Hi, thanks for asking . I’m wondering why the lender chose fha when my friend has a 745 credit score and plenty for a down payment. Maybe because the income is only $3,000 a month ? She said it would be only $5,000 for down pay and closing cost with a 3.5 interest rate
@@Mr.Bathelus832 For conventional you need to get the loan to value ratio of lower than 80%. I don't believe you can avoid PMI on an FHA loan, you would have to refinance to get rid of it
The challenge is that whether you rent or own, there are unavoidable costs associated with maintaining a permanent residence-property taxes, insurance, and utilities like electricity, gas, and water. In places like California, where I currently live, the high cost of living has pushed many people to opt for alternatives. It’s not uncommon to see individuals living in tents to avoid property-related expenses, and the number of people I encounter who reside in their cars is truly surprising. It’s a sign of how extreme the situation has become.
The market continues to escalate daily. Home prices are exorbitant, and mortgage rates have surged beyond 7%. I often debate whether it's smarter to park my cash in the stock market and wait for a potential housing crash or bite the bullet and purchase a home now.
I understand your concerns. I'm 50 and planning to retire early, and the uncertainty of the financial future, especially around housing and investments, is concerning. I’m also considering my first stock market investment, but the volatility this year has been intimidating.
This is exactly why I rely on a portfolio coach for guidance. A professional can navigate complex market conditions, employing strategies like balancing long and short positions, managing risk for upside potential, and implementing hedges to cushion downturns. My portfolio advisor has been crucial for me; after two years of following her advice, I’ve generated over $400,000 in returns.
Rebecca Lynne Buie has consistently been my top recommendation. She’s widely recognized for her expertise in financial markets and has a strong track record. I highly recommend her.
Thank you for showing interest. I’m glad you found her contact information. I hope your conversation goes well, and that you're able to end 2023 on a strong financial footing. Best of luck!
Thank you for this. Ive been researching the different loans for a while, and never understood why so many people suggest just getting a fha loan for you first house, but running the numbers myself, i couldnt understand why. But the biggest point is, if you can afford a conventional loan, get a conventional loan, and you will same yourself alot of money
Yes I would! You can use the rental income from the 4 plex to save up money for your primary home while building equity in the 4 plex itself. You do have to save more money to buy a 4 plex however, so keep that in mind. Otherwise I think think its a great idea!
Question. Is there any way of not putting that 3% down on the conventional loan. Can the bank recognized as the 4-Plex in the three of the units as passive income for the loan
The bank can recognize the rental income from a 4 unit as your income in order to help you to qualify for more, but most lenders will still require a down payment.
Can a first time home buyer use multiple “down payment assistance” grants and loans on a single mortgage if their area has them and they qualify? Like if two people are getting home together
I don't see why not if you can qualify for them! Most programs are accessed through the mortgage lender, so be sure to ask them for all the programs you can qualify for.
@@trindon9439 Sure, most lenders offer FHA loans for multi unit buildings up to 4 units. Try speaking with your bank, or you can try an online lender such as guaranteed rate
Speak with a mortgage lender to be sure, but I believe that if you use income from 3 people then all 3 people have to be on the mortgage. Otherwise yes you should be able to
You can speak with any mortgage lender, such as the place you bank at, and they will be able to tell you specifically what you need in order to qualify for a mortgage
Try NACA or try Direct USDA loan. Read and research to understand each. There are income limits to the Direct USDA loan as well as the Guaranteed USDA loan. I didn’t recommend the USDA guaranteed because they have a max 41% DTI right now and unless you are under it, depending on the lender it will not be approved. Just speak with a lender and let them look at your finances. If they aren’t pointing you in the right direction of what to do get another lender. There are several DPA down payment assistance programs on the state level and even city sometimes. You have to research it. Also if you or your spouse is a veteran you can possibly do VA. Just think of your options.
What questions do you have about FHA loans?
Hi, thanks for asking . I’m wondering why the lender chose fha when my friend has a 745 credit score and plenty for a down payment. Maybe because the income is only $3,000 a month ? She said it would be only $5,000 for down pay and closing cost with a 3.5 interest rate
Hi, income could be a reason why the lender chose FHA. With an FHA loan you can qualify for a higher amount
@@baileyacres how do you avoid PMI on conventional loan and FHA loan?
@@Mr.Bathelus832 For conventional you need to get the loan to value ratio of lower than 80%. I don't believe you can avoid PMI on an FHA loan, you would have to refinance to get rid of it
@baileyacres From what I though I understood, FHA would typically have the more preferred interest rate... is that not the case
The challenge is that whether you rent or own, there are unavoidable costs associated with maintaining a permanent residence-property taxes, insurance, and utilities like electricity, gas, and water. In places like California, where I currently live, the high cost of living has pushed many people to opt for alternatives. It’s not uncommon to see individuals living in tents to avoid property-related expenses, and the number of people I encounter who reside in their cars is truly surprising. It’s a sign of how extreme the situation has become.
The market continues to escalate daily. Home prices are exorbitant, and mortgage rates have surged beyond 7%. I often debate whether it's smarter to park my cash in the stock market and wait for a potential housing crash or bite the bullet and purchase a home now.
I understand your concerns. I'm 50 and planning to retire early, and the uncertainty of the financial future, especially around housing and investments, is concerning. I’m also considering my first stock market investment, but the volatility this year has been intimidating.
This is exactly why I rely on a portfolio coach for guidance. A professional can navigate complex market conditions, employing strategies like balancing long and short positions, managing risk for upside potential, and implementing hedges to cushion downturns. My portfolio advisor has been crucial for me; after two years of following her advice, I’ve generated over $400,000 in returns.
Rebecca Lynne Buie has consistently been my top recommendation. She’s widely recognized for her expertise in financial markets and has a strong track record. I highly recommend her.
Thank you for showing interest. I’m glad you found her contact information. I hope your conversation goes well, and that you're able to end 2023 on a strong financial footing. Best of luck!
Thank you for this. Ive been researching the different loans for a while, and never understood why so many people suggest just getting a fha loan for you first house, but running the numbers myself, i couldnt understand why. But the biggest point is, if you can afford a conventional loan, get a conventional loan, and you will same yourself alot of money
Would you recommend purchasing a 4 plex with an fha loan as an investment property and plan on buying a primary home in the future
Yes I would! You can use the rental income from the 4 plex to save up money for your primary home while building equity in the 4 plex itself. You do have to save more money to buy a 4 plex however, so keep that in mind. Otherwise I think think its a great idea!
Question. Is there any way of not putting that 3% down on the conventional loan. Can the bank recognized as the 4-Plex in the three of the units as passive income for the loan
The bank can recognize the rental income from a 4 unit as your income in order to help you to qualify for more, but most lenders will still require a down payment.
finally somebody that tells the truth avoid fha like covid 19 !!!
Ive purchased 2 homes with a fha! Works for me.
Nice!
@nomuswole4446 what’s the first steps
Can you get a house built with this loan
Yes. With the FHA 1 step contruction land loan
Great video, THX
Glad you liked it!
This was very informative thank you
What is monthly income? Pre tax n medical n 401k? Or post in hand income?
@@divyasasidharan2960 income before taxes
Thank you
Can a first time home buyer use multiple “down payment assistance” grants and loans on a single mortgage if their area has them and they qualify? Like if two people are getting home together
I don't see why not if you can qualify for them! Most programs are accessed through the mortgage lender, so be sure to ask them for all the programs you can qualify for.
What do I do to buy a house and acreage that’s 110,000? With little credit and just started consistent employment. It’s definitely a fixer upper
can you use a fha loan to get a commercial building?
I heard they’ll pay rehab as well on top of the loan
@@Motivationalbankz That one is a little different, it's called FHA 203k
Concise n good info for starters 👍
@@divyasasidharan2960 thanks!
From what I though I understood, FHA would typically have the more preferred interest rate... is that not the case
I am in Houston. Do you know of any fha owner occupied multi family lenders?
@@trindon9439 Sure, most lenders offer FHA loans for multi unit buildings up to 4 units. Try speaking with your bank, or you can try an online lender such as guaranteed rate
Could the income be from three different people?
Speak with a mortgage lender to be sure, but I believe that if you use income from 3 people then all 3 people have to be on the mortgage. Otherwise yes you should be able to
Yes you can , I just did that with my husband and my brother. But three of you will be on the mortgage
I have bad credit, about a year and a half of credit history. No money saved where can I go for a mortgage
You can speak with any mortgage lender, such as the place you bank at, and they will be able to tell you specifically what you need in order to qualify for a mortgage
Rent until you get yourself together mate
how do u even have the confidence to try and buy a house😂 im here with good credit 50k downpayment no debt and im struggling
Try NACA or try Direct USDA loan. Read and research to understand each. There are income limits to the Direct USDA loan as well as the Guaranteed USDA loan. I didn’t recommend the USDA guaranteed because they have a max 41% DTI right now and unless you are under it, depending on the lender it will not be approved. Just speak with a lender and let them look at your finances. If they aren’t pointing you in the right direction of what to do get another lender. There are several DPA down payment assistance programs on the state level and even city sometimes. You have to research it. Also if you or your spouse is a veteran you can possibly do VA. Just think of your options.
007 Brycen Estate
FHA can actually go up to 57% DTI, not 43%
That depends on the lender. Not all lenders will go that high.
Ef ech eh loan 😂
Hernandez Brian Martinez Thomas Harris Matthew
Lewis Matthew Moore Mark Gonzalez Anthony
Lopez Edward Clark Richard Thompson Donald
Hernandez Lisa Anderson Gary Rodriguez Christopher
Wilson Angela Harris Kenneth Clark Jennifer
Williams Patricia Thompson John Martinez Barbara
Hernandez Mary Lopez Deborah White Jason
Walker Jennifer Lopez Edward Young Donna
FHA rates are LOWER than conventional!
Miller Steven Thompson Melissa Miller David
Young Mary Garcia Frank Martin John
Jackson Anthony Gonzalez Angela Lopez Karen
FHA turned us down because we had too much debt
What’s too much? throw a ballpark range if you don’t want to disclose yours exactly
If you have debit it’s best to get a 4plex …then live in it…then get home later. You debt to income ratio is important.
@@Faisonboy13debt to income ratio must be
It’s 45% now
Why do you not say the H in FHA loan it's not 1 single word
Wilson Daniel Perez Melissa Jackson Robert
Ef ech eh loan 😂
Johnson Melissa White Donna Lopez Barbara