man the market already has me bummed, but fha/usda is going to be my only option for a while. Of course I can’t buy for a couple years. Maybe the market will calm down a bit by then.
Don't rush yourself. Build good credit so you don't have to only rely on FHA. Save up 3-5% down for a desired price range. You want to be prepared to buy. You don't want to buy via shortcut(FHA) with high DTI and mediocre credit. Sure FHA qualify you, but are you ready to pay for those monthly payments? Talking about the upfront funding fees that are likely to be added to your loan, PREMIUM mortgage insurance, and higher interest rate due to your credit score. I wouldn't rush it. You want to buy because you're able to tackle that loan. Don't buy just because you can, thru FHA.
@@hangguy209 it’s not that we don’t have that money saved or can’t afford it’s because we got behind for a while due to my husbands illness resulting in a chapter 13. So we are waiting until we close that in 2 years and if we went conventional that would be another 2 year wait regardless. And given how expensive renting is in our area it still makes more sense to buy FHA and refinance in a few years than it is to pay twice as much for the house we’re currently living in.
@@jellybeansbud3610 i mean if you're up for it, go for it. But remember the rates today are at the lowest. What are the odds you will refinance later into a better rate? That said, i hope you're in good hands.
@@hangguy209 it wouldn’t make a difference. If I buy in 2 years and refinance in a couple more or if I wait 4 years to buy conventional it is the same. Either way it is 4 year u til I can buy conventional regardless. I literally cannot finance conventionally for another 4 years because of the chapter 13 regardless of my credit.
This definitely sucks. My credit score is in the 760s but I need to use FHA so I can use my commission income. Conventional loans requires that I have 2 years of commission income.
Both loan types have pros and cons. However, FHA should not be classified as the loan for the have nots. The ability to qualify for a home loan is not only based upon credit score but also ones liquidity. Work to qualify for both, but consider FHA because of the stringent appraisal and inspection process. In a market where existing homes are being sold ‘as is’, via virtual tours, and often before the the coming soon banner is removed and while new builds are being made quickly with popsicle sticks, toothpicks, Saran Wrap, and Elmers glue; buyers need something that will benefit them, not the seller. I didn’t realize FHA got so much hate, but I do believe that presenting the seller with both approvals is beneficial. Consider that if a seller wants to move forward with FHA, the quality of the home and the character of the seller might be above board as they are willing to sell at a fair price based upon standards; not money. Yes, FHA might lose the sale, but no one wants to spend money on a house that took great senior pictures but upon closer inspection is nothing more than a pig in lipstick.
@@mssha1980 It’s possible that my idealism is regional. Of all the homes I’ve sold, I’ve never cared about the buyers loan type. Of all the homes I’ve bought, I’ve only encountered one realtor that insisted I move forward with my conventional approval. I walked away and the house eventually sold for less than my FHA offer. IMO, a seller should not limit their pool based upon a loan type. That said, cash is king in my region. Out of state buyers are killing it here with their promises of cash with no contingencies, appraisals, or inspections. Additionally, cash affords them the luxury of not being the highest bidder to get the sale. That’s my regional reality.
If you noticed one of the biggest pros of an FHA was conveniently left out of the video and the biggest con (PMI) was accentuated as something you can never get rid of. Instead of a 20% downpayment, you only need to pay 3.5%... yes, you heard it right. For a $300k home, instead of paying $60k (which is like a punch in the gut), all you need to pay is $10.5k. Oh but the PMI lasts forever until you sell.... in what world would you not refinance in the next year (after all repairs/upgrades are made)? You not only use the appreciated value, but you can lower your monthly payments to something amazing
You can buy use conventional for 3%, 5%, and 10% not just 20%. Also it’s extremely unwise to purchase a home and “hope” the market the stays great and your life circumstances will change that you can refinance in a year. That’s terrible advice. Get the best loan you can get now, don’t get something you’re not happy with and think “oh well I’ll just lower the payment when I refinance”
Lender here: 3% is minimum but normally I advise 5% down to get a better rate. You'll still have pmi until you hit 80% LTV but unlike FHA, pmi is for life of loan with a few exception. But honestly, if you can qualify for conventional, go conventional. 98% of the time, a seller will overlook your bid if you're prequal with FHA in today's market.
Technically you said it before 2 seconds (proof 0:02), lol so thank you for getting straight to the point & not waiting until the end to give us the answer to the title. Time is valuable.
With that pie chart, is that accounting for the number of folks attempting with a VA loan? We can't really get data on those with a VA loan and fail getting a house
Actually paying down all debt and having trade lines (credit cards) open is a best option. Definitely don’t close them out, at least don’t so prior to close of escrow should you be so lucky. Lowering your debt service does two things: it puts more cash back in your pocket which you can obviously save for the higher down payment but it also lowers your DTI (debt to income) ratio and that makes you look better to lenders. You can therefore buy more home because you have more to service that home debt. Definitely become debt free because in a few years, when the Fed raises the Prime rate, all credit card interest debt will be through the roof.
I don't understand, why does it even matter? Is it because conventional loans let people bend the rules more as far as the requirements go, like termite inspections and stuff like that or easily waivering alot of important info that will protect the buyer? It should not matter for the seller because they're gonna benefit regardless. I personally think there's a lot of lazy ass realtors out there that only care about how quick they can get their commission.
It’s not realtors it’s sellers and lenders. If I’m repping a seller I’m suggesting what’s best for them. If I’m a seller I’m doing what’s best for me. The lenders have different requirements for each loan
I agree with you I own two properties in Cali and got screwed on one. These agents are out for themselves. So I decided to get my license so I know how everything works.
Given the current market that people are paying more than what a house is worth and not stopping, you'll have trouble finding a buyer wanting to give an fha person a chance because the bank will only finance a home for what's it's valued at according to what the appraisal is and won't cover a cent over. So through the sellers perspective an fha person will most likely not have enough out of pocket funds to cover any money if the appraisal is lower than the asking price.
If The go to backed loan may have more requirements for the buyer to jump through. It takes longer and may not go thru, while conventional may be quicker. Buyer gets money faster
Why are you giving loan advice when you are a real estate agent?? You should think about putting disclaimers up before someone sues you. You’re not a loan officer or broker yet you are giving detailed loan advice on specific loan products. You’re also leaving out huge information gaps such as the low down payment with an fha loan and many many other benefits. Generally people that go fha can’t get a conventional. And at the end of your video you basically told the truth money is money fha or conventional if you are solid there’s no reason a seller wouldn’t consider the fha if your agent does his/her job and let’s the buyers know you are solid. What blows it out of the water is properties getting 50-60 offers above asking in this current market. Tip for anyone listening Real Estate agents have no clue about how loans work and what loan is best for their clients. Talk to your broker/loan officer for that advice.
A home I looked at was listed as conventional or cash only. In a market like Phoenix (or in my case, Charlotte) they want cash or good as cash, period. And while we’re here, screw these Cali and NY transplants! They’re KILLING our market and because we’re becoming a tech hub it’s only getting worse 😣
Why does the seller even care what kind of loan the buyer has? I answer that here: ua-cam.com/video/-v5ouFucnlI/v-deo.html
sorry to be off topic but does someone know a trick to log back into an Instagram account?
I somehow forgot my login password. I love any assistance you can give me!
@Maverick Elias instablaster ;)
@Jayson Lee Thanks for your reply. I found the site thru google and Im in the hacking process now.
I see it takes a while so I will reply here later when my account password hopefully is recovered.
Under contract now using FHA on a $340k home built in 2014 over 2,400sqft in central Florida, we did not offer anything over asking price and the seller is paying a portion of our closing cost . We were approved for both FHA and Conventional but ultimately choose FHA because the interest rate was lower (locked in 2.8%) and the monthly PMI payment was $50 cheaper. We will refinance in a few years and get conventional to knock off the PMI. But I said all that to say everyone’s experience will differ, don’t get discouraged guys ❤️
Thank you
This was good to hear. My plan is to refinance but I’m unsure if I wanted to wait to go conventional or FHA
Where the heck in central FL did you buy? I'm from that area and the market is hot,hot,hot. Even my family who owns homes complains about it
@@jellyrcw12 Where is the market hot I live in central Florida as well and I'm gonna start looking next week. Probably wont qualify for conventional.
@@MsPink0769 I'm from the Orlando area and my family says that homes easily sell $20k-40k over asking price
Boy said miss me with that drawn out intro!
🤣🤣🤣
Hey what’s up guys is Chad Seagraves here back with ANOTHER REAL ESTATE video. I’m today’s video we are going to talk about the TOP REASONS why this market ABOUT TO BUSS. And if you stay until AFTER the video I’m going to show you 7 ways to HACK real estate and make MILLIONS. Make sure to hit like, subscribe, and also don’t forg.... *dies of lung failure for not breathing at all during the intro.
@@JavyVidana I'm the person that will skip all of that lol; my time is valuable so thank you for getting straight to the point.
bruh i straight up LIKE just for the full respect in keeping it real and telling me the click bait answer in 5 seconds and then also having the gaul to admit it!! love it lol
Lol. They treating FHA like Section 8. 😂
🤣
Dang that's exactly how I feel!
Seriously!
I guess I am considered FHA 3 yrs ago but F it im a homeowner IDGAF now
Right now since the demand is higher than the supply your really at a disadvantage trying to use fha but good luck.
My husband and I are in escrow right now. FHA loan, no contingencies, $6K above asking price, and paying for all our closing costs. We went up against 7 other offers here in the Southern Arizona area.
It's crazy how hard getting your basic needs (i.e a roof over your head) is so difficult even when you have the means to do it.
Fha protects you from paying to much. FHA also has alot of requirements the home has to fall into. Thats why sellers dont like FHA.
It's not even just the loan type. I feel for first time buyers especially. In a seller's market, your lender and agent also impact how seriously your offer is taken. Local lenders who are known to vet their clients thoroughly (and agents who are known to do the same) are given greater credence that the sale will close. The seller wants the buyer most likely to go the distance, not necessarily the highest offer or 'best' terms. It's been that way since at least 2014. Also - love the shitty flute!
Lmao 😂 I’ll time stamp the answer y’all 0:00
Dang the most convenient time stamp ever
💀
Who seriously cares if i buy a home with conventional or fha.Either way it beats the hell outta my old apartment.
The SELLER cares. Conventional loans have less hoops to jump through so the deal is more likely to go through and actually close. If you are up against multiple offers the seller's usually gives preference to conventional loans over FHA.
Your videos are getting better and better May the UA-cam gods shine upon you. Good Vlog
as a first time home buyer, I originally was looking to get a house with FHA. but after a week it was really hard. Switched to conventional after learning about the benefits. went into escrow for a nice home a week later. def the way to go!!
Yup personal experience conventional loan better especially in this housing market.
Did you have to pay more out of pocket for conventional vs FHA?
@@MsPink0769 yes but there are benefit to both with a conventional loan show your more stable they don't have to go off your sopuse income no pmi. FHA can be good to pro are you dont but too much down it usually look at a stepping stone but you will have a pmi but are ways to get around that both have pros and cons.
@@MsPink0769 yes you pay more out of pocket upfront but the benefit of that is that it can lower your APR %, depending on how much you put down. once you reach a certain amount of equity that premium mortgage insurance you pay monthly is no longer a cost. this is what ultimately can save you a couple thousand. if you get FHA you have to pay that PMI for the life of the mortgage. better to pay upfront but also don't wanna be house rich and money poor. pay what you can afford. way the pros and cons. FHA requires at least 3.5% downpayment (the pro) however its much harder to get your offer accepted on a home. (con)
Lmao absolutely love the first two seconds
🥸
People! Use whatever loan you want! Including FHA. The only THING any Seller understands is CASH. If you use any type of loan be it Conventional, FHA, or VA Sellers don't understand a word of any of that. All they care about is whether or not you are going to waive the inspection, the appraisal, or have some crazy conditions. That is it. If anybody has a prejudice against a particular loan type it is Realtors, not Sellers.
At this point I’m not even looking for a home anymore but I’m still here watching lol 🤓
Same
In the same position.
Same lol
In the same boat 🚣♀️
All you can really do is save money. It will take years depending on where you live. Think about it this way, if the market crashes, then you have money saved up to jump in. If not, you’ll eventually save up enough to buy a house. It took me 12 years, but it’s doable.
javier is a living breathing meme!!!! i love this guy
I got my house (in Phoenix) April 2020. Right on the cusp of everything getting really crazy. We made 12 offers on 12 different places within our budget on FHA. Didn’t get any of them. Once we went conventional (lowered our price of houses we were looking at) we got one the first try with no concessions and we used the down payment assistance. So it only cost me about $1500 out of pocket to get into the house. Couldn’t have had better timing.
FHA loans are junk loans, imo. They are too much of a headache for sellers and take tons of money from the buyer, too.
I don’t like or comment on videos usually. But the first 2 seconds made me do just that.
My man..
Same
The humor in this video is top notch 😂
I went to get pre approved from my bank and they asked what my credit score was and I was like idk, 700ish. They ran my credit and it turns out It was 799
Dam bro good deal
I recently bought a triplex in Idaho with FHA. Only had to put 3.5% down versus 25% percent down. 25% was on the fringe of what I could afford, so it was awesome to be able to finance with such a small and less risky down payment.
You are my favorite real estate UA-camr! Top notch info always!!
Thank you Steffanie!
Just managed to find a sweet new construction townhome deal in suburban ATL with an FHA loan + 1st time homeowner DPA + builder's incentives. Got one of the first lots after looking around for almost 2 years. Dodged any more shenanigans, discrimination or competitive offers.
Depending on the market there may still be hope for you if you're serious, qualified and willing to look for new builds.
Appreciate the content as always Javier!!
Where???? I am looking to buy in the suburban ATL area soon
@@curatedchristinaa Hey check around the Stonecrest, Lithonia, and North Decatur areas. Prices have not skyrocketed as far as things further inside of the Perimeter. Central to Southwest Gwinnett County is also an option.
Pretty sure people would choose conventional if they could. I'm a loan officer and would always choose the best loan for a client based on their score and how much down they got available. End of the day, many people just don't got options. We always try conventional but scores are just not always high enough.
I just got my mortgage score to 640 hopefully that’s enough for conventional lol. But not giving up
@@heyevanletsgo3911
Lol nice but that just makes it for FHA.
You need 700 for conventional. Don't sweat it. FHA works just fine.
Kauigirl nailed it 👆
I'm kind of being forced into buying a home right now because I'm being forced to move, and I cant stomach paying more money to rent a crappier place than I'm in now ugh. Luckily it's only a year earlier than I was planning and I qualify for a decent conventional loan at a good interest rate but the market in AZ is still crap. I think I would be freaking out right now if I hadnt been watching Javier for a few years and taken a first time homebuyer course around Thanksgiving. I highly recommend anyone who's considering buying in the next few years to take one early, I regret not doing it sooner. It was sooo helpful.
I’m glad you specifically say this is what’s impacting your market in Arizona and that it’s still possible in your area. Here in PA it’s not like that, in most areas. Yes our market is red hot but FHA isn’t necessarily looked down at in this manner. Now, of course areas vary in PA, and it’s also up to the seller to say NO FHA. I’m a realtor in PA and I’ve helped first time homebuyers get their offer accepted, using FHA. It’s all about strategy and realistic expectations. If your realtor always responds with “yes it’s all possible” then chances are you’ll be getting used to rejection and viewing 10-30 homes before getting tired and giving up.
I like how you immediately got to the point. Sometimes, people will go in for over 10 minutes before even getting to the point. I don't watch through.
Reasons why we love you 😂 straight to the point
I just purchased a home in CA with an FHA loan . Three offers on three different properties and the last one accepted. No appraisal waivers, no inspection waivers, just a straight deal.
I mentioned to my agent about this video and that I thought it would take a lot longer to get an FHA loan accepted. He looked right at me and said "It isn't June anymore..."
I got my fha accepted. On a 280k house. If I can do it you can to
Congrats 🏡
That's a run down house in certain places here in CO
You going to talk about companies buying up the single family houses recently?
We are currently trying to purchase (CA) with FHA and it has been heart break after heart break. Even offering $40k over cash hasn’t helped us secure a home. This has been really discouraging for my wife and I. Will have to look into conventional. Thanks for the another great video!!
Going conventional should help. The reason why is because FHA loans impose things on sellers that conventional loans are more lax on. Just a head's up: we bought in the Phoenix Metro market (2021). We had to buy "as-is", waive the appraisal contingency and even submit a love letter with no protected class info - just stuff like what we loved about the home and community, no mention of a spouse / kids, etc. Oh, and we offered a down payment of 42%, with $10k EMD. We won a 7-bid war, and the home we bought needs a good bit of work: foundation repair, drainage, new roof, new flooring, etc. Just be ready if you're in a crazy market like ours.
look into conventional.... also a tip that helped us secure a home in this crazy market (and helped two of our friends on their first try) *offer to pay over asking by X amount AND if it doesn't appraise to that amount you offered, then say you will pay the difference from asking to your offer IN CASH. This way you are VERY similar to the cash offers without having to have to pay FULL in cash. (you are just paying that small amount in cash)....with this always make sure you have the cash to back up that offer as it will be in writing. GOOD LUCK:)
This is a great video because I did not know that PMI was permanent on FHA!!!
It has been since 2013
Still a refinancing option
Thumbs up to vote Javier for world hottest man 2020!
I’d tap that for two green mana.
@@eliphs11 😆😆🍺🍺🍌🤡🤡👁
I got lucky. I’m currently under contact with an FHA loan and will close next month with seller who is moving into a new home with a VA loan...haha. I qualified for conventional, but was maxed at a certain point which is why I had to go FHA. Javier is right about people looking down on those who have FHA loans, it sucks and it’s unfair. I’m always going to root for more regulations because it’s crazy out there.
Knew it before I clicked it LMAO Thanks for being straightforward Javi
Why would a seller care what kind of loan it is? Don't they get their money either way?
It’s what’s in your best interests
The hoops they can make the buyer jump thru. A seller in this hot market will go with conventional for the ease of closing
So sometimes FHA doesn’t move as fast either and the seller doesn’t want to waste their time with a deal that may fall through the cracks
Thanks for the info! That makes sense!
We just found out that if we go with an FHA loan we can't buy a house with chipped paint because a house with chipped paint will fail an FHA inspection. A lot of the time home sellers want to sell as is (in my town).
I live in California, so as everyone knows, houses are easily $500K plus here. I’ve been saving right out of college. Took me 12 years to save up for 20% down. I also got lucky that the seller was able to pay half my closing costs. Anything but 20% is a waste IMO with the PMI. After buying my home in 2019, I feel like it’s almost impossible to buy a home if you haven’t saved up over the years. Home buying is really planning. You can’t just say, interest rates are low and gonna by tomorrow. I see many friends and relatives say that and then they realize they came affords a home, especially in California.
We got our offer accepted and hopefully will close on the 30th. In phoenix. Granted it took us three times.... Way over our initial budget but still doable. We did get FHA but we know better to stay FHA so we will fix our credit in the next six months refinance to conventional. This market is crazy. We didn't want to wait another year and be priced out. We didn't need DPA but I'll be honest, we go into the house with cash in the bank because we didn't need the full down payment.
Hopefully you guys didn’t overstretched yourselves that could result being house poor.
Good luck. Just bought in Phoenix Metro, too. Crazy market, for sure. I was disappointed to have to shell out as much as we needed to. Apparently, the good deals were some years ago. Glad your FHA loan has been accepted. Provided you end up closing, be sure to have your home looked over thoroughly. Ours has foundation problems, needs new flooring, needs the drainage redone, and needs a new roof. And we still bought at $475k! But, we also had additional funds for crazy repairs like the ones I mentioned. If your home has S-tile, I was told that they're phasing out those tiles in about the next 1-2 years, so I'd get a roofer in ASAP if that applies to you.
@@bencastro921 These days even rent could make you feel 'house poor'! We honestly live a very simple life. No real debt, one credit card which is paid off and no car payment. That's the ONLY reason we could go higher in the first place. And once we refi that's an additional 250 a month we get off our mortgage. We won't be house poor but we aren living the glamorous life either 😆.
@@Awakenthemasses2016_thetruth Love it, congratulations on staying on top of your finances. As for being glamorous, there’s no need to keep up with the Joneses. It feels so much better having minimal debt. Again congratulations on the house!
@@lyndagruen2047 Congratulations on getting your house! I think we all missed out on buying last year. We haven't found a house yet that doesn't have issues. One of the things with FHA is that you must get the house inspected. Ours also has something going on with the foundation. We sent a repair request to seller. Praying they fix it or give us a credit towards fixing it ourselves. My husband is pretty handy so not worried about small things but foundation, roof and A/C are things we want them to fix before we get into it.
I'm dubious that these stats are being interpreted accurately. We have low inventories (not just because of buying but people not selling) and it seems that most of the buying is happening in limited markets.
Could the reason we're seeing crazy amounts of cash and conventional is that they're the only ones in a position to move/buy right now? People who'd use FHA aren't in the position to buy. Sure they're out there but most can't afford the inflated pricing.
This is definitely the case in the philly area market. You were talking about skipping the 8s, 9s, 10s if you're going for FHA, but I've even seen some listing that I would call 5s or 6s that straight up have "No FHA offers" in the descriptions
Considering veterans make up about 7% of the population and being 5% closed, I think they are doing quite well. According to my Agent, VA owned home owners would prefer to sell to a to VA buyers. The only problem is that is a needle in a haystack.
While my guess is that FHA is less competitive than conventional, the data shown does not conclusively show that FHA applicants have fewer chances of successfully bidding on a home. That data could also indicate that fewer persons with FHA financing are applying to attempt to purchase a home. To prove that FHA buyers have lower chances, we would have to know how often their bids were accepted when compared to buyers using conventional financing, cash offers, and VA loans.
With that said, a big issue for FHA loans is that there are limits for how much financing is available for a home based on the geographic area. This can prevent FHA buyers from making successful bids, because they have a ceiling that other buyers do not have.
Also, in most cases, sellers don’t care about the buyer’s financing, because they’re paid off regardless. It makes no difference to a seller where a buyer gets their money from. If a buyer defaults on a loan, that’s a problem between the buyer and their lender. In general, the seller of the home is long out of the equation when a buyer defaults as they were paid off during escrow.
The main exception to this would be if the seller offered the buyer a carry back mortgage. In that situation, the seller might lose money during a foreclosure, but they might also get the title to the home back.
I applied for an FHA loan with credit in the high 700s. The only reason I went that route is because I was told (by a realtor nonetheless) that you had to have 20% down for a conventional.
I’m sorry they told you that. There’s conventional loans that have 3% down. I guess it depends on individual situations
That’s been my concern and I didn’t know that! Thanks for sharing. I’m not going fha because of low credit I have good credit just don’t have and don’t want to put down a high down payment
I just have to say I love the memes he throws in these vids. Gets me everytime
😧 and like a super hero here you are, timing incredible. My husband and I were just turned down for a conventional and we were JUST about to apply for a FHA...Thank You🙏🏼
And here I just prequalified for an FHA loan too. So I guess I'll give the rest of the video a watch to learn why.
Edit:
Watched it, I guess I'll just give up on the idea of owning a home this year so instead I'll just go back to saving up for 100% down because F*** this confusing crap.
If you can, 20% down will take you out of pmi with a conventional. But 100% down cash is king. Best of luck sir!
There are 3% and 5% conventional loans.
Just because 15% of sales are FHA doesn't mean that you have a 15% chance of closing the deal if you are FHA. That assumes an equal spread. You need to look at the ratio between who actually buys houses vs the applicant pool.
It’s possible in FL. There’s a couple on UA-cam and they shared their process...paying over $200 in PMI, but the house is move in ready and what they wanted. I was honestly shocked they got a house then I realized that FL is just different in some areas.
Lmao it took me 2 years to get FHA ready and you come out with this shit 🤣
Lol 😂 Me too
That California Love drop had me weak 😅
Scrolling the comments section to look out for who caught that haha
LMFAO! THAT WAS AN AWESOME INTRO YOU GAVE THE ANSWER RIGHT AWAY I DIDN'T EXPECT THAT THANK YOU
Javier! Appreciate your work! You’ve helped me with my first home purchase back home for me in Houston. I’m here in Phoenix visiting for a wedding I owe you a drink! Hope to meet you man! Thank you again!
Thanks man, best first 2 seconds 🤣👍 great channel, very informative and detailed, keep up the good work 👍👍
Sellers also don't like the intrusive process of FHA inspectors who seem to find issues with their home. You cannot avoid that if the buyer is using FHA for financing.
Can you do a VA video
FYI, waiving your appraisal contingency on an FHA loan isn't a huge deal because...at least in CA...because the FHA/VA Amendatory Clause trumps those contingency waivers.
Why do sellers care what kind of loan you have? The fact that you have a loan, doesn't that indicate that the seller will get paid? Why does it matter?
I keep asking myself that question
Because FHA can have a lot of requirements for a house to qualify. They may require updates to the house or that certain things be fixed. It can be a pain in the neck to bring your house up to FHA loan standards. As a seller, a conventional loan is MUCH less hassle.
@@hanab837 , Thank you for explaining. I heard the same with VA loans, which I used to buy my house late December. New build. No issues at all. Easy! I 😊
If you sell your car and let's say guy A and guy B both offered the same or similar price for your car. A wants the car the way it is. B wants you to fix up everything and make sure your car is stable enough. Who are you selling it to? A who just want to take it off your driveway, or B who wants extra things done?
@@hangguy209 , Another commentor explained this already. But thanks!😊
This guys is so knowledgeable guys, I bought a house last years and his videos help.
You are the freaking truth! I’m in Texas and I send quite a bit of your videos to my clients since I’m just getting my feet wet!! Big 🥰🥰 to you!
What first time buyer has more than 3.5% down?!?!?! Virtual teardowns in my area are $350,000......
I got fha with a over 700 credit score no debts making good money my bank screw me. Now if i want Conventional i have to start another 30 years if I refinance. Javier is right if you can do conventional go for it don't let them give you fha you'll be stuck with the PMI for the rest of your life. The reason why I was told i didn't qualify fora conventional was because I need it to have more money in the bank. You all out there save save save
I have a 800+ FICO, I was being pushed and pushed on FHA loans. I wanted conventional because of the PMI.
There's more fees that roll into the FHA loan
Lenders get commission
“... that’s impossible. Only a real estate Chad can save the market...” 😂
Lol the title got me, and the video reminded me why I subscribed 👍 thanks for the great info again
I'm being forced out of my rental by my landlord who is planning to sell this property, so I was looking into buying because rent is astronomical where I live here in FL. I want to thank you for your videos because you've helped me realize that buying in this market is not realistic for a first time home buyer like myself.
Husband and I have been through the ringer in the dallas market trying to buy a house. We have qualified for a conventional loan and keep offering 15-20k over asking with appraisal waivers and still nothing. We are throwing in the towel, hoping things even out...
Man the market already has me bummed, but fha/usda is going to be my only option for a while. Of course I can’t buy for a couple years. Maybe the market will calm down a bit by then.
Don't rush yourself. Build good credit so you don't have to only rely on FHA. Save up 3-5% down for a desired price range. You want to be prepared to buy. You don't want to buy via shortcut(FHA) with high DTI and mediocre credit. Sure FHA qualify you, but are you ready to pay for those monthly payments? Talking about the upfront funding fees that are likely to be added to your loan, PREMIUM mortgage insurance, and higher interest rate due to your credit score. I wouldn't rush it. You want to buy because you're able to tackle that loan. Don't buy just because you can, thru FHA.
@@hangguy209 it’s not that we don’t have that money saved or can’t afford it’s because we got behind for a while due to my husbands illness resulting in a chapter 13. So we are waiting until we close that in 2 years and if we went conventional that would be another 2 year wait regardless. And given how expensive renting is in our area it still makes more sense to buy FHA and refinance in a few years than it is to pay twice as much for the house we’re currently living in.
@@jellybeansbud3610 i mean if you're up for it, go for it. But remember the rates today are at the lowest. What are the odds you will refinance later into a better rate? That said, i hope you're in good hands.
@@hangguy209 it wouldn’t make a difference. If I buy in 2 years and refinance in a couple more or if I wait 4 years to buy conventional it is the same. Either way it is 4 year u til I can buy conventional regardless. I literally cannot finance conventionally for another 4 years because of the chapter 13 regardless of my credit.
@@jellybeansbud3610 good luck! Hope you find something. It's a tough market for FHA. Like Javier said, you can't just eye for the 9s and 10s.
Almost 100k subscribers!! Congratulations on everything 🙏
Thanks for the info, we appreciate you!
This definitely sucks. My credit score is in the 760s but I need to use FHA so I can use my commission income. Conventional loans requires that I have 2 years of commission income.
Why do sellers care what type of loan the buyer has? if they are getting paid what difference does it make?
Different requirements for each loan. Same reason people will take a cash buyer over fha
Timing. Closing takes at least 45 days, I believe it's cause underwriting takes so long.
Can you get a conventional loan with less than 20% down payment?
As long as it pays for the house I want Idc no matter how bad it or even food stamp loan ...don't think too much about it
Finally! I've always thought why doesn't someone do that. And then elaborate why
If you're not a cash buyer right now, you're pretty much not getting a house.
Both loan types have pros and cons. However, FHA should not be classified as the loan for the have nots. The ability to qualify for a home loan is not only based upon credit score but also ones liquidity. Work to qualify for both, but consider FHA because of the stringent appraisal and inspection process. In a market where existing homes are being sold ‘as is’, via virtual tours, and often before the the coming soon banner is removed and while new builds are being made quickly with popsicle sticks, toothpicks, Saran Wrap, and Elmers glue; buyers need something that will benefit them, not the seller. I didn’t realize FHA got so much hate, but I do believe that presenting the seller with both approvals is beneficial. Consider that if a seller wants to move forward with FHA, the quality of the home and the character of the seller might be above board as they are willing to sell at a fair price based upon standards; not money. Yes, FHA might lose the sale, but no one wants to spend money on a house that took great senior pictures but upon closer inspection is nothing more than a pig in lipstick.
You’re speaking idealistically. In real life people are accepting conventional and that’s what it is. If you have no other choice of course go fha
@@mssha1980 It’s possible that my idealism is regional. Of all the homes I’ve sold, I’ve never cared about the buyers loan type. Of all the homes I’ve bought, I’ve only encountered one realtor that insisted I move forward with my conventional approval. I walked away and the house eventually sold for less than my FHA offer. IMO, a seller should not limit their pool based upon a loan type. That said, cash is king in my region. Out of state buyers are killing it here with their promises of cash with no contingencies, appraisals, or inspections. Additionally, cash affords them the luxury of not being the highest bidder to get the sale. That’s my regional reality.
If you noticed one of the biggest pros of an FHA was conveniently left out of the video and the biggest con (PMI) was accentuated as something you can never get rid of. Instead of a 20% downpayment, you only need to pay 3.5%... yes, you heard it right. For a $300k home, instead of paying $60k (which is like a punch in the gut), all you need to pay is $10.5k. Oh but the PMI lasts forever until you sell.... in what world would you not refinance in the next year (after all repairs/upgrades are made)? You not only use the appreciated value, but you can lower your monthly payments to something amazing
You don't need 20% downpayment on conventional 3 is the minimum.
The point of the video is to show you the chance of your FHA offer getting accepted right now. That being said, you made some great points as well.
@@lisacastano1064 Isn’t that for first time home buyers only? I could be wrong
You can buy use conventional for 3%, 5%, and 10% not just 20%. Also it’s extremely unwise to purchase a home and “hope” the market the stays great and your life circumstances will change that you can refinance in a year. That’s terrible advice. Get the best loan you can get now, don’t get something you’re not happy with and think “oh well I’ll just lower the payment when I refinance”
Lender here: 3% is minimum but normally I advise 5% down to get a better rate. You'll still have pmi until you hit 80% LTV but unlike FHA, pmi is for life of loan with a few exception. But honestly, if you can qualify for conventional, go conventional. 98% of the time, a seller will overlook your bid if you're prequal with FHA in today's market.
Got Student Loans, run away from FHA. Kills your buying amount power.
Not necessarily, if they’re not that high it should t be so bad, if they’re high yes it will not help
False. It depends on how much debt you have.
Remember that FHA gets your feet at the door of homeownership.
Do not run from it. Do your due diligence.
Technically you said it before 2 seconds (proof 0:02), lol so thank you for getting straight to the point & not waiting until the end to give us the answer to the title.
Time is valuable.
What if you use FHA to buy land for construction of new house? Is land just as bad/competitive as move-in-ready?
🙌 Javier stepping up!!! I’m here for it
In the Raleigh, NC market it's more like 6-8% of closed homes with FHA...and that's in the more rual areas 😬🥴
FHA loans have outrageous PMI , also you have to finance PMI upfront premium ( which is a lot )
With that pie chart, is that accounting for the number of folks attempting with a VA loan? We can't really get data on those with a VA loan and fail getting a house
Javi, you should do a session on retirement homes. We will be on limited funds and no way can you afford a 2K plus mortgage for average folks.
Do U talk stock?? U one of the realest UA-cam. I would buy a subscription based video.
I'm really surprised you don't mention anything about the option to refinance with a conventional loan.
Lmao. I love the opening 🤣
Actually paying down all debt and having trade lines (credit cards) open is a best option. Definitely don’t close them out, at least don’t so prior to close of escrow should you be so lucky.
Lowering your debt service does two things: it puts more cash back in your pocket which you can obviously save for the higher down payment but it also lowers your DTI (debt to income) ratio and that makes you look better to lenders. You can therefore buy more home because you have more to service that home debt. Definitely become debt free because in a few years, when the Fed raises the Prime rate, all credit card interest debt will be through the roof.
I like the conventional loan better plus better chance of getting your bid accepted.
My current struggle 😩. I had two situations where my offer was neck and neck with an conventional buyer. You can guess who they chose.
Love your editing and video style!
I don't understand, why does it even matter? Is it because conventional loans let people bend the rules more as far as the requirements go, like termite inspections and stuff like that or easily waivering alot of important info that will protect the buyer? It should not matter for the seller because they're gonna benefit regardless. I personally think there's a lot of lazy ass realtors out there that only care about how quick they can get their commission.
It’s not realtors it’s sellers and lenders. If I’m repping a seller I’m suggesting what’s best for them. If I’m a seller I’m doing what’s best for me. The lenders have different requirements for each loan
I agree with you I own two properties in Cali and got screwed on one. These agents are out for themselves. So I decided to get my license so I know how everything works.
@@mssha1980 like I said, it shouldn't matter because the seller is gonna benefit regardless.....You know, regardless of what type of loan it is
Given the current market that people are paying more than what a house is worth and not stopping, you'll have trouble finding a buyer wanting to give an fha person a chance because the bank will only finance a home for what's it's valued at according to what the appraisal is and won't cover a cent over. So through the sellers perspective an fha person will most likely not have enough out of pocket funds to cover any money if the appraisal is lower than the asking price.
If
The go to backed loan may have more requirements for the buyer to jump through. It takes longer and may not go thru, while conventional may be quicker. Buyer gets money faster
Why are you giving loan advice when you are a real estate agent?? You should think about putting disclaimers up before someone sues you. You’re not a loan officer or broker yet you are giving detailed loan advice on specific loan products. You’re also leaving out huge information gaps such as the low down payment with an fha loan and many many other benefits. Generally people that go fha can’t get a conventional. And at the end of your video you basically told the truth money is money fha or conventional if you are solid there’s no reason a seller wouldn’t consider the fha if your agent does his/her job and let’s the buyers know you are solid. What blows it out of the water is properties getting 50-60 offers above asking in this current market. Tip for anyone listening Real Estate agents have no clue about how loans work and what loan is best for their clients. Talk to your broker/loan officer for that advice.
Thanks for the answer. I was about to fast forward your videos 😅
A home I looked at was listed as conventional or cash only. In a market like Phoenix (or in my case, Charlotte) they want cash or good as cash, period. And while we’re here, screw these Cali and NY transplants! They’re KILLING our market and because we’re becoming a tech hub it’s only getting worse 😣
Realistically if you can only afford 3.5 down you should stick to renting because you don't have enough money for hidden expenses.
Exactly. We just bought a home and are looking at repairs that will exceed $10k and possibly exceed $20k.
In some areas that’s impossible for many people
Your videos are informative while entertaining 👍🏼