Should You Get The New 1% Down Loan? (Best Loan For First Time Home Buyers)
Вставка
- Опубліковано 8 чер 2024
- UPDATE: This loan now requires monthly PMI as of 1/1/24, but will have a slightly lower rate than before.
Area Median Income Lookup: ami-lookup-tool.fanniemae.com...
📊 Loan Comparison Calculator → www.winthehouseyoulove.com/ad...
► ► Get Pre-Approved With My Team → www.winthehouseyoulove.com/le...
► ► Get An Agent Referral → www.winthehouseyoulove.com/agent
TOP RESOURCES
📉 Today’s Rates → www.winthehouseyoulove.com/rates
🏡 Max Purchase Price Calculator → www.winthehouseyoulove.com/ma...
📊 Loan Comparison Calculator → www.winthehouseyoulove.com/ad...
📅 Complete Buying Timeline → www.winthehouseyoulove.com/ti...
🎓 Lower Student Loan Payments → www.winthehouseyoulove.com/st...
💳 Credit Score Simulator → www.winthehouseyoulove.com/cr...
0:00 Should You Get A 1% Down Loan?
0:19 Recap
1:35 Area Median Income Lookup tool
2:29 Where is the money coming from?
3:52 Who is offering this program?
3:56 www.WintheHouseYouLove.com
4:59 Is it Supposed to fix the housing market?
5:52 Why only people who make 80% AMI or less?
6:53 Will your monthly payment higher?
7:48 Will you pay a ton in interest?
8:05 LoanClarity Advisor Comparison
13:12 Become a member of my channel
13:28 When will it run out?
14:29 Is the income limit based on the household/
15:08 Can you exclude your spouse from the income limit?
15:27 Can you exclude variable income?
16:27 Will you get a LLPA waiver?
17:01 Can closing costs be covered?
18:35 Can you refinance?
19:09 What if your income increases later?
19:24 Why does this work in expensive areas?
- 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.
UPDATE: This loan now requires monthly PMI as of 1/1/24, but will have a slightly lower rate than before.
I've done several of these loans in Oregon! Such a great program! I feel like it gives people a fighting chance!🎉
Want to support the channel and get priority answers to your questions? Consider becoming a member here: ua-cam.com/users/winthehouseyoulovejoin
Hi Kyle.
Great content. Thank you.
Are condos included in this fantastic program, or single family ?
Thank you!
Hello Kyle, thank you I appreciate walking through this program and addressing all potential questions someone might have. Honestly, this program seems like a good deal for someone in low cost area, and the ability to refinance is great.
Thanks for watching. ;)
Great content! What do you use for the visual aids in your videos? I've tried just marking up a pdf on an iPad with the Apple Pencil, but the screen recorder doesn't capture the markups.
Thank you I am approved and you answered all my questions
In the last 2 years i have sent people i met who were very poor. Between my credit help and advice. Thier own effort and this channel are homeowners. And 5 kids gonna grow up with a home.
Do you have any suggestions for what area I should go for with this program in Arizona?
Are construction loans in this market, for a single family home, building on your lot, hard to get and do only local banks or credit unions do them?
Thanks!
If I do the One+ loan and did a high buy down, what's the lowest interest rate I can possibly get? I'm planning on getting a home very soon and I believe I hit the criteria for this.
Hello, I was looking for videos on down payment assistance programs. I live in westchester county Ny and just stumbled upon the home buyer dream program. I was wondering if you’ve ever heard of it and if so could you please make a video about it.
Can you use this if you have a current mortgage on another house, if you plan on making this new home your primary home.
This loan seems great for me. I make about $81,000 annually and I’m at 80% of the median income in Chicago. The home I want cost $320K, my current lender advised I go over $10,000 for the purchase price to receive seller credit but I’m not sure if this is the best option instead of a 2/1 buy down?
Any loan recommendations for buying a manufactured home and land.
Are there any programs that help people who make just a little bit more? My husband and I make about $100,000 a year together but we are having a hard time finding a nice home in FL or GA at the prices of homes currently. We are FTHB and everywhere we look is way above $300K-350K. I love watching your videos(I work with a nice guy who kinda looks and speaks just like you!)
Hey Mr. Kyle, what does the limit include? Is that the total selling price on the contract, which may include lot premium? Or are able to exclude the lot premium and just use the house price?
It’s the total selling price (house + land)
I used the UWM one it was pretty smooth. We actually apply for the rocket mortgage as well we decide thr UWM met our situation better.
Nice!
I need a lot of help I have been trying to purchase a home for over a year.
Mostly I have been qualified by Veterans United . Then I tried 3 houses with them. They kept telling me that I have too much debt. Then I tried with two other lenders. Debt to income was a issue
Mind you all properties were different prices. ALSO. I understand about the interest rates. I refuse to sign another lease for rent so.. my rent went from 788. To 940
I am being consumed with debt for real now. I am also 68 years old do you have any solutions
Hi , I’m self employed can I qualify that program?
Not sure about other areas of the country, but in N/W Ohio conventional loans are the way to go. Only about 30% of the sellers in our market will accept anything but cash or conventional.
This is a conventional loan
@WinTheHouseYouLove Right, that's why this seems like a great program. I will definitely let my clients know about this. Thank you
Ohh gotcha, wasn’t sure if you were thinking it was a different loan. My bad!
Can this program be used with 203k? Can you still get down payment assistance or must the 1% come from the buyer?
My areas 80% AMI is 68k. I make 82k and my wife makes 38k. We are applying on the loan together for a house thats 350k. Could we use this program? We would not qualify for a 350k home with just her on the loan.
Will this work with a FHA loan?
How does pre-approval process work if someone choose your team? Is through video or just telephone or emailing back and forth?
We can do all options: video, call, text, or email. We start with a consultation call you can book on our website.
When I ask banks and credit union, they never heard of this product.
Because they don't offer it. We offer this product www.winthehouseyoulove.com/
ive seen that most banks arent offering this product, it seems Rocket is all over this product
Hi. In your opinion, can this loan save me more money than a USDA loan ? I can get USDA with zero, down, but PMI is wrapped in the loan with USDA right? What’s better?
Why would you want to do a USDA loan? I think PMI is permanent on those.
Is Massachusetts one of the qualified states? Thank you!
All 50 states
For the 80% do they also count co-signer income? Or does it double? My partner is above the 80% AMI, but I am not so I was curious how this would work in my case.
Does that change if I live in a low income census tract area?
Thanks if anyone has information!
14:30
This program is only based on 80% AMI, not low income census tracts
I got too excited and jumped the gun 🤣 thank you though I love your videos!
do u have a limit for the houses loans in the 50 states ?
The loan limit is $350,000
They always say we make too much for firts time buyers. we work hard do over time and apparently that means you can afford anything lol
We can exclude overtime to qualify you for this program as long as you can still qualify for the loan without that added income
Can you work this loan out in Miami Fl.
Yep, all 50 states
Will a non occupant co-signer work with this program?
Unfortunately no. Non occupant co borrowers require 5% down.
This loan has a max allowable contribution by the buyer is 2.99%. That plus the 2% grant is only 4.99%.
Any higher down payment will make the loan ineligible
Is this an in house loan, or do they get sold?
Serviced by the wholesaler. Securitized by Fannie
What does your credit score need to be
1:17
How does PMI get removed for this program?
Paid by the wholesaler
How about here in California?
All 50 states
@@WinTheHouseYouLove ,
I'm confused__why do you say "in all 50 states" when I'm pretty sure you explained in the video why it doesn't apply in CA? 😛
What do you mean by 80% AMI , what if I make less than 80% of the AMI , would I qualify ? My household consists of 2 people
1:30
Less than or equal to 80% AMI
Okay how do I get into contact with you guys ? I have a house in NJ that I'm interested in but I work and live out of NYC right now.
You can schedule a call at winthehouseyoulove.com
Do you think this will be available in March 2024?
Not sure
How long do I need to stay in this house as a primary home before I move out and make it like a rental house.
1 year is the expectation for all loans. You can sell at any time though
No, I mean I want to make it like rental house, so one year is the minimum to stay as primary home@@WinTheHouseYouLove
Yes 1 year
The thing that is hilarious about this program is, you have to make 80% or under of the areas medium income. A cap of $350,000 of a selling price (doesn’t exist in my area), and yet the interest rates are nearing 8%. If you make under $120,000/yr, how in the hell are you supposed to afford anything right now, even under this program?!
If you make $100k/yr, with excellent credit under this program…..you’d have to find a house for $250k MAX to afford it.
This is like saying, “I can fly if it snows, rains, is 100 degrees, with tornados and hurricanes, with a full moon. It’s not all of those things right now….so I can’t fly.”
🤪🤪🤪🤪🤪
About 30% of the loans we're doing now are this program. It works for a lot of people
@@WinTheHouseYouLove I’m glad something is working out!! Definitely glad to hear it. Unfortunately in my area, to qualify for the program income-wise, prices would have to be way under the $350,000 price range. 95% of all homes in my area are way more than $400,000 and completely unaffordable, especially where interest rates are so high right now.😫
@@alexwalker5645 So get creative and find a way to make it work. That could be house hacking or finding a property with additional income potential.
@@Jekyll_Island_Creatures eh. Don’t get me wrong, I am “interested” in buying a house, but at this point only when prices come back down. Things aren’t just unaffordable right now, they are also a terrible value. That is the most important thing.
@WinTheHouseYouLove can you use 1 plus loan on a assumable loan?
An assumable loan is when you take over the seller's existing mortgage instead of getting a new loan.