I lost my dad about six months ago and I'm going to receive some money soon. Would it be wise to grow my money in stocks for a few years while I'm in college and then invest in rental properties afterwards, or should I start with real estate investing first?
I believe the safest approach is to diversify your investments. By spreading your funds across different asset classes like bonds, real estate, and international stocks than putting all your in one. If your financial understanding is lacking, see a financial consultant.
Agreed, investing with the help of an advisor set me up for life. Retired with about $1.6m in stock portfolio only. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. Supplementing my income with stocks and alternative investments helped me by far beat the retirement age before 65.
I've worked in real estate for over 25 years and have neglected a major stock portfolio. This served me well when I was flipping and renting houses, however I need a different plan now.. mind if I look up the professional guiding you please?
The advisor am currently working with is Judith Lynn Staufer. I came across her in a Bloomberg interview for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look her up.
I found her profile online and reviewed her credentials. She has a lot of relevant experience. Thanks for sharing her information! I've already sent her an email to get in touch.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
“Sonya lee Mitchell’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I got a USDA loan in 1992 with an interst rate of 7 1/2 or 7 3/4. I think 7 1/2. The loans were not applied for at a bank at that time, no matter how high or low the income was. The loans were for people with low and very low income. There were two programs. People with very low income hardly paid any monthly payment. I assumed a mortgage of someone else who had a USDA loan on the home. So I didn't have to wait for the USDA program to get more money to lend. 7 1/2 percent was a low interest rate at the time. At that time USDA loans were called Farmers Home Loans. They were applied for and managed through the Farmers Home Administration (Rural Development). They were subisidized if the person's income was low enough. Eventually, if the person's income increased, he/she was asked to get a conventional mortgage. They could be forced to get a conventional loan if they could qualify. During the recession in 2009, when bank interest rates were very low, my interest rate with the USDA remained at 7 1/2 percent. Apparently the USDA rates were lowered in some parts of the country, but not where I live. The problem with those loans was that the interest was paid before the principal of the loan. So, a person could be paying thier mortgage payments, even without a subsidy, for ten or more years and gain very little equity in the home. So, when the USDA insisted the person refinance with a bank, that person would be starting over. Needing to finance nearly the full original price of the home. At the time of pay-off there was a formular to figure out how much money was owed to USDA. It wasn't cut and dry. The house had to be appraised before the pay-off amount was deternined. I am not meaning a refinance. I mean if the buyer wanted to pay the loan off with cash. Not with another loan. I suppose it would be the same process if it was a refinance. So, if a person gets a mortgage with an interest first payment plan, in my opinion, that person should refinance as soon as they are able. Now, if the loans are through banks maybe the borrower will never be told to refinance. They may not be interest first either. I don't know the answers to those questions.
It’s not a 1000.00. You need to pay for inspection=500.00. Home owner’s insurance = at least 1,000.00. Rural homes have septic and maybe city water. Septic inspection=400.00. Possible water inspection=200.00. Trust me. I bought a USDA home. Interest is 2.75% which is great but make sure you have at least 3,000.00 on hand. Good luck all…
I purchased my first home at 24 with USDA . No money down. One of the best decisions I’ve ever made. My interest rate is 2.8 and my home’s equity has increased in such a small amount of time.
Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market.
True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
In my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
I won't pretend to know everything, though. Her name is Annette Marie Holt but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
You don't have to make the seller fix the items on the home inspection list you can also ask for a credit for the repairs which is the method I prefer. Which is basically a price reduction based on the cost of the repairs.
Very true. You’re also going to need about 4 or $500 for the inspection. Then, appraisals are about 7 or $800 these days. If you’ve got to pay for a survey, that’s another 5 or $600.
You can qualify to buy a house with only $1000 down but if that is all you have for a down payment, you probably won’t be able to pay the mortgage payment, property taxes and insurance with home prices as high as they are now!
Not exactly true - property tax and insurance are included in the monthly payment (escrow). If you are currently paying rent at an amount comparable to the monthly payment on the mortgage then you are unequivocally better off buying than renting. You've already budgeted to handle that much a month for housing so why wouldn't you build equity with it. Additionally, you receive other perks from ownership like tax breaks and better interest on other credit related purchases (car, revolving credit) if you are an owner vs. a renter.
I tried to get a USDA rural home loan years ago for me and my children, they turned me down. I was late on a credit card one time. My landlord gave me a great reference and worked for years at the same place. All that didnt seem to matter.
The credit bureaus were started by the mafia, and it's ridiculous that they wield so much power. Also, it doesn't matter if you're in the right and the creditor is in the wrong -- the credit bureaus take the creditor's word for it, and you're stuck with a blemish on your record. They really need to be abolished.
Don’t go to a lender go directly to usda that is completely different and there is no minimum credit requirement. I’m guessing you went through a lender, lenders are tougher and have credit score requirements and all the loops to jump through
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
I recently sold my home in the Boca Grande area and am considering investing a lump sum into the stock market before the anticipated rebound, couple of folks have been discussing a potential May rally, speculating on which stocks may experience substantial growth during the festive season. Do you have any insight into which stocks these might be?
If you are new to the market, I recommend seeking professional assistance. The most effective approach to creating a well-organized portfolio is to begin with a professional who is knowledgeable about the turbulent yet profitable market.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Yes he meant to say that a person can buy a property with only $1,000 cash out of pocket, those loans are 100 % finance and allow the seller to pay for the buyer’s closing costs, plus the seller pays for the real state commission of both agents.
Real Estate provides cashflow, tax benefits, equity building, competitive risk-adjusted returns, and inflation protection on its own. Whether you invest in physical properties or REITs, real estate may help you diversify your portfolio and reduce volatility. Dividends are what got me into investing in REITs, great way to secure the accumulate wealth, I hold AMT, CCI & PSA. $290k in profits made in 2022.
Consistently investing in high quality dividend paying REITs & companies over the long term is a relatively easy strategy to create generational wealth. My "boring" REITs portfolio paid me over $4,000 in dividends last month.
It's time to make high value games! Discounted dividend stocks. Ever grateful to my CFP "Catherine Morrison Evan’’ I now have a six-figure REIT portfolio, which includes, but is not limited to; AMT, SPG & PSA.... I now have 606 shares of AMT which pays dividends of $3800 per year.
@@martingiavarini Thanks for this tip. Her website popped up on the first page immediately I searched her, I read through her resume and it seems pretty tight. So, I dropped a message & hopefully she replies soon.
I found a property and the inspector said the house was worth a lot more than the seller was asking, as a result of the inspection I had to pay 30K more than the agreed price. I felt I got screwed.
Inspectors aren’t experts on value and aren’t qualified to offer advice on the pricing of a property. Typically once a sales price is agreed upon (which is usually prior to inspections) the sales price cannot be raised by a seller.
@@TheRealWayneTurner When a buyer makes an offer and it is accepted by the seller, there is a contract. If the buyer demands repairs, it creates a new round of negotiations which can end in the deal being off, repairs being made or not, or the price being lowered or raised. So, if the required repairs are minor and there are backup offers on the property, it is typically better to leave that lie.
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
ROCH DUNGCA-SCHREIBER* is also my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
I advise finding a mortgage broker and real estate agent who are used to working with USDA. Many don't want to mess with these loans or are unfamiliar with these loans. I bought my townhouse 8 years ago with USDA loan. I had to put down $500 deposit which I got back at closing. You can also qualify with social security if you are retired. (Depends on how much SS you get and the price of the house. It's a very good program. Go for it.
I bought mine 23 years ago for 117k its now worth over 300k even durring the bubbel pop it was worth 160k Its rolling the dice how the investment will do what city and market trends, but i knew there would be a lot of development in this area and its boomed over the last 23 year from 1k homes to 30k homes 2 new schools road improvements and so on. My house has no HOA so im constantly getting calls on it to see if id like to sell. One of the biggest mistakes is buying in an HOA area and living by someone elses rules what you can do with your property.
Fact: It is not mandatory to wait 2 years after a bankruptcy to qualify for a FHA loan. It is up to the lender to decide this and it could given the circumstances be before one year to qualify. It is very difficult but not imposible. The FHA Underwriters handbook clearly states that bankruptcy will not nessisarily prevent one from obtaining a loan. You must find a lender willing to manually underwrite the loan and and a specially prepared credt report donw by hand not an algorithm in order to apply for a loan before two years. It is not the FHA that demands this it is only a policy of lenders(gamblers) who wish to take the risk without the cookie cutter algorithm risk analysis.
Where I live, people making $106,000-$200,000 taxible yearly income aren't generally considered to be struggling, but I suppose I've never looked into how much people earn elsewhere.
this is only the second of your videos that I've watch. I've already learned several things that I know I can use. I'm not a professional and you talk fast and I still learned things. Thanks, I subscribed.
The real question is WHY we think that the "money" that they "loan" is REAL in the first place. We have to bust our humps to pay back what they just created electronically out of thin air. Something just doesn't add up.
@@dj4monie you're kidding, right? The Banking System is run by a bunch of crooks... Everybody knows that. They DO NOT HAVE any of the "money" that they "lend" anyone... If you've ever made a really big purchase and had to go to a filthy bank for a "loan", when you signed your life away, did the Shill behind the desk hand you over a giant pile of currency? NOPE. That transaction was all done electronically/digitally with absolutely NO tangible proof that any "money" was changing hands. It's the same preposterous idea as HOW a $20 bill is "worth" any more than a $1 bill... They're both the exact same size, both printed on the exact same paper with the exact same ink... Only we've been led to beLIEve that one is intrinsically "worth" more than the other. Get the picture? The Powers That Be have us idiots so fleeced that it isn't funny. The only way the SYSTEM world for them, is because we're apparently stoopud enough to keep swallowing the lies.
@@valinc.6694 we're apparently just dumb enough to think that there's some giant pile of gold in each and every bank, backing those NOTES that we don't even see when we go and beg for a "loan" of "money". Even the party that we end up supposedly "paying" with that "loan" of "money" NEVER SEES the actual Currency... It's all digital, therefore all IMAGINARY. Here's another ugly truth that may shock ya... We never really OWN anything. If we in fact did, why are we forced under threat of Seizure, Fines and Imprisonment if we don't keep paying yearly taxes on the sh*t we allegedly bought and paid for ALREADY? Just take a magnifying glass and take a really GOOD LOOK at any Title or Deed you might have handy. THE STATE actually OWNS the sh*t that we erroneously beLIEve is "ours"... Automobiles, homes, property, you name it. It only sounds crazy because no one really pays any attention and figures out the TRUTH.
The point he's making is that the United States dollar is no longer backed by the gold standard. Fiat currency backed by nothing. It's only worth what you think it's worth when it's actually worth less than that. Currently being petrol backed is the only thing keeping Americans afloat but even that is getting ready to be devalued due to oil producing countries forming a coalition and refusing to accept united states dollars for oil thus devaluing the currency even further. Getting more devalued when they print or keystroke more and more money into existence. Everyone knows the US dollar is backed by nothing. Well almost everyone. 🤷♂️
So, you don't actually buy with only $ 1,000. $ 1,000 is only the initial capital you need to secure the house. There is a big difference between these two things. Also, a very interesting approach to this video would be to do a quick tour of the house, showing its actual condition, and then record the video without walking around, which is a bit dizzying. Showing the condition of the house helps the viewer understand what kind of house you mean can be purchased under these terms.
Only caveat is it has to be under your approved amount. So if the house is $240k and you only got appoved for $250k. But closing costs are $15k. Then you'll need to pay $5k up to the approved amount. But if the house costs $235k, then you can roll all the closing costs into the loan. The approved amount is also tied in with the appraised value of the home, but I'm not sure how that works. I think final approval involves an inspection and appraisal. They won't approve you for more than the house is worth.
@@Matthew_Loutner I bought my house with USDA a few years ago. I had to pay closing costs out of pocket, but no it was not at the top of my budget. The monthly payment was the same as my apartment. It's just that homes in my area have gone insane, especially since covid. I bid the asking price and luckily won because it was a fixer upper. But I paid only $5k under the appraisal price, so had to pay my closing out of pocket. Today people are paying $20k-$30k over asking price and appraisal value. It's a different market today. So only people trading up, that have equity or people with high paying jobs can buy a home right now. USDA is going to be very hard in my area if you plan on rolling closing costs into the loan. There are no "deals" to be had where you're paying $20k+ under the appraised value. I live 20 minutes from the city center. Technically I live 1 mile away from some small farms. So it considered rural but I'm only 7 miles from the city center. I could ride my bike there. TLDR: You can only roll the closing costs into the loan in a buyers market, or maybe a neutral market. But definitely not a sellers market like we're still in.
@@dj4monie Bottomline, no bank will approve a loan for more than the appraised value of the home. In todays market, most realtors are pricing homes for sale at the appraised value and buys are bidding higher than that. You can’t roll in closing costs unless the price you pay for the home plus the closing costs are less than the appraised value of the home. You need to wait for a “deal” on a home to do that. Which happens in a buyers market.
Thanks for talking about this. It almost made me feel like I could get out of the city. Turns out I am so broke I can't qualify or even come close. Full time work even with overtime isn't worth anything anymore. At 21k/yr, I had no idea I was so poor, even for Oklahoma. I don't see how people live on minimum wage. Mine is $12.30/hr.
You can’t live on minimum wage. You need to find a way to increase your income. I know- easier said than done, but I started working in a Peterbilt factory in my 20s and realized that was not something I wanted to do for the rest of my life. I started to help my uncle clean pools on the side and really thought I would start building pools for a living, but after cleaning the pool of a successful real estate agent in my town I decided to give that a shot and haven’t regretted my choice since.
I'm in CA and I couldn't imagine 21k a year unless ylive with your parents. There is NO way you could live here on that income. In-n-out burgers here starts at $23/hr! McDonals is $17/hr
Yeah depends where you live. I'm in Cali to and if the fast food place is privately owned, which Alot are, you make what they offer and hr. Only stupid mfers think fast food makes that much and still don't even work there @@LetsPatchItUp
I bought two houses in rural Kansas at a tax auction for $300 total a couple years ago. I immediately sold one to a neighbor for $13,000 (about half what it was worth). I put new windows, siding and a new roof on the other for $15k and sold it to a friend for $20k (once again about half as much as it was worth). These were abandoned properties that almost got tore down.
Where might one look to find such tax auctions, Duke the Spook? Sounds like it worked out wonderfully for you, & that you sought to & did share your good fortune with others. 👍🏼
More immediately than a collapse in the stock or real estate markets, inflation directly impacts people's standard of life. It is hardly surprising that the present market attitude is so negative. If we are to live in this economy, we are in dire need of assistance. ETF and stock markets are still unpredictably volatile, just like the housing market. My $350,000 portfolio has been reduced to rubble.
My son used usda to buy a house last yr. He had a 690 credit score. He was pre-qualified for a loan. Even with excellent income, he had to put a down payment of $8500. This is all bs. My sons seller wasn't allowed to pay his closing cost. The mortgage officer said he tried everything and nothing would go through. My sons house appraised well above the purchase price. I know the mortgage guy and his realtor. They are good people and when they tell me they couldnt get him anything better, I trust them. All these people are making videos but not telling the total truth. Very few people get good deals, especially in today's market.
That depends there are two programs for single family homes. It's not bullshit. It also depends where the home is. If for some reason you can't be too far outside the city center, housing cost will go up. That doesn't make it a sham at all. You may have to relocate to get better pricing.
@Anthony Thomas Well, first off, the title of the video is deceiving. It's not a "shock." And it is bs. Only certain people qualify for certain programs. My sons first house is smack in the center of town in the center of the usda map. The town itself is a rural community. The main reason he didn't get the "shocking" deal is because he had no real credit history. First house, no previous mortgage, no car loans, only small limit credit cards. They punish you for having a good paying job, being single and not getting previous loans, which is bs. His loan was also considered a first time home buyer and still had to pay a ridiculous amount to purchase it. The requirements to get the deals are basically useless to the majority of buyers. I've bought many houses and rental property, and could not believe what my son had to go through versus what I do to buy something.
Well this started out as a video on this USDA program but, while it did lay out the home buying process in general, it did not discuss the USDA program eluded to in the title. Maybe still worthwhile to people brand new to home buying but otherwise really not at all helpful regarding this USDA program.
While it is true that some homes can be acquired for as little as $1,000 through this program, this is not a common occurrence. The program provides loans, not grants, so borrowers are required to repay the loan over a period of time. Eligibility for the program depends on a variety of factors, including income, credit history, and the location of the property.
Yes, and if it's the direct loan, it's a 33 yr note(or a 38yr for very low income)..you have to pay back the subsidized portion or they will place a lein. And from what I understood, it's hard to sell it before it's paid off? Not 100% on that...but there's no penalty for paying it off early 😁 So there are drawbacks...but still..
USDA loans are the hardest loan type to get. They are also home based not necessarily area based. They have very tight credit score, income, and debt ratio limits. The bankruptcy wait times also depend on the type of bankruptcy, wait time post ch13 is shorter than ch7.
@@dj4monie USDA isn't easy. It has very strict guidelines about income and debt to income ratio. USDA is also the only loan program that requires the calculation of all inhabitants in the home towards income limits, regardless whether they are on the loan file or not. Their income goes against income limits however does not count for dti calculation. So if your 17yr old kid has a job, their income has to be counted with yours. USDA is a good option for low earners with very little debt and healthy credit, provided you can find a property that qualifies.
@@nuttybar9 It is absolutely true and the information is available on their website. The loans are designed for lower income individuals with low debt. "no credit" means compensating factors (like utility bills) can be used, which is how you would qualify, FHA loans allow for this also. "no credit" is FAR better than bad credit, which you can't get a USDA loan with. The income limits mean you can't make too much, it's not about how little you make.
We've been trying to get a house for years and haven't been able to because my husband's credit score is bad (thanks to his ex wife). Mine is good enough! But I don't make enough. We're slowly building his credit score up but it's going slowly. I really hope we can take advantage of this program to get our first home.
lol i thought he was saying you can buy the house for $1000 not just a down payment i definitely was thinking like”why would anyone need to make payments on $1000” smh i was gonna get me another house 😂😂
USDA is very picky. Every house I found to buy they turned down . I was pre-qualified too. I ended up having to get a reg one, bc USDA said no. Good luck y'all
I bought mine with nothing down. I was already trying to live in the sticks so this was perfect for me, and the seller was in a bad way financially so i bought approximately 15k under appraised value and then it went up another 75k within 2 years.
So if you need a USDA loan to buy a house, and you do get a low down payment, how do you pay the high monthly mortgage?? For whom are these loans actually beneficial?
I tried purchasing several homes with USDA. And I have years on the job. I pay my taxes. And I was never able to buy a home with USDA for less than several thousand dollars
WOW!!!sir as a young family this will be life changing.....I was left a bunch of land that is doing nothing but costing me taxes but this seem like a way I may be able to use that along with this to really change our lives for generations..THANK YOU SIR!!!
Open to selling a single micro parcel so I can build a tiny home on it and live there peacefully…? 100% serious. Almost a decade of searching for a rooted place to call home here ~ and am currently beyond ready to buy a minuscule slice of land I can afford, and build a humble abode on. Live out my days there inspired, at peace, in love and connection with all life, in safety, and in focus towards my greatest visions, greatest health~strength~ longevity, and leaving the greatest loving positive impact I possibly can before leaving this body
@@AwakenedWordsmith there's an app called landCentury. It has all kinds of land for sale. Some micro plots. Check it out and let me know if you see anything you like.
I bought a home years ago and used a USDA loan. $500 down. Of course that kind of depends on the price of the house. Called earnest money. I didn’t have any credit. My wife 3 children and myself. We bought a house we would never be able to afford. 3% interest made the payment affordable. I sold the house 10 years later with no hassles. I would recommend this type of loan. As you get older and figure life out using a conventional loan is a good thing.
Weird. I sold a house (2017) in a suburban/rural area of the city of Greenville, SC…in a subdivision, no farming allowed, but you could have 5 or 6 hens, no roosters, LOL! YEP…buyer got a USDA nothing down loan. They had to pay their share of closing costs. So I would look up the requirements for USDA loans/borrowers on the Federal website, then look for any specific in-state rules. Sounds like bogus rules to me… Also, look for banks that offer USDA loans. USDA just guarantees the loan, they do not make the loan to you. Federal agencies have to follow their own rules and cannot discriminate or make stuff up ! Curious what state you are in?
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Very familiar with the program. We could never get the price/house to work when we tried in several towns many years ago. I can only imagine it is even harder now. The buyer has to buy into the delays and hassles as well. Good to let people know about the plans though, thanks.
Lol, buy a home for 1,000 down. You just need to make 103-200k a year. I'd need to work 3 jobs and never sleep to afford that on an average income. So simple! Who needs a middle class anyway!
My husband and I bought our first house using USDA and we had no out of pocket cost. 9 years later we are divorcing and now we will have to sell our house. I plan on using USDA to buy myself a house once this divorce is over.
You can do it for less than 1k if you get seller concessions. There isn't much inventory that qualifies for the the mortgage. YES I am a licensed mortgage loan officer.
Sounds good at first, but then it's an annual income of over $100K. Then it's having to show that you've had the same job for over 2 yrs. In other words, might not be the easiest way of getting a home as a single entrepreneur with a new business - even after having been self employed for 30 yrs.
My question is Why. Why do they limit the different diversities, and districts to certain incomes requirements...it makes people stupid and competitive and limits those who have good intentions...but I like the info, sweet and simple. 🙂💚🤙🏻
It's pretty simple why... housing costs less in Ohio then D.C.... Hispanics are usually underpaid compared to Caucasians, so they'll have a lower income requirement. Its very simple economics.
but if you are on ssi, you only qualify for less that $55,000 and it is next to impossible to find a house for that. Plus, the house has to pass government regulations, and be in an eligible area.
Thank you for the info on USDA loans. Here in Michigan right now. Crack houses are going for 250k and you are expected to pay a full appraisal gap. I'm pretty certain no sellers are paying for closing fees
Let me get this straight, you say a house used to make drug deals and drug users are allowed to use this space are selling for $250k? Otherwise what is the significance of saying this?
Yah getting the seller to pay any costs is pretty far fetched in most parts of the county. If you're not coming in over asking price within 48hrs of the house hitting the market in my area you're not buying that house.
There's no way to identify which properties would be available for this.. the link just shows a map pf the country and you have to already know of a house to confirm an address is eligible.
Big difference in buying a house for $1,000 and a $1,000 down payment. There are much better ways to own a home with less than a 620 score. You may be able to get by with no down payment, no credit and no income. But to learn how you may have to pay more than $1000. Or not.
I got screwed selling a house because appraisal was less than the agreed upon price. Had to lower price. If I waited 1-2 months to sell, the housing sales in my area would've increased the appraisal price.
Don't tell the people now is not the time to buy a house...People don't get your undies in a bundle. Now is not the time to buy. Look around and see what is happening in the world.
@@rasheemthebestfirstone3274 wait! Wait at least a year. The prices are going to drop hard and fast! You don’t want to buy a house for $300,000 when you could wait a year and pay half. It is going to happen.
@@tammilutz7955 O the prices will hit prices no one could even image in this life time of troubles! Most people don’t make enough money to pay for these criminal prices on houses let a lone more fraud of interest!
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I have traded with many individuals but I have never met anyone as good as Mrs. Bonnie Antelo, just by applying her strategies I now trade independently. she is the best i would advise any investment newbie to trade with her
How do you recommend buyers navigate the "Conditional Commitment for Single Family Housing Loan Guarantee" clause or simply the "Conditional Commitment" clause in a sellers market? This clause seems like it may scare the sellers off and is typically included in the USDA's Conditional Commitment Form (Form RD 3555-18 or a similar form), which is issued by the USDA Rural Development agency as part of the Section 502 Guaranteed Rural Housing Loan Program.
Slowly and definitely surely, rural areas are disappearing in south Florida, down by the Homestead area all the farms are disappearing being replaced by duplexes/townhouses, for the ridiculous price of over half a million dollars. It is sad to see farmland disappearing like this, but sadness is replaced with amusement when knowing all those gullible dummies paying for a common roof and the walls of each side neighbors are being scammed paying such ridiculous amounts of money for a tiny enclosure in a flood prone area. 😂😂
Senior citizen . single . retired . SS . Present home paid for . 3 credit cards , Paid in full each month . Score 800 . manage to "save" some each month . One FRUGAL SOB ! Is this SOB also SOL ?
And, Ratón, that is at least the second most important information that needs to be presented in all of this! I am sure it is not possible to say what will be the monthly cost of a mortgage as a general thing, but some talking through this matter & some convincing examples of the mortgage monthly payments being manageable atop the wonderful $1,000 downpayment down wouod be great.
My credit score is around 760 (fluctuates from time to time) and I earn $213k annually. I live in Manhattan. I’m going through a “No fault” divorce. I let the wife have our apartment in gramercy. Should I wait until the divorce is final? Am I over qualified for this program? Thanks in advance.
Check out the elegibility link at the top of page and fill out most of it (income) without applying to see what it says, I did that and got a response. Also, check with the US Gov list of approved lenders and let them do the figuring out for you.
Best thing you can do is contact a good lender that works with usda lending regularly (Google top lenders usda etc) or you could look up usda and I believe they have a list of approved usda lenders. They will pre approve you based on your info and tell you if qualify or not, so no wasted time wondering. They will typically also ask you for your court docs regarding your pending divorce to make sure you aren't paying out spouse too much to qualify for a loan. Good luck
Yes you don’t want to buy a property until you are divorced, that will complicate your divorce and it will be half of your wife , you are still married until the divorce is complete and the banks need to calculate your payment to your spouse ( if any) as part of your monthly obligations
That program they make you jump through very high hoops with a long, long time line. Just to have them reject you. And age is a huge freaking obstacle!
For many people, finding out about these two loans is the difference between being stuck, and having more freedom and acquiring wealth. There even is no penalty for paying the loan off early. Just let people inquire about it and shhhhhh
Please talk about what the drawbacks, limitations, and conditions are
Hey Arthur, I have a couple more videos on my page concerning this type of loan! Take a look ua-cam.com/video/K6l0Eu-nazo/v-deo.html
One limitation is you must live in it yourself. Can't rent it out.
@@TheRealWayneTurner
What about a retired couple on a lower fixed income..
No debt
So you are saying1k down.
I did some research, they have lowered the credit limit to 580 and no down payment
I lost my dad about six months ago and I'm going to receive some money soon. Would it be wise to grow my money in stocks for a few years while I'm in college and then invest in rental properties afterwards, or should I start with real estate investing first?
I believe the safest approach is to diversify your investments. By spreading your funds across different asset classes like bonds, real estate, and international stocks than putting all your in one. If your financial understanding is lacking, see a financial consultant.
Agreed, investing with the help of an advisor set me up for life. Retired with about $1.6m in stock portfolio only. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. Supplementing my income with stocks and alternative investments helped me by far beat the retirement age before 65.
I've worked in real estate for over 25 years and have neglected a major stock portfolio. This served me well when I was flipping and renting houses, however I need a different plan now.. mind if I look up the professional guiding you please?
The advisor am currently working with is Judith Lynn Staufer. I came across her in a Bloomberg interview for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look her up.
I found her profile online and reviewed her credentials. She has a lot of relevant experience. Thanks for sharing her information! I've already sent her an email to get in touch.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Mind if I ask you to recommend this particular coach you using their service?
“Sonya lee Mitchell’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I got a USDA loan in 1992 with an interst rate of 7 1/2 or 7 3/4. I think 7 1/2. The loans were not applied for at a bank at that time, no matter how high or low the income was. The loans were for people with low and very low income. There were two programs. People with very low income hardly paid any monthly payment. I assumed a mortgage of someone else who had a USDA loan on the home. So I didn't have to wait for the USDA program to get more money to lend. 7 1/2 percent was a low interest rate at the time. At that time USDA loans were called Farmers Home Loans. They were applied for and managed through the Farmers Home Administration (Rural Development). They were subisidized if the person's income was low enough. Eventually, if the person's income increased, he/she was asked to get a conventional mortgage. They could be forced to get a conventional loan if they could qualify. During the recession in 2009, when bank interest rates were very low, my interest rate with the USDA remained at 7 1/2 percent. Apparently the USDA rates were lowered in some parts of the country, but not where I live. The problem with those loans was that the interest was paid before the principal of the loan. So, a person could be paying thier mortgage payments, even without a subsidy, for ten or more years and gain very little equity in the home. So, when the USDA insisted the person refinance with a bank, that person would be starting over. Needing to finance nearly the full original price of the home. At the time of pay-off there was a formular to figure out how much money was owed to USDA. It wasn't cut and dry. The house had to be appraised before the pay-off amount was deternined. I am not meaning a refinance. I mean if the buyer wanted to pay the loan off with cash. Not with another loan. I suppose it would be the same process if it was a refinance. So, if a person gets a mortgage with an interest first payment plan, in my opinion, that person should refinance as soon as they are able. Now, if the loans are through banks maybe the borrower will never be told to refinance. They may not be interest first either. I don't know the answers to those questions.
It’s not a 1000.00. You need to pay for inspection=500.00. Home owner’s insurance = at least 1,000.00. Rural homes have septic and maybe city water. Septic inspection=400.00. Possible water inspection=200.00. Trust me. I bought a USDA home. Interest is 2.75% which is great but make sure you have at least 3,000.00 on hand. Good luck all…
AND a 100k income...
Yeah but income is important to have too!!!
Thank you so much for this information. May I contact you through email? I have questions.
@@ServantOfMasterLordJesus absolutely!
@@potsandjacks not necessarily. Need at least a 620 credit score. As long as you buy a house within your price range.
I purchased my first home at 24 with USDA . No money down. One of the best decisions I’ve ever made. My interest rate is 2.8 and my home’s equity has increased in such a small amount of time.
how much did you make a year, somehow for me 54k a year isn't enough?
@@Eli-wu9zu at that time I was making roughly 57K a year in Texas
Can you teach me how? Willing to pay.
Wow congrats
Bravo, Where is that?
Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market.
The stock market is no different, to maintain profit, you need to have some in-depth knowledge on the market.
True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
In my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
@@williamDonaldson432 my partner’s been considering going the same route, could you share more info please on the advisor that guides you.
I won't pretend to know everything, though. Her name is Annette Marie Holt but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
This is the best "talk to me like i'm 5" walkthrough of a home purchase i've seen.
You don't have to make the seller fix the items on the home inspection list you can also ask for a credit for the repairs which is the method I prefer. Which is basically a price reduction based on the cost of the repairs.
As long as your lender will allow it a credit at closing is usually how I prefer it as well
Just to be clear. $1,000 is just a down payment, not the cost of the house. Good information however.
Very true. You’re also going to need about 4 or $500 for the inspection. Then, appraisals are about 7 or $800 these days. If you’ve got to pay for a survey, that’s another 5 or $600.
Real estate agent here… yes, but they will loan up to 100% sometimes and they will give you money to also build and buy the land too.
Dude! I have a 640!
Finally, I’m overqualified for something. 😊
You can qualify to buy a house with only $1000 down but if that is all you have for a down payment, you probably won’t be able to pay the mortgage payment, property taxes and insurance with home prices as high as they are now!
TY. I was scrolling to find this comment.
Not exactly true - property tax and insurance are included in the monthly payment (escrow). If you are currently paying rent at an amount comparable to the monthly payment on the mortgage then you are unequivocally better off buying than renting.
You've already budgeted to handle that much a month for housing so why wouldn't you build equity with it.
Additionally, you receive other perks from ownership like tax breaks and better interest on other credit related purchases (car, revolving credit) if you are an owner vs. a renter.
That is exactly what I am about to say. The title of this video is kind of misleading.
You can do this by getting off ssi and getting a job.
I tried to get a USDA rural home loan years ago for me and my children, they turned me down. I was late on a credit card one time. My landlord gave me a great reference and worked for years at the same place. All that didnt seem to matter.
The credit bureaus were started by the mafia, and it's ridiculous that they wield so much power. Also, it doesn't matter if you're in the right and the creditor is in the wrong -- the credit bureaus take the creditor's word for it, and you're stuck with a blemish on your record. They really need to be abolished.
Don’t go to a lender go directly to usda that is completely different and there is no minimum credit requirement. I’m guessing you went through a lender, lenders are tougher and have credit score requirements and all the loops to jump through
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
I recently sold my home in the Boca Grande area and am considering investing a lump sum into the stock market before the anticipated rebound, couple of folks have been discussing a potential May rally, speculating on which stocks may experience substantial growth during the festive season. Do you have any insight into which stocks these might be?
If you are new to the market, I recommend seeking professional assistance. The most effective approach to creating a well-organized portfolio is to begin with a professional who is knowledgeable about the turbulent yet profitable market.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
Mind if I ask you to recommend this particular coach you using their service?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I think he meant to say the down payment was $1000 not the cost of the property itself
Click bait
Needed to get a lot of people to click the link.
My point exactly.. cause it's miss leading otherwise.
Yes he meant to say that a person can buy a property with only $1,000 cash out of pocket, those loans are 100 % finance and allow the seller to pay for the buyer’s closing costs, plus the seller pays for the real state commission of both agents.
Well obviously 😂😂😂
Real Estate provides cashflow, tax benefits, equity building, competitive risk-adjusted returns, and inflation protection on its own. Whether you invest in physical properties or REITs, real estate may help you diversify your portfolio and reduce volatility. Dividends are what got me into investing in REITs, great way to secure the accumulate wealth, I hold AMT, CCI & PSA. $290k in profits made in 2022.
Consistently investing in high quality dividend paying REITs & companies over the long term is a relatively easy strategy to create generational wealth. My "boring" REITs portfolio paid me over $4,000 in dividends last month.
It's time to make high value games! Discounted dividend stocks. Ever grateful to my CFP "Catherine Morrison Evan’’ I now have a six-figure REIT portfolio, which includes, but is not limited to; AMT, SPG & PSA.... I now have 606 shares of AMT which pays dividends of $3800 per year.
@@martingiavarini I want to play the long term game with well diversified fund. Please how can i reach this CFP of yours?
@@Oly_laura Most likely, you can run a google search on her name and find her basic information online; you are welcome to do further study.
@@martingiavarini Thanks for this tip. Her website popped up on the first page immediately I searched her, I read through her resume and it seems pretty tight. So, I dropped a message & hopefully she replies soon.
Mr. Turner; Your candor and transparency are priceless!! Thank You so much!
Thank you!
I found a property and the inspector said the house was worth a lot more than the seller was asking, as a result of the inspection I had to pay 30K more than the agreed price. I felt I got screwed.
Inspectors aren’t experts on value and aren’t qualified to offer advice on the pricing of a property. Typically once a sales price is agreed upon (which is usually prior to inspections) the sales price cannot be raised by a seller.
@@TheRealWayneTurner When a buyer makes an offer and it is accepted by the seller, there is a contract. If the buyer demands repairs, it creates a new round of negotiations which can end in the deal being off, repairs being made or not, or the price being lowered or raised. So, if the required repairs are minor and there are backup offers on the property, it is typically better to leave that lie.
The inspection is paid by buyer n not obligated to share copy w seller. 😮
@@xeniao.sanchez7712 Depends on state. In California, pest reports are reported to the state and are a public record.
Yep
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Exactly ! That's my major concern and what kind of profitable business or investment can someone do with the current rise in economic downturn
ROCH DUNGCA-SCHREIBER* is also my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
I advise finding a mortgage broker and real estate agent who are used to working with USDA. Many don't want to mess with these loans or are unfamiliar with these loans. I bought my townhouse 8 years ago with USDA loan. I had to put down $500 deposit which I got back at closing. You can also qualify with social security if you are retired. (Depends on how much SS you get and the price of the house. It's a very good program. Go for it.
I bought mine 23 years ago for 117k its now worth over 300k even durring the bubbel pop it was worth 160k
Its rolling the dice how the investment will do what city and market trends, but i knew there would be a lot of development in this area and its boomed over the last 23 year from 1k homes to 30k homes 2 new schools road improvements and so on.
My house has no HOA so im constantly getting calls on it to see if id like to sell.
One of the biggest mistakes is buying in an HOA area and living by someone elses rules what you can do with your property.
Fact: It is not mandatory to wait 2 years after a bankruptcy to qualify for a FHA loan. It is up to the lender to decide this and it could given the circumstances be before one year to qualify. It is very difficult but not imposible. The FHA Underwriters handbook clearly states that bankruptcy will not nessisarily prevent one from obtaining a loan. You must find a lender willing to manually underwrite the loan and and a specially prepared credt report donw by hand not an algorithm in order to apply for a loan before two years. It is not the FHA that demands this it is only a policy of lenders(gamblers) who wish to take the risk without the cookie cutter algorithm risk analysis.
Where I live, people making $106,000-$200,000 taxible yearly income aren't generally considered to be struggling, but I suppose I've never looked into how much people earn elsewhere.
That’s the upper limit, gotta be below that
@@alexmack956That's not what he said...
this is only the second of your videos that I've watch. I've already learned several things that I know I can use. I'm not a professional and you talk fast and I still learned things. Thanks, I subscribed.
The real question is WHY we think that the "money" that they "loan" is REAL in the first place.
We have to bust our humps to pay back what they just created electronically out of thin air.
Something just doesn't add up.
What?
What
@@dj4monie you're kidding, right?
The Banking System is run by a bunch of crooks... Everybody knows that.
They DO NOT HAVE any of the "money" that they "lend" anyone...
If you've ever made a really big purchase and had to go to a filthy bank for a "loan", when you signed your life away, did the Shill behind the desk hand you over a giant pile of currency?
NOPE.
That transaction was all done electronically/digitally with absolutely NO tangible proof that any "money" was changing hands.
It's the same preposterous idea as HOW a $20 bill is "worth" any more than a $1 bill... They're both the exact same size, both printed on the exact same paper with the exact same ink...
Only we've been led to beLIEve that one is intrinsically "worth" more than the other.
Get the picture?
The Powers That Be have us idiots so fleeced that it isn't funny.
The only way the SYSTEM world for them, is because we're apparently stoopud enough to keep swallowing the lies.
@@valinc.6694 we're apparently just dumb enough to think that there's some giant pile of gold in each and every bank, backing those NOTES that we don't even see when we go and beg for a "loan" of "money".
Even the party that we end up supposedly "paying" with that "loan" of "money" NEVER SEES the actual Currency... It's all digital, therefore all IMAGINARY.
Here's another ugly truth that may shock ya...
We never really OWN anything.
If we in fact did, why are we forced under threat of Seizure, Fines and Imprisonment if we don't keep paying yearly taxes on the sh*t we allegedly bought and paid for ALREADY?
Just take a magnifying glass and take a really GOOD LOOK at any Title or Deed you might have handy.
THE STATE actually OWNS the sh*t that we erroneously beLIEve is "ours"... Automobiles, homes, property, you name it.
It only sounds crazy because no one really pays any attention and figures out the TRUTH.
The point he's making is that the United States dollar is no longer backed by the gold standard. Fiat currency backed by nothing. It's only worth what you think it's worth when it's actually worth less than that. Currently being petrol backed is the only thing keeping Americans afloat but even that is getting ready to be devalued due to oil producing countries forming a coalition and refusing to accept united states dollars for oil thus devaluing the currency even further. Getting more devalued when they print or keystroke more and more money into existence. Everyone knows the US dollar is backed by nothing. Well almost everyone. 🤷♂️
So, you don't actually buy with only $ 1,000. $ 1,000 is only the initial capital you need to secure the house. There is a big difference between these two things. Also, a very interesting approach to this video would be to do a quick tour of the house, showing its actual condition, and then record the video without walking around, which is a bit dizzying. Showing the condition of the house helps the viewer understand what kind of house you mean can be purchased under these terms.
A USDA loan can be a 0$ down loan. The USDA will let you roll all of your closing costs into the loan.
Only caveat is it has to be under your approved amount. So if the house is $240k and you only got appoved for $250k. But closing costs are $15k. Then you'll need to pay $5k up to the approved amount. But if the house costs $235k, then you can roll all the closing costs into the loan. The approved amount is also tied in with the appraised value of the home, but I'm not sure how that works. I think final approval involves an inspection and appraisal. They won't approve you for more than the house is worth.
@@GROGU123 If you are looking at that situation, you are paying too much for the house. Look around for a better deal.
@@Matthew_Loutner I bought my house with USDA a few years ago. I had to pay closing costs out of pocket, but no it was not at the top of my budget. The monthly payment was the same as my apartment. It's just that homes in my area have gone insane, especially since covid. I bid the asking price and luckily won because it was a fixer upper. But I paid only $5k under the appraisal price, so had to pay my closing out of pocket. Today people are paying $20k-$30k over asking price and appraisal value. It's a different market today. So only people trading up, that have equity or people with high paying jobs can buy a home right now. USDA is going to be very hard in my area if you plan on rolling closing costs into the loan. There are no "deals" to be had where you're paying $20k+ under the appraised value. I live 20 minutes from the city center. Technically I live 1 mile away from some small farms. So it considered rural but I'm only 7 miles from the city center. I could ride my bike there. TLDR: You can only roll the closing costs into the loan in a buyers market, or maybe a neutral market. But definitely not a sellers market like we're still in.
@@GROGU123 That is hard to understand for some?
@@dj4monie Bottomline, no bank will approve a loan for more than the appraised value of the home. In todays market, most realtors are pricing homes for sale at the appraised value and buys are bidding higher than that. You can’t roll in closing costs unless the price you pay for the home plus the closing costs are less than the appraised value of the home. You need to wait for a “deal” on a home to do that. Which happens in a buyers market.
Thanks for talking about this. It almost made me feel like I could get out of the city. Turns out I am so broke I can't qualify or even come close. Full time work even with overtime isn't worth anything anymore. At 21k/yr, I had no idea I was so poor, even for Oklahoma. I don't see how people live on minimum wage. Mine is $12.30/hr.
You can’t live on minimum wage. You need to find a way to increase your income. I know- easier said than done, but I started working in a Peterbilt factory in my 20s and realized that was not something I wanted to do for the rest of my life. I started to help my uncle clean pools on the side and really thought I would start building pools for a living, but after cleaning the pool of a successful real estate agent in my town I decided to give that a shot and haven’t regretted my choice since.
I'm in CA and I couldn't imagine 21k a year unless ylive with your parents. There is NO way you could live here on that income. In-n-out burgers here starts at $23/hr! McDonals is $17/hr
Yeah depends where you live. I'm in Cali to and if the fast food place is privately owned, which Alot are, you make what they offer and hr. Only stupid mfers think fast food makes that much and still don't even work there @@LetsPatchItUp
@@LetsPatchItUpyou’re in cali that’s why they pay that much! Not in the south
I bought two houses in rural Kansas at a tax auction for $300 total a couple years ago. I immediately sold one to a neighbor for $13,000 (about half what it was worth). I put new windows, siding and a new roof on the other for $15k and sold it to a friend for $20k (once again about half as much as it was worth). These were abandoned properties that almost got tore down.
Where might one look to find such tax auctions, Duke the Spook?
Sounds like it worked out wonderfully for you, & that you sought to & did share your good fortune with others. 👍🏼
@@fiery.mercaba Just about every county in the nation has a tax auction at least once a year. County websites are the place to start your research.
how was it you were the only one at the auction? your a good friend to sell them the homes for under market value
I am in Kansas, I need to look into this tax auction stuff.
More immediately than a collapse in the stock or real estate markets, inflation directly impacts people's standard of life. It is hardly surprising that the present market attitude is so negative. If we are to live in this economy, we are in dire need of assistance. ETF and stock markets are still unpredictably volatile, just like the housing market. My $350,000 portfolio has been reduced to rubble.
A lot of people are still making huge returns on investment this period. You just have to be very grounded or solicit the help of a professional.
@@tatianastarcic I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
Thanks, I just googled Margaret and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
This guys UA-cam Channel is really good, lots of info
I appreciate that!
The USDA publishes a list of lenders who offer to do these loans. You can also get remodeling loans and loans for new construction.
USDA also offers multi-family!
Thanks for the information but I wanted to know if usda does the 1000 down for land/lot as well
Wish we could get someone to translate all this for us. We just want a small home out in the rural area of CT.
@@SerenitynPeace just look into it I am trying to too as no one in my family ever owned anything
@@veracitylifestyle9750 If you are going to build a home on it, yes.
My son used usda to buy a house last yr. He had a 690 credit score. He was pre-qualified for a loan. Even with excellent income, he had to put a down payment of $8500. This is all bs.
My sons seller wasn't allowed to pay his closing cost. The mortgage officer said he tried everything and nothing would go through. My sons house appraised well above the purchase price.
I know the mortgage guy and his realtor. They are good people and when they tell me they couldnt get him anything better, I trust them. All these people are making videos but not telling the total truth. Very few people get good deals, especially in today's market.
That depends there are two programs for single family homes. It's not bullshit. It also depends where the home is.
If for some reason you can't be too far outside the city center, housing cost will go up.
That doesn't make it a sham at all. You may have to relocate to get better pricing.
@Anthony Thomas
Well, first off, the title of the video is deceiving. It's not a "shock." And it is bs. Only certain people qualify for certain programs. My sons first house is smack in the center of town in the center of the usda map. The town itself is a rural community. The main reason he didn't get the "shocking" deal is because he had no real credit history. First house, no previous mortgage, no car loans, only small limit credit cards. They punish you for having a good paying job, being single and not getting previous loans, which is bs. His loan was also considered a first time home buyer and still had to pay a ridiculous amount to purchase it. The requirements to get the deals are basically useless to the majority of buyers. I've bought many houses and rental property, and could not believe what my son had to go through versus what I do to buy something.
Well this started out as a video on this USDA program but, while it did lay out the home buying process in general, it did not discuss the USDA program eluded to in the title. Maybe still worthwhile to people brand new to home buying but otherwise really not at all helpful regarding this USDA program.
While it is true that some homes can be acquired for as little as $1,000 through this program, this is not a common occurrence. The program provides loans, not grants, so borrowers are required to repay the loan over a period of time. Eligibility for the program depends on a variety of factors, including income, credit history, and the location of the property.
Yes, and if it's the direct loan, it's a 33 yr note(or a 38yr for very low income)..you have to pay back the subsidized portion or they will place a lein. And from what I understood, it's hard to sell it before it's paid off? Not 100% on that...but there's no penalty for paying it off early 😁
So there are drawbacks...but still..
USDA loans are the hardest loan type to get. They are also home based not necessarily area based. They have very tight credit score, income, and debt ratio limits. The bankruptcy wait times also depend on the type of bankruptcy, wait time post ch13 is shorter than ch7.
Your point? I filed BK in 2019. My score is 680 across all three, USDA is easy the hard part is finding properties.
@@dj4monie USDA isn't easy. It has very strict guidelines about income and debt to income ratio. USDA is also the only loan program that requires the calculation of all inhabitants in the home towards income limits, regardless whether they are on the loan file or not. Their income goes against income limits however does not count for dti calculation. So if your 17yr old kid has a job, their income has to be counted with yours. USDA is a good option for low earners with very little debt and healthy credit, provided you can find a property that qualifies.
@@dj4monie how'd you get your score that high after bankruptcy?
That's not true, I didn't have any credit and plus I'm on fixed income and was still approved even though I ended up not using the loan.
@@nuttybar9 It is absolutely true and the information is available on their website. The loans are designed for lower income individuals with low debt. "no credit" means compensating factors (like utility bills) can be used, which is how you would qualify, FHA loans allow for this also. "no credit" is FAR better than bad credit, which you can't get a USDA loan with. The income limits mean you can't make too much, it's not about how little you make.
We've been trying to get a house for years and haven't been able to because my husband's credit score is bad (thanks to his ex wife). Mine is good enough! But I don't make enough. We're slowly building his credit score up but it's going slowly. I really hope we can take advantage of this program to get our first home.
There are income limits for a USDA rural development loan. If you make more than the limit for your particular area, you do not qualify.
lol i thought he was saying you can buy the house for $1000 not just a down payment
i definitely was thinking like”why would anyone need to make payments on $1000” smh i was gonna get me another house 😂😂
That's right. And I replied along those same lines,and he responded very ugly and... anyway 😞 rant over. It's really misleading like you said.
USDA is very picky. Every house I found to buy they turned down . I was pre-qualified too. I ended up having to get a reg one, bc USDA said no. Good luck y'all
What excuses did they give you
@@MrArtVein
Just said house didn't meet their standards.
What state were you looking?@@vmak8287
Sounds like some very valuable information and will surely look into it. Thank you!
Thank you.
A USDA house can be in town, if the town is on their low-income map.
It's not low-income though, it's "rural".
Finally straight forward English ! Thank you brother
Never buying a house in America again unless it's a deal like this. And property tax must stay tame and under control.
Don't buy in Los Angeles County then. Tax tax tax tax tax the working poor to death.
@@winniecash1654 That's what the people there voted for
@@Lonewolf_1776 I do wonder what the people in LA are thinking. I think Sacramento must be crooked, like politicians seem to be.
Y'all vote for Biden again!!
I bought mine with nothing down. I was already trying to live in the sticks so this was perfect for me, and the seller was in a bad way financially so i bought approximately 15k under appraised value and then it went up another 75k within 2 years.
TELL ME.TELL ME
which city?
So if you need a USDA loan to buy a house, and you do get a low down payment, how do you pay the high monthly mortgage?? For whom are these loans actually beneficial?
Believe it or not the mortgage is typically only on average $10-$20 different from putting 3.5% down with FHA.
Keep up the good work
I tried purchasing several homes with USDA. And I have years on the job. I pay my taxes. And I was never able to buy a home with USDA for less than several thousand dollars
Thanks for sharing . Always be careful of unbelievable offers. There's always a catch.
What is the lowest loan amount you can get for a home?
I will take it…Yes that one you are going thru now. I have a grand and 750 credit score!!!
WOW!!!sir as a young family this will be life changing.....I was left a bunch of land that is doing nothing but costing me taxes but this seem like a way I may be able to use that along with this to really change our lives for generations..THANK YOU SIR!!!
At least you have the land. That is great! 🙏
Open to selling a single micro parcel so I can build a tiny home on it and live there peacefully…? 100% serious.
Almost a decade of searching for a rooted place to call home here ~ and am currently beyond ready to buy a minuscule slice of land I can afford, and build a humble abode on.
Live out my days there inspired, at peace, in love and connection with all life, in safety, and in focus towards my greatest visions, greatest health~strength~ longevity, and leaving the greatest loving positive impact I possibly can before leaving this body
Let me know if that’s something you’re interested in and open to 🙌🏼 would love to help beautify and steward the land if no one is currently
@@AwakenedWordsmith there's an app called landCentury. It has all kinds of land for sale. Some micro plots. Check it out and let me know if you see anything you like.
Federal law changed...although many banks still follow the old law, and there is no waiting period after bankruptcy in order to get a mortgage.
Is you search ‘bankruptcy seasoning’ for loan types you’ll see this isn’t the case.
Is the 1000 dollar just a down payment
I bought a home years ago and used a USDA loan. $500 down. Of course that kind of depends on the price of the house. Called earnest money. I didn’t have any credit. My wife 3 children and myself. We bought a house we would never be able to afford. 3% interest made the payment affordable. I sold the house 10 years later with no hassles. I would recommend this type of loan. As you get older and figure life out using a conventional loan is a good thing.
So, you're not actually buying a house with $1000. It's $1000 down. The less you put down on a mortgage, the more your monthly payment will be.
620 to 850 credit scores still not $1,000 down .
How do you get the USDA loan? None of the local USDA offices say they offer any loans unless you're am established farmer with an agriculture degree
Weird. I sold a house (2017) in a suburban/rural area of the city of Greenville, SC…in a subdivision, no farming allowed, but you could have 5 or 6 hens, no roosters, LOL! YEP…buyer got a USDA nothing down loan. They had to pay their share of closing costs.
So I would look up the requirements for USDA loans/borrowers on the Federal website, then look for any specific in-state rules. Sounds like bogus rules to me…
Also, look for banks that offer USDA loans. USDA just guarantees the loan, they do not make the loan to you. Federal agencies have to follow their own rules and cannot discriminate or make stuff up ! Curious what state you are in?
Yes what state are you in
Do you have videos for self employed , first time buyers?
Good question
I found this really helpful. I'm not a home owner right now. I will probably do a mixture of this and VA home loan. I'm in my 20s.
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Very familiar with the program. We could never get the price/house to work when we tried in several towns many years ago. I can only imagine it is even harder now. The buyer has to buy into the delays and hassles as well. Good to let people know about the plans though, thanks.
Lol, buy a home for 1,000 down. You just need to make 103-200k a year. I'd need to work 3 jobs and never sleep to afford that on an average income. So simple! Who needs a middle class anyway!
Not with a USDA Guaranteed or direct home loan you don't. Look into it and see.
I love all of your messages Brother. May God Bless you and look upon you with favor.
My husband and I bought our first house using USDA and we had no out of pocket cost. 9 years later we are divorcing and now we will have to sell our house. I plan on using USDA to buy myself a house once this divorce is over.
You can do it for less than 1k if you get seller concessions. There isn't much inventory that qualifies for the the mortgage. YES I am a licensed mortgage loan officer.
Sounds good at first, but then it's an annual income of over $100K. Then it's having to show that you've had the same job for over 2 yrs. In other words, might not be the easiest way of getting a home as a single entrepreneur with a new business - even after having been self employed for 30 yrs.
I don't understand why self employed for 30+ years wouldn't apply? If credit, income, debt to income ratio is good???
This is a heck of an info scoop, thanks for sharing!
My question is Why. Why do they limit the different diversities, and districts to certain incomes requirements...it makes people stupid and competitive and limits those who have good intentions...but I like the info, sweet and simple. 🙂💚🤙🏻
It's pretty simple why... housing costs less in Ohio then D.C.... Hispanics are usually underpaid compared to Caucasians, so they'll have a lower income requirement. Its very simple economics.
but if you are on ssi, you only qualify for less that $55,000 and it is next to impossible to find a house for that. Plus, the house has to pass government regulations, and be in an eligible area.
If I had a six digit income I don't think I would need to get a government loan.
I think he meant to say you normally must make less than 100,000 or so for a USDA loan.
@@williamchurch9768 He said between 103K and 200K, if I'm correct....
Best explanation ever! Thank you so much - glad I found this video!
Thank you for the info on USDA loans. Here in Michigan right now. Crack houses are going for 250k and you are expected to pay a full appraisal gap. I'm pretty certain no sellers are paying for closing fees
Dang, crack with every purchase. 🤦♂️
Let me get this straight, you say a house used to make drug deals and drug users are allowed to use this space are selling for $250k?
Otherwise what is the significance of saying this?
Omg so true. I’m looking and am in Michigan and even a dump in Detroit is expensive
Yah getting the seller to pay any costs is pretty far fetched in most parts of the county. If you're not coming in over asking price within 48hrs of the house hitting the market in my area you're not buying that house.
There's no way to identify which properties would be available for this.. the link just shows a map pf the country and you have to already know of a house to confirm an address is eligible.
Can senior citizens qualify for this who get less than 12,000/yr ?
Donna Jeffreys my name is Lisa. Did you get the answer? I am a Senior Citizen also
Kind of low to qualify. Additionally, It depends on your monthly expenses.
It's possible. Non tax income is grossed up.
Don't buy through them , go to a credit banking instead. Refinance it from usda to a bank credit union is best.
Yes you can buy a house with 1k down. But can you afford the monthly payments?
What you mean? Are they high?
Big difference in buying a house for $1,000 and a $1,000 down payment. There are much better ways to own a home with less than a 620 score. You may be able to get by with no down payment, no credit and no income.
But to learn how you may have to pay more than $1000. Or not.
I got screwed selling a house because appraisal was less than the agreed upon price. Had to lower price. If I waited 1-2 months to sell, the housing sales in my area would've increased the appraisal price.
Love the sound of crickets in a backyard.
I do too!
Don't tell the people now is not the time to buy a house...People don't get your undies in a bundle. Now is not the time to buy. Look around and see what is happening in the world.
What should we do then
@@rasheemthebestfirstone3274 listen to “The Economic Ninja! The housing is collapsing and you want to catch things at the cheapest time!
@@rasheemthebestfirstone3274 wait! Wait at least a year. The prices are going to drop hard and fast! You don’t want to buy a house for $300,000 when you could wait a year and pay half. It is going to happen.
@@beckiwildeman600 The Economic Ninja is great! He has a ton of great info and he’s spot on. It will be worse than 2008.
@@tammilutz7955 O the prices will hit prices no one could even image in this life time of troubles! Most people don’t make enough money to pay for these criminal prices on houses let a lone more fraud of interest!
This was really great explanation ty Gby
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using investment advice in the YT comment section is like taking a canoe into the ocean
@patrickdevero145 SPAM
I thought you where going to to about the USDA😂😂 😂
Make sure you are telling people it’s the FICO score that has to be 620
From my understanding: you have to physically occupy the home or you won't qualify- so I would say, No. You probably cannot have multiple USDA loans.
Hey Wayne Turner I'm Sedrick Turner. Love and blessings to you
How do you recommend buyers navigate the "Conditional Commitment for Single Family Housing Loan Guarantee" clause or simply the "Conditional Commitment" clause in a sellers market? This clause seems like it may scare the sellers off and is typically included in the USDA's Conditional Commitment Form (Form RD 3555-18 or a similar form), which is issued by the USDA Rural Development agency as part of the Section 502 Guaranteed Rural Housing Loan Program.
You know your stuff!! You need to START doing videos.
Don’t get too excited. These are next to impossible to get. In many states they aren’t even available.
This is good info thanks man. I know it feels bad for people now, and housing got messed up for many reasons. But it won't be this way forever
Please don’t lie to yourself, things will not be going back to normal due to Klaus Schwabs and the WEF & many more. Prepare yourselves.
THANK YOU FOR THE INFO AND THE TIPS!!!!
Slowly and definitely surely, rural areas are disappearing in south Florida, down by the Homestead area all the farms are disappearing being replaced by duplexes/townhouses, for the ridiculous price of over half a million dollars.
It is sad to see farmland disappearing like this, but sadness is replaced with amusement when knowing all those gullible dummies paying for a common roof and the walls of each side neighbors are being scammed paying such ridiculous amounts of money for a tiny enclosure in a flood prone area. 😂😂
Senior citizen . single . retired . SS . Present home paid for . 3 credit cards , Paid in full each month . Score 800 . manage to "save" some each month . One FRUGAL SOB ! Is this SOB also SOL ?
Hi Sir thank you for your video. I have one question what would be the monthly payments on this types of properties?
And, Ratón, that is at least the second most important information that needs to be presented in all of this! I am sure it is not possible to say what will be the monthly cost of a mortgage as a general thing, but some talking through this matter & some convincing examples of the mortgage monthly payments being manageable atop the wonderful $1,000 downpayment down wouod be great.
Didn’t know about this… I’m going to try it out ❤.
My credit score is around 760 (fluctuates from time to time) and I earn $213k annually. I live in Manhattan. I’m going through a “No fault” divorce. I let the wife have our apartment in gramercy. Should I wait until the divorce is final? Am I over qualified for this program? Thanks in advance.
Check out the elegibility link at the top of page and fill out most of it (income) without applying to see what it says, I did that and got a response. Also, check with the US Gov list of approved lenders and let them do the figuring out for you.
Best thing you can do is contact a good lender that works with usda lending regularly (Google top lenders usda etc) or you could look up usda and I believe they have a list of approved usda lenders. They will pre approve you based on your info and tell you if qualify or not, so no wasted time wondering. They will typically also ask you for your court docs regarding your pending divorce to make sure you aren't paying out spouse too much to qualify for a loan. Good luck
Yes you don’t want to buy a property until you are divorced, that will complicate your divorce and it will be half of your wife , you are still married until the divorce is complete and the banks need to calculate your payment to your spouse ( if any) as part of your monthly obligations
Dude, call your divorce lawyer to confirm.
I've looked at USDA loans for farming/homesteading. Not ones for "rural development," though.
I'd rather buy land and build.
What if the only debt that I have is school loans as compared to all other debt?
That program they make you jump through very high hoops with a long, long time line. Just to have them reject you. And age is a huge freaking obstacle!
Very misleading 1k down is not the purchase price 200k
200k is still 200knot purching a property for 1k.
For many people, finding out about these two loans is the difference between being stuck, and having more freedom and acquiring wealth. There even is no penalty for paying the loan off early.
Just let people inquire about it and shhhhhh
I cant believe that would fly in New York City, even in the suburbs, where I live.
Where can i find the link for the income limit by area you mentioned at the end?
Thanks Wanye for the info...greatly appreciated
Thanks for watching Rickey!
Any tips on buying 50 acres of raw land ?
USDA RD don't close on raw land.
The more remote the land is, the lower the price it seems.
You might try owner financing.
I have a 760 credit score and I also have a pre approval letter from the mortgage company I have now am I ahead of the game