I really hope folks are listening to you. Shop around. Because of you, we got a really good rate and some other things as well. Why???? We shopped around. I told my husband I was shopping about a month out from the close on our new build and he was nervous. I showed him your videos and reassured him you make a lot of financial sense. We shopped 3 different lenders and got a better rate. I never told the right hand what the left hand was doing and negotiated well. Thank you for your content.
@@abs6383 We choose a mortgage company first, then went to our own bank, followed by a bank known for mortgages. We never told one what the other said. We also got everything in writing. The other thing is we started considering other lenders after we were pre-approved for our loan and while we waited for the build but did not apply until around 45 days out from closing. Good luck
I'm in the process of purchasing a home and mention to a couple of lenders about Ms Hill's videos and ask the right questions. But feel like they don't listen to me. I have a 760 c/s asked for a conventional loan but they only offer me FHA.
I got an FHA loan along with the first time home buyers grant last year and my mortgage with insurance and taxes rolled into it is $711 a month. Far cheaper than rent in my area and with the money I save I am able to put some money away every check to put towards any home repairs I might need over time.
Thank you, I’m just starting the gathering of paperwork to get pre-approval to buy my first home at age 52. I love your videos and appreciate all of your content. I will definitely pay-it-forward. I will give an update on how it goes for me. Blessings and Love.
Stumbled upon your page and shocked at how genuine you are at informing viewers. May God bless you abundantly so you can keep growing and informing others. Not sure if you a realtor in GA but my wife and I would love to work with you in our home buying process this spring/fall. Keep shining !!!!
Thanks for stumbling☺️. I don't take many individual clients unless they are moving to specific areas but I have a small group of referral agents that cover the rest of Metro Atlanta. Welcome to the channel! Here is the link when you are ready for the referral - forms.gle/qC2uP4YRednyEyLa6
The rules and restrictions are in place, but it's really up to your lending company if they want to follow them or not. My lending company only cared about if there is a home there, my whole septic tank was flooded, whole crawl space floods every time we have a mild rain, defects everywhere and we are not even allowed to go inside to inspect the home before sign the final closing. When they used their own inspector, the property passed with 0 defects. Now we are in court, so be careful, your lending company can work with the seller and ruin your life, all they care about is making money.
Sounds like the lender I used. I purchased a condo and they sent out a guy to look at everything to see if it was functional. He even explained that it wasn’t the $500 style inspection. He didn’t like the state of a rail on my back porch but still passed it. It wasn’t as thorough as an actual inspection, but if you talk to them they will be truthful with you about stuff if you ask. They sent that guy in after the inspection window ended. It’s an old ost, but if you were able to get money out of that situation, good for you.
Thank you for answering my question about different interest rates. I was just criticized by a lender for questioning their rates and another lenders rates. Now the first lender does not want to work with me because I asked how their rates differ. This is for conv. I was told I did not trust the lender. I think that is absurd to assume when I was just asking a question for knowledge sake. Thank you for always giving great information and knowledge.
Never let them intimidate you. They sit in sales trainings to know what to stay to buyers to stop them from shopping around. Thanks for knowing better and for watching.
Although this video was created over a year ago, it is currently May 2024 and when I say this information has my mouth to the floor, thank you so much Shahida Hill for creating this video. It is so useful I rarely ever hear anybody break down FHA loans and the difference the differences like you have done here
@@ShaheedahHill FHA HAS NO OVERSIGHT COMMITTEE OVER MANUFACTURED HOUSING TO ENSURE THAT THE NEW MANUFACTURED HOMES ARE BUILT TO THE FEDERAL MANUFACTURED HOME CONSTRUCTION AND SAFETY STANDARDS. I HAVE BEEN TO THREE DIFFERENT STATES AND INSPECTED MANY NEW MANUFACTURED HOMES. I ONLY FOUND ONE THAT COMPLIES TO THE FEDERAL MANUFACTURED HOME RULES, REGULATIONS, STANDARDS, CODES, AND REQUIREMENTS. FHA SHOULD BE ASHAMED FOR NOT ENFORCING 42 U.S. Code Chapter 70.
You're the first person on UA-cam that I ran across who has spoken on FHA loans that mentions the exception "If you pay 10% or more down on a FHA loan, the MIP stays on the account for only 11 years, not the life of the loan." That's my current situation, and in speaking with my mortgage company, I may can get that taken off sooner if I reach 20% of repayment before that 11 years is up. (I'm not sure if that's common). Anywho, thank you for your thorough education. SUBSCRIBED!
That’s awesome if they will drop it at 20% repayment. Just be aware that some of the loan officers may be inexperienced or just simply uninformed and will tell you wrong information. I’ve been through that multiple times. Typically, FHA mortgage insurance will not drop at 20%. I did the same as you tho and put down 10% so it eventually drops if I do not refinance sooner. My rate on a 4 unit property is 3.375%.
Ive been researching and studying this topic for a little while now and your video is DEF one of the best. I am in the pre-buy learn stage. I'm taking notes - from just your one vid. You go!
I’m so glad you did this video. Just started home shopping and lenders made me feel like I was crazy for asking why it seems like their fha rates are different from other firms. Everyone kept giving me different purchase amounts that I qualified for! About to watch your video about how to pick a lender
Gm Shaheedah I really appreciate that information I was saying to my Daughter this Young I just like to her I do not listen to anyone but you Big Thanks.
You're so welcome! @ritaandleo Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7
Thank you for this helpful information. I had no idea that each lender has a different FHA rate. Im always learning from you. This home buying journey is real!
thank you so much for this video! we went into a FHA loan because we didn't have the 20% down payment that was required in 2016 We purchased in San Pedro CA & PRECISELY what you say... we had to refinance in 2021 & the PMI was added again but not for the life of the loan... for 11 years.... so will be able to get rid of it 9 years from now.... which will save us a lot. We are trying like hard to pay some $$$ into the principal as we got a better interest rate 2.75% thank you again for your financial savvy advice !!😉
Ok. I see you out here dropping gems 💎. I went to 2 lenders but I don't know about them. I plan to do the hard pull at the end of February and I plan to shop around, wells, chase, credit union, usda, etc.
This is extremely prudent and important. While it may be functional for alot of people, the current inflation +FHA escrow requirements have put alot of new first time homebuyers into resale postions because they think the low down payment is where the advantage is in this loan structure. Rather, its a curveball you have to manage based on changing state by state minimum escrow requirements + the MI premium you will be locked into based on your down payment. I apprecaite you pointing this out rather than doing what many ithers are, which is, making videos about how accessible or cheap these fha structures may be with low to 0 down. The current market and inflation has turned many a first time home buyer during the pandemic into first time home sellers
20 years ago, I got a 2.5% down FHA loan. In light of the mortgage insurance being there for the life of the loan, I would DEFINITELY avoid them. There were many other stipulations that came to bite me in the hind end with the FHA loan, so even though they look good on the surface, they are trouble later on.
@@PatronDove with a conventional loan, I could get an appraisal and if it appraised well enough, I could have eliminated the mortgage insurance. That was not the case with the FHA and now apparently it goes for the life of the loan. With a conventional loan, I could pay 22% of the balance in one lump sum and the mortgage insurance goes away early, but an early removal of mortgage insurance was not an option with the FHA loan. Sometimes the small town lender would just take your word for it. The FHA inspection cost more. Refinancing out of the FHA loan had some annoying hurdles. I would do my absolute best to avoid it if I did it again.
Thank you for every honest advice you give not only to future buyers but also b people like me who want to get into RE and want to know more about this business. ❤
Thank you Shaheedah! Great info! This is why i like watching different creators because everyone is unique in how they explain the process. Im a new follower
Wow! Great Information In this video and In the Comments. I am looking to Buy my First House And I am super Nervous lol Thank you for this Awesome Information!
This was so helpful! I was told an FHA loan was the best option but I have been looking into Conventional loans and I think thats going to be the best option for me
Best option for who? 3-3.5% of the loan amount would be what the loan officer or mortgage broker earned in commission. FHA is the last/worst option if you really needed.
This has been so helpful. I git approved for an fha loan and down payment assistance. However, i also need concessions back. So its been tough...because there are not many people accepting FHA. Its frustrating 😢
A friendly face with a teacher’s patience❤ I have learned a lot listening to your channel. One important thing that was not mentioned was the maximum Loan amount that FHA sets.
my friends daughter could not buy house with FHA in this market too many cash and conventional she never got one acceptance ..help her improve her score and went to conventional...just the times we live in..sellers ( some home owners some investors but all are greed AF) are greedy and have choices..so FHA not really gonna work today
In Georgia the market has shifted to be a little more balanced and they are accepting FHA offers more readily since fewer homes have multiple offers. Thanks for sharing and watching.
Spot on! I destroyed my credit when I was 26 back in 2010. I went from a 757 credit score to a 580. Took a lot of research, hard work, and time, but I now have a 828 FICO score. *Top phase resolution* is exactly what you need to do to hit a 800 credit score.
Great information, many think that a Loan is a "one size fits all" kind of deal. And aside from these 4 QM loans, three are many others Non-QM loans that may get someone into a property. DSCR, bank statement, etc. If you are in the market, either personal or investment, , ask questions
Hi! You mentioned linking three websites to help us understand the rates in our area for both FHA and conventional. I'm having trouble finding those in the description. If you see this comment, could you let me know which websites those were? Thanks so much
Hello, do you have a video on already a home buyer but ready to purchase another home. Because, things may have changed since I purchased my home in 2003. Thanks
@@ShaheedahHill ty i just mailed out 11 letters to dispute request removal of late payments after calling and getting rejected i want to do the live in investor with a family living in vegas working in la ill be relying on your videos chat up ty ❤️ oh yea this video is what i followed to get copy calls letter im on a mission 😉
@@ShaheedahHill much appreciated by the way. We are currently under contract and your videos have provided us some great information during this “fun” and “not stressful” process 😅
I’m not sure if it applies to FHA loans too but mortgage insurance requirements can be met by simply taking out a life insurance policy for the value of the loan and designating the bank as a beneficiary. You’ll save money doing it that way.
@kfergus3662 Thanks for watching and sharing - FHA appraisers do not do a thorough inspection, they are basically just there for the appraisal and to make sure the home appears inhabitable. You always get your own private inspection. There are no failures, only lessons. Thanks for sharing, it will help others.
Mrs Hill, I was trying to see if I could access any available grant to help me out but my lender told me not to as that would increase the interest rate of the loan. What is your take on this? Thanks for your reply.
It really depends on the grant program, watch my Down Payment Assistant program playlist. I speak on this in some of those video. The rate may be higher with some programs so you have to weigh that against how much money they are giving you. Thanks for watching.
Hi thank you for this video. It’s great that you share this knowledge with everyone. May God bless you. Also, I don’t see the three websites that you mentioned. Can you please share those with? Thank you.
All of my links were deleted by mistake, here are the links I likely referred to, if you need anything else, please let me know. Websites Mentioned: 🔴Mortgage News Daily - www.mortgagenewsdaily.com/mortgage-rates/mnd#historic-mortgage-rates 🔴Consumer Finance - www.consumerfinance.gov/owning-a-home/explore-rates/ 🔴themortgagereports.com/today Videos Mentioned: ▶️Mortgage Points Explained - ua-cam.com/video/a2T0a-0gzsw/v-deo.html ▶️Don't Use These Lenders - ua-cam.com/video/sqi6EDs3W10/v-deo.html ▶️Get 3 Mortgage Quotes - ua-cam.com/video/O3qTynQuLIY/v-deo.html
Most lenders will pull your credit, some will just do a soft credit pull - ask ahead of time. If you are worried about the impact to your score, watch this video - ua-cam.com/users/liveJ_SlmyUcjvU?feature=share. There are also some lender that may manually underwrite you if you do not have a credit score, all you need to do is ask for manual underwriting. Thanks for watching.
Yes you can. If you are trying to get an FHA loan you have to make sure the home is permanently affixed to the land and will not be moved or it will not qualify for FHA financing. If is not you will have to find a lender that does mobile home financing.
I reommend the following 1. Agent Recommendation 2. Your current bank or credit union 3. An online bank or mortgage broker. @beautifulleee Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7
It is the option that is not backed by the government. Most mortgage lenders will offer both FHA and Conventional Loan Options. Here is a good video to watch next...ua-cam.com/video/gXfEGPd3k4Y/v-deo.html
How about getting the home reassessed to see if I have at least 20% in equity in the home in order to get rid of the P&I? Would you recommend that or would it lead to other problems?
You will the not be able to get rid of mortgage insurance for FHA loans even if you have 20% equity. This video explains - ua-cam.com/video/M-VnXMwTPMI/v-deo.html
@@ShaheedahHill Thank you for helping me all these yrs. From saving up for my down payment in 2019, buying a multifamily in 2021, and trying to get rid of my P&I today. 🙏🏾 have a nice weekend
Refinance FHA would work to get you out of a JAM but buying a house with a FHA loan? The answer is no because that show you are not ready. Improve your credit b/c FHA loan will eating you alive in costs (I would not give my worst enemy a FHA loan for his purchase).
I'm concerned about debt to income..and how important this is ..I may take out a personal loan to not spend my savings..but if it hurts my debt to income too much I may just use my savings..
DTI ratio is very important, I wouldn't take out a personal loan when you are trying to buy a home. Here is a video on VA loans and a video on calculating your DTI ratio ua-cam.com/video/S3glBuf2fRw/v-deo.html VA - ua-cam.com/users/livecCS34CQZwnQ?feature=share
For FHA you do not have to be a first time homebuyer. But in general, if you are trying to use a first time buyer program then most either want you to not own a home in the last 3 years or to not currently own a home, it really depends on the program.
The place I’m working with said my credit was to low well it was due to some debt I paid it off now they want to do a credit re score . Do you have a video for that ?
Spot on! I destroyed my credit when I was 26 back in 2010. I went from a 757 credit score to a 580. Took a lot of research, hard work, and time, but I now have a 828 FICO score. *Top phase resolution* is exactly what you need to do to hit a 800 credit score.
Do you need to qualify for HomeReady to get a 3% downpayment with conventional? I thought this was the minimum down payment for conventional loans in general.
@@ShaheedahHill thank you for your response :) my husband and I just barely make too much to qualify for home ready or home possible. Does this mean we will have to put down a bigger down payment than 3%?
I have a video "how to choose a lender", there is a part 1 and part 2, those will be really helpful. They are in my Mortgage Options playlist. Thanks for watching
Not common .. closing costs are typically your responsibility unless you get a seller credit or down payment assistance. If the lender gives you a credit towards closing it is usually in exchange for a higher interest rate. Thanks for watching
Here is why sellers may not want your FHA loan, ua-cam.com/video/c20sPnO-qes/v-deo.html But it really depends on your market, if you are the only offer, then most do not care what financing you are using. But if they have multiple offers, the finance type will become a factor.
The way you explain it make me reconsider....I have the VA I wanted to use FHA to purchase my first house and then purchase another one with the VA in a couple of years. I think I am going with the VA first. What is your recommendation?
I would do VA first, VA is no down payment and no mortgage insurance. You can build an investment portfolio with VA - watch this live, he explains it here - ua-cam.com/users/livecCS34CQZwnQ?feature=share
Possibly, ask the lender to see if they have any DPA programs they work with to cover closing costs. If not you may need to find a seller willing to cover some of not all of your closing costs. Thanks for watching
Hello, I’m in a housing program that pays 10 down for home ownership. They told me that FHA doesn’t cover trailer park homes. How can you get a bank approval because I love those types of homes.
Mobile homes not permantly affixed to the land are not considered real property and will not work for most mortgages, so if you want to use the program you will need to look at more traditional housing options. Thanks for watching!
Depending on the mortgage type you are getting it could vary, but if you are doing an FHA loan, the minimum down payment is 3.5% or $16,450. If you are already under contract you want to get a loan estimate from the lender. Thanks for watching. Remember Lennar is the builder, not the lender.
Thanks, Shaheedah! Great info! I was told once that if you pay down your home by 20% or if your home reaches 20% in equity PMI goes away? Is that not the case? This is in relation to you saying the PMI stays for the life of the loan
Thank you for this information this my first time I’m going tu buy I was confused about fha n convencional I have a good credit score n I can pay 3% loan of 300.000 please answer my cuestión is a good opción to buy point interest to get lower monthly payments thank you so much .
I really hope folks are listening to you. Shop around. Because of you, we got a really good rate and some other things as well. Why???? We shopped around. I told my husband I was shopping about a month out from the close on our new build and he was nervous. I showed him your videos and reassured him you make a lot of financial sense. We shopped 3 different lenders and got a better rate. I never told the right hand what the left hand was doing and negotiated well. Thank you for your content.
Thank you so much Nora, I really appreciate you sharing that. Enjoy your new home!!!☺️
Where do you start looking for lenders? Are you going directly with brokers or banks? Any recommendations
@@abs6383 We choose a mortgage company first, then went to our own bank, followed by a bank known for mortgages. We never told one what the other said. We also got everything in writing. The other thing is we started considering other lenders after we were pre-approved for our loan and while we waited for the build but did not apply until around 45 days out from closing. Good luck
@@ShaheedahHill 😮
I'm in the process of purchasing a home and mention to a couple of lenders about Ms Hill's videos and ask the right questions. But feel like they don't listen to me. I have a 760 c/s asked for a conventional loan but they only offer me FHA.
I got an FHA loan along with the first time home buyers grant last year and my mortgage with insurance and taxes rolled into it is $711 a month. Far cheaper than rent in my area and with the money I save I am able to put some money away every check to put towards any home repairs I might need over time.
WOW! Where I live, the average mortgage is $1100. Thanks for sharing.
Wow! That’s super affordable. Congratulations on your new home.
Niceeee 🤜🏼🤛🏼🥰
@@solo.life.travels7215 Michigan
Don't be afraid to tell what area are you so we can compare.
Thank you, I’m just starting the gathering of paperwork to get pre-approval to buy my first home at age 52. I love your videos and appreciate all of your content. I will definitely pay-it-forward. I will give an update on how it goes for me. Blessings and Love.
Thank you so much! Best of luck to you.
Congratulations
Im looking into buying my first home at age 52. ❤
@@BippityboppityboopI'm looking to buy home/condo at age 43 ...
Stumbled upon your page and shocked at how genuine you are at informing viewers. May God bless you abundantly so you can keep growing and informing others. Not sure if you a realtor in GA but my wife and I would love to work with you in our home buying process this spring/fall. Keep shining !!!!
Thanks for stumbling☺️. I don't take many individual clients unless they are moving to specific areas but I have a small group of referral agents that cover the rest of Metro Atlanta. Welcome to the channel! Here is the link when you are ready for the referral - forms.gle/qC2uP4YRednyEyLa6
Amen
The rules and restrictions are in place, but it's really up to your lending company if they want to follow them or not. My lending company only cared about if there is a home there, my whole septic tank was flooded, whole crawl space floods every time we have a mild rain, defects everywhere and we are not even allowed to go inside to inspect the home before sign the final closing. When they used their own inspector, the property passed with 0 defects. Now we are in court, so be careful, your lending company can work with the seller and ruin your life, all they care about is making money.
Sounds like the lender I used. I purchased a condo and they sent out a guy to look at everything to see if it was functional. He even explained that it wasn’t the $500 style inspection. He didn’t like the state of a rail on my back porch but still passed it. It wasn’t as thorough as an actual inspection, but if you talk to them they will be truthful with you about stuff if you ask. They sent that guy in after the inspection window ended. It’s an old ost, but if you were able to get money out of that situation, good for you.
Thank you for answering my question about different interest rates. I was just criticized by a lender for questioning their rates and another lenders rates. Now the first lender does not want to work with me because I asked how their rates differ. This is for conv. I was told I did not trust the lender. I think that is absurd to assume when I was just asking a question for knowledge sake. Thank you for always giving great information and knowledge.
Never let them intimidate you. They sit in sales trainings to know what to stay to buyers to stop them from shopping around. Thanks for knowing better and for watching.
Although this video was created over a year ago, it is currently May 2024 and when I say this information has my mouth to the floor, thank you so much Shahida Hill for creating this video. It is so useful I rarely ever hear anybody break down FHA loans and the difference the differences like you have done here
Glad it was helpful!
@@ShaheedahHill FHA HAS NO OVERSIGHT COMMITTEE OVER MANUFACTURED HOUSING TO ENSURE THAT THE NEW MANUFACTURED HOMES ARE BUILT TO THE FEDERAL MANUFACTURED HOME CONSTRUCTION AND SAFETY STANDARDS.
I HAVE BEEN TO THREE DIFFERENT STATES AND INSPECTED MANY NEW MANUFACTURED HOMES. I ONLY FOUND ONE THAT COMPLIES TO THE FEDERAL MANUFACTURED HOME RULES, REGULATIONS, STANDARDS, CODES, AND REQUIREMENTS.
FHA SHOULD BE ASHAMED FOR NOT ENFORCING 42 U.S. Code Chapter 70.
You're the first person on UA-cam that I ran across who has spoken on FHA loans that mentions the exception "If you pay 10% or more down on a FHA loan, the MIP stays on the account for only 11 years, not the life of the loan." That's my current situation, and in speaking with my mortgage company, I may can get that taken off sooner if I reach 20% of repayment before that 11 years is up. (I'm not sure if that's common). Anywho, thank you for your thorough education. SUBSCRIBED!
Thank you and welcome to the channel!
That was good game right there. I didn't know about the 10% either.
I did not know this and my lender didn’t tell me. I’m stuck for the life of the loan. I have a 3.5 rate. Not sure if it’s worth it to refi.
@@Mrzdavis11 when the interest is lower you can refinance to remove the pmi dear
That’s awesome if they will drop it at 20% repayment. Just be aware that some of the loan officers may be inexperienced or just simply uninformed and will tell you wrong information. I’ve been through that multiple times. Typically, FHA mortgage insurance will not drop at 20%. I did the same as you tho and put down 10% so it eventually drops if I do not refinance sooner. My rate on a 4 unit property is 3.375%.
Ive been researching and studying this topic for a little while now and your video is DEF one of the best. I am in the pre-buy learn stage. I'm taking notes - from just your one vid. You go!
Thanks for watching and welcome to the channel!
I’m so glad you did this video. Just started home shopping and lenders made me feel like I was crazy for asking why it seems like their fha rates are different from other firms. Everyone kept giving me different purchase amounts that I qualified for! About to watch your video about how to pick a lender
You are not crazy...when their customers are not as knowledgeable it is much easier for them. Thanks for watching!
@@ShaheedahHill hi Ms. Hill can we talk
@@ShaheedahHill Thank you for giving us the tools to advocate for ourselves. God bless!❤️
I learn so much from watching your videos! I am in the process of preparing to be a first time buyer. Thank you
Thanks for watching!
Hi Shaheedah, can you talk about how to find a good lender in 2023? Questions we should ask and what to watch out for. Love your content! Thank you
In my mortgage options playlist there are 2 videos on Choosing the Best Lender
Gm Shaheedah I really appreciate that information I was saying to my Daughter this Young I just like to her I do not listen to anyone but you Big Thanks.
You are so welcome
Omg thank you so much for your advice!!! It's kinda scared going through this journey alone!
You're so welcome! @ritaandleo Thanks for watching!
Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7
Thank you for this helpful information. I had no idea that each lender has a different FHA rate. Im always learning from you. This home buying journey is real!
Thanks for watching!
One new subscriber here &I'm sharing these videos because this type of sincerity in content is what we need so I'm spreading the love lol 💕🏡
Welcome to the channel and thank you for watching.
You consistently drop sound knowledge. God bless you!
I appreciate that
thank you so much for this video! we went into a FHA loan because we didn't have the 20% down payment that was required in 2016 We purchased in San Pedro CA & PRECISELY what you say... we had to refinance in 2021 & the PMI was added again but not for the life of the loan... for 11 years.... so will be able to get rid of it 9 years from now.... which will save us a lot. We are trying like hard to pay some $$$ into the principal as we got a better interest rate 2.75% thank you again for your financial savvy advice !!😉
Thanks for sharing and you have a great rate!!
This lady is spot on. I'm a new subscriber love your channel
Thank you, and welcome to the channel
I am on FHA and you are right on target 🙏
@superrando837 Thank you for watching
Ok. I see you out here dropping gems 💎. I went to 2 lenders but I don't know about them. I plan to do the hard pull at the end of February and I plan to shop around, wells, chase, credit union, usda, etc.
Thank you and best of luck!
This is extremely prudent and important. While it may be functional for alot of people, the current inflation +FHA escrow requirements have put alot of new first time homebuyers into resale postions because they think the low down payment is where the advantage is in this loan structure. Rather, its a curveball you have to manage based on changing state by state minimum escrow requirements + the MI premium you will be locked into based on your down payment. I apprecaite you pointing this out rather than doing what many ithers are, which is, making videos about how accessible or cheap these fha structures may be with low to 0 down. The current market and inflation has turned many a first time home buyer during the pandemic into first time home sellers
Thanks for watching!
20 years ago, I got a 2.5% down FHA loan. In light of the mortgage insurance being there for the life of the loan, I would DEFINITELY avoid them. There were many other stipulations that came to bite me in the hind end with the FHA loan, so even though they look good on the surface, they are trouble later on.
Thanks for watching!
Could you explain?
@@PatronDove with a conventional loan, I could get an appraisal and if it appraised well enough, I could have eliminated the mortgage insurance. That was not the case with the FHA and now apparently it goes for the life of the loan. With a conventional loan, I could pay 22% of the balance in one lump sum and the mortgage insurance goes away early, but an early removal of mortgage insurance was not an option with the FHA loan. Sometimes the small town lender would just take your word for it. The FHA inspection cost more. Refinancing out of the FHA loan had some annoying hurdles.
I would do my absolute best to avoid it if I did it again.
Thank you for every honest advice you give not only to future buyers but also b people like me who want to get into RE and want to know more about this business. ❤
@Karlizfranco Thank you for watching
Very helpful! I don’t know why I came across this video but so glad I did.
Happy you did as well. Thanks for watching
👸whew! chiiiile u dropping gems 💎💎💎!!!👏👏👏
Thank you Shaheedah! Great info! This is why i like watching different creators because everyone is unique in how they explain the process. Im a new follower
Welcome to the channel! Thanks for watching.
Wow! Great Information In this video and In the Comments. I am looking to Buy my First House And I am super Nervous lol Thank you for this Awesome Information!
Glad it was helpful!
This was great info. I learned something for sure. Thank u
So glad, thanks for watching
This was so helpful! I was told an FHA loan was the best option but I have been looking into Conventional loans and I think thats going to be the best option for me
That is great, yes FHA is often pushed to first time buyers but there are other options. Thansk for watching.
Well problem with that is you need money down.
There are also programs that help with money down as well. Research every avenue.
Best option for who? 3-3.5% of the loan amount would be what the loan officer or mortgage broker earned in commission. FHA is the last/worst option if you really needed.
@@subprime2006 would USDA be a better route or just a conventional?
Thank you for helping people ❤
@JorgePerez-sg9di Thank you for watching
You are truly a blessing
Thank you😊
This is a great video topic. Thank you posting!
You are so welcome!
Thanks very much for the information!🎉
Thanks for watching!
@@ShaheedahHill You're welcome!
Thank you so much for this clarification! Very helpful! God bless you
You are so welcome
Thank you so much u make it so easy to understand.😊
You're welcome 😊
Thank you for your valuable information concerning the financial situation all the way around. please keep us informed. Blessings to you.❤❤😊😊
Thanks for watching!
This has been so helpful. I git approved for an fha loan and down payment assistance. However, i also need concessions back. So its been tough...because there are not many people accepting FHA. Its frustrating 😢
Keep pushing, look for nice homes with bad pictures, those are hidden gems with less competition. Thank you for watching.
A friendly face with a teacher’s patience❤ I have learned a lot listening to your channel. One important thing that was not mentioned was the maximum Loan amount that FHA sets.
Good point, thanks for watching
Most knowledgeable info I've ran across with excellent explt
Thanks so much!!!
my friends daughter could not buy house with FHA in this market too many cash and conventional she never got one acceptance ..help her improve her score and went to conventional...just the times we live in..sellers ( some home owners some investors but all are greed AF) are greedy and have choices..so FHA not really gonna work today
In Georgia the market has shifted to be a little more balanced and they are accepting FHA offers more readily since fewer homes have multiple offers. Thanks for sharing and watching.
Thank you for sharing such good information.
Glad it was helpful!
Greetings. I LIKED and subscribed to you channel. I need to be educated a little bit more on the different types of loans, with their down payment. 😊
Awesome, thank you! Welcome to the channel
Always enjoy yr information. Some of us are truly listening. Doe's FHA have down payment assistance. I'm in CT
Yes, and thank you for watching. This video has a link to programs in every state ua-cam.com/video/NgHV5qkvSRg/v-deo.html
great video as always
I appreciate that, thanks for watching.
🔥 Love your video content!
Thanks
You have to pay mortgage insurance with all loan if a down payment less then 20 %
Thanks for watching!
Thank you for this! I love this channel!
Thank you so much for the support!
Thanks for the great information
Thanks for watching!
Spot on! I destroyed my credit when I was 26 back in 2010. I went from a 757 credit score to a 580. Took a lot of research, hard work, and time, but I now have a 828 FICO score. *Top phase resolution* is exactly what you need to do to hit a 800 credit score.
You can reach them out via google they’re best out there *Top phase resolution* They helped me rebuilt my credit a lot
Those team are top Notch check them out
This was such a great message thank you for this content
You are so welcome
Thank you,, very informative.. your a blessing with all your info
Thanks for watching!
Thank you!! ❤ truly appreciate you sharing your knowledge ❤
Glad it was helpful!
Great content 👍🏽
Appreciate it!
You should get Rhonda Burgess on the show. You two women have taught me a lot.
Thanks for the suggestion, she can always reach out info@shaheedahhill.com. Thanks for watching.
Great information, many think that a Loan is a "one size fits all" kind of deal. And aside from these 4 QM loans, three are many others Non-QM loans that may get someone into a property. DSCR, bank statement, etc. If you are in the market, either personal or investment, , ask questions
Thanks for watching!
Thanks for posting
Thanks for watching!
Wonderful video!! This information was really helpful
Glad it was helpful!
Can you make a video about Bank Statement Loans for Self Employed Individuals?
I will work on one....but this is a good one from my lender friend ua-cam.com/video/_t0RoEzhLqQ/v-deo.html
Wonderful presentation
Thanks for watching!
Great video
Thanks for watching
Hi! You mentioned linking three websites to help us understand the rates in our area for both FHA and conventional. I'm having trouble finding those in the description. If you see this comment, could you let me know which websites those were? Thanks so much
Websites Mentioned:
🔴Mortgage News Daily - www.mortgagenewsdaily.com/mortgage-rates/mnd#historic-mortgage-rates
🔴Consumer Finance - www.consumerfinance.gov/owning-a-home/explore-rates/
🔴themortgagereports.com/today
Hello, do you have a video on already a home buyer but ready to purchase another home. Because, things may have changed since I purchased my home in 2003. Thanks
I did this during the pandemic but it will be a good start - ua-cam.com/video/ueFkWkkDP90/v-deo.html
Thank you im in battle to raise credit score 606
Watch this video it should help ua-cam.com/video/4QU7g6IS7BQ/v-deo.html
@@ShaheedahHill ty i just mailed out 11 letters to dispute request removal of late payments after calling and getting rejected i want to do the live in investor with a family living in vegas working in la ill be relying on your videos chat up ty ❤️ oh yea this video is what i followed to get copy calls letter im on a mission 😉
Do you have a video specifically discussing VA loans? Thanks for all your videos
Yes, here is my most recent one ua-cam.com/users/livecCS34CQZwnQ?feature=share
Thank you for your service
@@ShaheedahHill much appreciated by the way. We are currently under contract and your videos have provided us some great information during this “fun” and “not stressful” process 😅
I qualify for the VA w no funding fee and no PMI..I'm trying to look for a home ..but debating two family or single..
I’m not sure if it applies to FHA loans too but mortgage insurance requirements can be met by simply taking out a life insurance policy for the value of the loan and designating the bank as a beneficiary. You’ll save money doing it that way.
Thanks for watching!
When I got my FHA loan my house was going to be inspected and she checked off the list from her car. I got screwed leaking roof, pipes
@kfergus3662 Thanks for watching and sharing - FHA appraisers do not do a thorough inspection, they are basically just there for the appraisal and to make sure the home appears inhabitable. You always get your own private inspection. There are no failures, only lessons. Thanks for sharing, it will help others.
Thank you💖
Welcome 😊
Mrs Hill,
I was trying to see if I could access any available grant to help me out but my lender told me not to as that would increase the interest rate of the loan.
What is your take on this?
Thanks for your reply.
It really depends on the grant program, watch my Down Payment Assistant program playlist. I speak on this in some of those video. The rate may be higher with some programs so you have to weigh that against how much money they are giving you. Thanks for watching.
Hi thank you for this video. It’s great that you share this knowledge with everyone. May God bless you. Also, I don’t see the three websites that you mentioned. Can you please share those with? Thank you.
All of my links were deleted by mistake, here are the links I likely referred to, if you need anything else, please let me know.
Websites Mentioned:
🔴Mortgage News Daily - www.mortgagenewsdaily.com/mortgage-rates/mnd#historic-mortgage-rates
🔴Consumer Finance - www.consumerfinance.gov/owning-a-home/explore-rates/
🔴themortgagereports.com/today
Videos Mentioned:
▶️Mortgage Points Explained - ua-cam.com/video/a2T0a-0gzsw/v-deo.html
▶️Don't Use These Lenders - ua-cam.com/video/sqi6EDs3W10/v-deo.html
▶️Get 3 Mortgage Quotes - ua-cam.com/video/O3qTynQuLIY/v-deo.html
Hi I would like to know if I can get a pre-approval without a credit check
Most lenders will pull your credit, some will just do a soft credit pull - ask ahead of time. If you are worried about the impact to your score, watch this video - ua-cam.com/users/liveJ_SlmyUcjvU?feature=share. There are also some lender that may manually underwrite you if you do not have a credit score, all you need to do is ask for manual underwriting. Thanks for watching.
Thank you Shaheeda 🙌🏽🧡🌿
Thank you for watching!
Can you get a loan for a mobile home, and out of state?
Yes you can. If you are trying to get an FHA loan you have to make sure the home is permanently affixed to the land and will not be moved or it will not qualify for FHA financing. If is not you will have to find a lender that does mobile home financing.
Thank you for the info. I would like to buy a mobile home to put on my family land in another state.
Where do you find different lenders ?
I reommend the following 1. Agent Recommendation 2. Your current bank or credit union 3. An online bank or mortgage broker. @beautifulleee Thanks for watching!
Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7
Beware
Another great video🙌
Thank you 🙌
What's the conventional loan? Is that a loan through a private lender such as Wells Fargo, Bank of America, etc.?
It is the option that is not backed by the government. Most mortgage lenders will offer both FHA and Conventional Loan Options. Here is a good video to watch next...ua-cam.com/video/gXfEGPd3k4Y/v-deo.html
Thank you
@moreleodougbe5453 Thank you for watching
How about getting the home reassessed to see if I have at least 20% in equity in the home in order to get rid of the P&I?
Would you recommend that or would it lead to other problems?
You will the not be able to get rid of mortgage insurance for FHA loans even if you have 20% equity. This video explains - ua-cam.com/video/M-VnXMwTPMI/v-deo.html
@@ShaheedahHill Thank you for helping me all these yrs. From saving up for my down payment in 2019, buying a multifamily in 2021, and trying to get rid of my P&I today. 🙏🏾 have a nice weekend
Refinance FHA would work to get you out of a JAM but buying a house with a FHA loan? The answer is no because that show you are not ready. Improve your credit b/c FHA loan will eating you alive in costs (I would not give my worst enemy a FHA loan for his purchase).
Thanks for watching!
I'm concerned about debt to income..and how important this is ..I may take out a personal loan to not spend my savings..but if it hurts my debt to income too much I may just use my savings..
DTI ratio is very important, I wouldn't take out a personal loan when you are trying to buy a home. Here is a video on VA loans and a video on calculating your DTI ratio ua-cam.com/video/S3glBuf2fRw/v-deo.html
VA - ua-cam.com/users/livecCS34CQZwnQ?feature=share
❤
Thank you so much so informative ❤
Glad it was helpful!
Thanks for the explanation. Very helpful in making my decision. My score is 790 and I think I'll just go with conventional loan.
Thanks for watching!
Hello Shaheedah. Are there any programs available if you're not a first time home buyer?
For FHA you do not have to be a first time homebuyer. But in general, if you are trying to use a first time buyer program then most either want you to not own a home in the last 3 years or to not currently own a home, it really depends on the program.
Thank you so much for sharing this great and much needed education and may God continue to Bless Y♡U❤️ 🙏 👏 ✝️
You are so welcome
The place I’m working with said my credit was to low well it was due to some debt I paid it off now they want to do a credit re score . Do you have a video for that ?
I don't have a video for a re-score but if you have improved your credit. I don't see a problem with them doing a rescore.
Spot on! I destroyed my credit when I was 26 back in 2010. I went from a 757 credit score to a 580. Took a lot of research, hard work, and time, but I now have a 828 FICO score. *Top phase resolution* is exactly what you need to do to hit a 800 credit score.
You can reach them out via google they’re best out there *Top phase resolution* They helped me rebuilt my credit a lot
Those team are top Notch check them out
I'm a over the road truck driver and have nor had a apartment for over a year will I qualify for fha or a loan
Yes, you can probably qualify, if you have been working for at least 2 years. Thanks for watching!
Do you need to qualify for HomeReady to get a 3% downpayment with conventional? I thought this was the minimum down payment for conventional loans in general.
Conventional loan can be 0 down, 3% down or higher. You will need to qualify for Home Ready or Home Possible - These are the 3% Conventional Loans.
@@ShaheedahHill thank you for your response :) my husband and I just barely make too much to qualify for home ready or home possible. Does this mean we will have to put down a bigger down payment than 3%?
Thank you so much, as always. How do you choose the best lender?
Your realtor usually can give you suggestions. If your in metro-Atlanta, I know a really good team
I have a video "how to choose a lender", there is a part 1 and part 2, those will be really helpful. They are in my Mortgage Options playlist. Thanks for watching
@RaShonda Danielle thank you. No, I am not in Georgia.
@Shaheedah Hill ok, will take a look at those videos
thank you so much....
Thanks for watching!
How common is it in the state of Georgia for Lenders to pay the real estate fees (3%) at closing ?? Is that written in the purchase agreement??
Not common .. closing costs are typically your responsibility unless you get a seller credit or down payment assistance. If the lender gives you a credit towards closing it is usually in exchange for a higher interest rate. Thanks for watching
The last point I didn’t get it
Why the seller care about the buyer lender???!!!
The seller money get deposited in his account regardless!!!!!!
Here is why sellers may not want your FHA loan, ua-cam.com/video/c20sPnO-qes/v-deo.html
But it really depends on your market, if you are the only offer, then most do not care what financing you are using. But if they have multiple offers, the finance type will become a factor.
Do you have any info on the Bank of America loan? Pros and cons ? Would love to hear your take. Thank you! Love your channel
I have a few Bank of America grant videos. I also did a live about the program specifically for black and Hispanic communities. Thanks for warning
That’s discrimination someone should sue them and we wonder why racism exists
are you available for lake county indiana?
Unfortunately no
The way you explain it make me reconsider....I have the VA I wanted to use FHA to purchase my first house and then purchase another one with the VA in a couple of years. I think I am going with the VA first. What is your recommendation?
I would do VA first, VA is no down payment and no mortgage insurance. You can build an investment portfolio with VA - watch this live, he explains it here - ua-cam.com/users/livecCS34CQZwnQ?feature=share
Can use down payment asisten with 3% conventional loan I’m in Connecticut.
Possibly, ask the lender to see if they have any DPA programs they work with to cover closing costs. If not you may need to find a seller willing to cover some of not all of your closing costs. Thanks for watching
Hello, I’m in a housing program that pays 10 down for home ownership. They told me that FHA doesn’t cover trailer park homes. How can you get a bank approval because I love those types of homes.
Mobile homes not permantly affixed to the land are not considered real property and will not work for most mortgages, so if you want to use the program you will need to look at more traditional housing options. Thanks for watching!
how much would I have to put down for a 470,000 home for building, Im working with lenner.
Depending on the mortgage type you are getting it could vary, but if you are doing an FHA loan, the minimum down payment is 3.5% or $16,450. If you are already under contract you want to get a loan estimate from the lender. Thanks for watching. Remember Lennar is the builder, not the lender.
Thank you
You're welcome
Thanks, Shaheedah! Great info! I was told once that if you pay down your home by 20% or if your home reaches 20% in equity PMI goes away? Is that not the case? This is in relation to you saying the PMI stays for the life of the loan
That is not the case with FHA loans, that is the case with Conventional loans. Thanks for watching!
You would have to refinance to conventional loan after you reach 20%, and hope that rates are lower at that time.
It was like that about 10 yrs ago
Thank you for this information this my first time I’m going tu buy I was confused about fha n convencional I have a good credit score n I can pay 3% loan of 300.000 please answer my cuestión is a good opción to buy point interest to get lower monthly payments thank you so much .
It depends, here is my Points video - ua-cam.com/video/a2T0a-0gzsw/v-deo.html
Here is my rate buy down video - ua-cam.com/video/ljMrubYfZQo/v-deo.html