NEW PROGRAM CHANGE: Mortgage Rates Slashed for First Time Buyers
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- Опубліковано 25 чер 2024
- A NEW program changes for Conventional loans now will cut the interest rates for many first-time home buyers. Here’s everything you need to know to make sure you can get the interest rate reduction!
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0:00 NEW Program Slashes Mortgage Interest Rates For First-Time Buyers
0:21 When can you access this program?
0:45 Risk-Based Pricing
1:08 Fannie Mae LLPA Chart
2:01 FHFA Rate Discount
2:53 How to Qualify
3:30 Fannie Mae Area Median Income Lookup Tool
5:21 A couple of notes
6:28 What to do next?
Kyle Seagraves - NMLS 1701021
Only for educational usage. All calculations should be verified independently. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This is not an offer to lend and should not be used to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, nor real estate advice. Read the full disclaimer here: www.winthehouseyoulove.com/di...
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Email me → kyle@winthehouseyoulove.com
Hey, I am 24 y/o, Looking to my first home. I came accord a property which could be ideal for 203k FHA loan, It would be great if you can make education video. Since Its very less content out there. It would be helpful for to you and your Viewers. By the way great content! Appreciate it !
@@hariommehta3097 Here's my 203k video! ua-cam.com/video/pZfBMNyuyLQ/v-deo.html
So much good info. I live in a very rural area too, Cullowhee NC. Income limits are before or after taxes?
I have a very serious question NEED HELP!
so we built a house about 2 years ago and everything in my neighborhood was good
untill.. the snow melted and a ton of my neighborhood flooded
the water was about 5 feet from getting into our basement but
didnt quiet reach. im scared in future years it might
and if it does reach our basement will this affect the resale value of the
home? also will it change to be considiered in a flood plane
should i sell the house before this happens?
p.s the neighboorhood is brand new only about 5 years old.
how do i know if i am in a high cost area?
Thanks!!! I found this very helpful!!!
Glad it was helpful! Thanks for watching.
Are the AMI consider to be the added income when having 2 people in the loan? or is the AMI per individual? Cause that AMI almost everywhere is super low, I don't see what kind of houses can be afforded with that income.
If I am qualified for both HomeReady and Standard, will they offer the same rate discount? Or do I get to choose?
This is awesome!! We're planning or hoping to buy our 1st home in a few months and have been worried about interest rates!! This will definitely help so much!!
Thank you so much for watching!! :)
What state are you buying in?
Is the AMI based off of gross or net income?
Finally, a more relevant, positive, and informative video! Have had enough of watching negative headlines and info out there lol. Great video, Kyle! Keep up the great work!
I appreciate that! Thank you!
I live in dayton ohio so thanks for verifying for me that I qualify! Also I am a very first time home buyer. Just in the planning stages. And will probably be ready in the next year or two.
thank 💚 You🙏
My pleasure! :)
Will a program like this come for VA home loans? First time buyer here still trying to save up to buy a house. Thanks.
VA doesn't use LLPA so VA loans already have lower rates than Conventional loans
Just got mine at a 5.25% in Aubrey Texas! Now to wait for closing. Thanks for all the info you provide man I was very educated during the process definitely will recommend you to my friends so we can all win the house we love!
game on
Thank you so much for watching!! :)
How much closing cost?
@@sammax4245 bro honestly like 10k
is the limit calculator household income ?
Only the people on the loan
Can this be used for multi-family purchase for FTHB?
Yes
Do you know if income refers to current income or income from the previous year? I recently changed jobs
It will be the income used on the loan. Which varies depending on your situation. If you'd like, I'd be happy to help if you can give me more details over email kyle@winthehouseyoulove.com
I am scheduled to close on Nov 30th using an FHA loan. Will I be able to use this program?
This only applies to conventional loans
Is it valid for conventional loan? I will be buying my first property in Pittsburgh area. And also what is the criteria for high cost area?
Thanks for this amazing video
Yes for conventional loans. High cost areas are all the ones that have color on this map: www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limit-Map.aspx
Kyle-love your videos! What are you doing for a living now?
Thanks! I work with a team of loan officers :)
The higher the credit score, the smaller the discount?? Is that correct??
Correct. Because it used to be the other way around... there was a massive fee added for lower credit scores which will go away. It's evening the playing field amongst credit scores.
Great Video
Thanks for watching!
Opposite LLPAs? That’s weird.
Not opposite, just an LLPA waiver
I am not understanding the chart at 2:50. Im above 740 and what the chart tells me is I need a lower credit score to take advantage of the rate cut at 20% down. The people who best benefit are people at 620 giving a 3% down payment?
That's correct. Previously, people who were "riskier" were charged a higher interest rate. That charge is now gone.
No one is getting a savings per say, rather a fee that used to penalize people is now being removed.
@@WinTheHouseYouLove This program is totally jacked up and awful for people like us!! I've worked really hard to get and keep my credit score above 800, then this mess happened with interest rates and I've been waiting for the best time to buy a decent home at a rate I can afford hoping prices will go down at least! NOW, I have to screw my credit and go down to 620 just to get a better interest rate?? I just can't win for losing!!! 😤🤬🤬🤬😠
No you’re misinterpreting this. People with a high credit score are already getting a lower rate.
@@WinTheHouseYouLove Okay, I’ll review and try to understand it better. Thx
What about couple is this double?
It does not double
My loan was at 3% back in 2021 last month I received a letter that said this. You were receiving this notice because your mortgage loan was recently transferred to “valon” as a new mortgage server is now a debt collector for your loan. We are attempting to collect the debt that you owe to new residential mortgage LLC we will use any information you give us to help collect this debt. I’m confused. My new mortgage company has sent me to a debt collector? Does this mean that I can no longer try to get rid of the PMI?
Likely it's just the servicing of your loan was sold. This happens to about 80% of people, extremely common.
Reach out to your current lender to confirm the details.
Is this something that will be automatically applied? How do I bring this up to the loan officer? What specifically should I be asking for? Thank you
I just recorded a personal video reply for you: share.descript.com/view/7UVwow7zQjm
@@WinTheHouseYouLove thank you so much!
Thank you 🤦🏾♂️
My pleasure! Thanks for watching. :)
hello Kyle, with 750 Credit Score and 30% down , will this Program Work?
Yes!
What is the name of the program?
It doesn't have a name, it's just a program change
@@WinTheHouseYouLove thank you. I am in the middle of closing on a house (contracts are drafted). It won't apply until December 1,2022. Is there any way to make it work for my family?
Yes! Please email me at kyle@winthehouseyoulove.com
Maybe I’ll stop paying my credit cards so my credit score can come down to quality for the extra discount. 😂😂What a wacky world we live in.
If it’s worth it to you i guess
@@Hchris101 pretty sure that was sarcasm..
To be fair, it’s not that other people are getting a better discount than you. It’s that they were penalized previously while high credit scores weren’t. They’re just removing the penalty. A high credit score makes it a thousand times easier to get approved and gives you much better options for PMI
You should be penalized for having a low credit score. That's the whole purpose of keeping up with your bills, to prove your worthiness to pay something back. To be getting a discount for having bad credit makes literally 0 sense.
Not only that, any discount I get for PMI will come nowhere close to how much I'd get for another 1.5% point mortgage discount on a 30 year loan.
I am glad we will all now get better rates but this feels frustrating that I worked hard to get and keep my score over 800 despite being low income, didn't live outside my means, etc. And now the same person who has things in collections, higher dti, etc seems to be in the same level as me for the rates they get. I understand they may have a harder time getting that approval for a loan, but at the end of the day we both get similar rates to shop with now. Unless I'm misunderstanding, it'd be cool to see an apples to apples comparison if someone with the worst credit VS best credit at the same % down. Maybe it breaks even, maybe it's still showing a difference?
Side note, when you posted your tiktok I immediately sent it to our lender at a big bank and he confirmed that i would qualify but he didn't have a date yet. So for those wondering if it's real, it is. Now I'm wondering when the other lenders will start reaching out to 'surprise' me with better rates 😂
We are WAY over the limits.
Ah bummer!
The rates are heading back down to what our economy will support. 2% to 3%.
So if my wife and I are first time home buyers and apply for a mortgage but have pretty good paying careers, it's pretty unlikely we'll qualify? Because of our combined income?
You'll want to look at that income lookup tool to see :) Or, feel free to email me if you need help kyle@winthehouseyoulove.com
@@WinTheHouseYouLove Thanks. Combined we are just over the limit for the area we want to live. I didn't think I could be upset because I made "too much" money but here I am 😭
Do you qualify in your own? Were in the same boat, but I qualify for what we want on my own, so we get to use my score for a better rate and my income only which is under the limit. My husband will legally still own half the house since we're in texas (without having to be liable for the loan)
7% is wild. Interest is theft
You don't have to get a loan. Just pay in cash if you don't want to pay interest.
Off subject, but I watch so much of your videos I see you're putting on some good weight
Haha thanks
Weird, people with better credit score and bigger downpayment get punished. And people with lower credit and a little money get rewarded. Something tells me this is not a good system
Just more DEBT stimulus which shows that the financial system is dependent on ever increasing debt. We can fix thes high prices by waiting to buy. Lets crash the house of cards RE market back to reality. 50% drop needed.
I'm guessing if my credit score is 630 and don't have much of a down payment, I don't qualify for any home loan???
Zero stimulus in here... I mentioned it in the video
He's not saying stimulus checks, he's saying they're encouraging people to rack up debt and not care about their credit score as they'd see a bigger break on fees. Regardless of what the actual numbers are, it's common knowledge that if someone sees something discounted they'd prefer to go that route VS not discounted at the same price due to it being a 'better deal'.
Kyle I hope you see this comment.
This video title is shameless CLICKBAIT.
This is NOT a "New Program" - this is simply FHFA removing LLPAs for first time homebuyers up to %120 AMI in certain areas.
-Efraim Kastel NMLS 1768829
Should say “program change”. Simple mistake