10 FHA Loan Down Payment TIPS AND TRICKS
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- Опубліковано 3 чер 2024
- Down payments don't have to be tricky! We'll cover the ins and outs of FHA loan down payments so you're ready when you need to buy.
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➡️ - GET STARTED -
🏠 Connect with a helpful LENDER in your state → www.winthehouseyoulove.com/le...
🏠 Connect with a helpful AGENT in your city → www.winthehouseyoulove.com/agent
- HELPFUL TOOLS -
✅ Max Purchase Price Calculator → www.winthehouseyoulove.com/ma...
✅ Lowest Cost Loan Calculator → www.winthehouseyoulove.com/lo...
✅ Home Buying Planner →
✅ Today’s Interest Rates → www.winthehouseyoulove.com/to...
✅ Step-By-Step Home Buying Timeline → www.winthehouseyoulove.com/ti...
✅ Student Loan Savings Calculator → www.winthehouseyoulove.com/st...
0:00 10 FHA Loan Down Payment TIPS AND TRICKS
0:12 Down payment
0:42 Two minimum down payments
6:28 Sources that FHA allows for gifts
8:42 FHA refinance to Conventional
10:54 How to get credit from a lender towards closing cost
-- Legal --
Kyle Seagraves
NMLS# 1701021
Motto Mortgage Alliance
8900 N. Dixie Dr.
Dayton, OH 45414
Equal Housing Opportunity
Here's everything you need to know about FHA loans so you can make sure you don't run into any issues when you're ready to qualify → ua-cam.com/video/S-v9ZxJevfo/v-deo.html
I’d like to compliment this guy on a few things:
1. Thank you for getting straight to the point and not wasting time in the beginning asking people to “hit that thumbs up button and be sure to subscribe”🙄🙄🙄
2. Thanks for speaking in a calm tone that is clear and breaking your knowledge down in a way people can understand and not lose attention to.
3. Awesome haircut! Very nice fade on the sides!👌🏾
Thank you so much for such kind compliments, Josh!!
Yesss nice to look at, soothing to listen to and good info. I subbed.
His tone is soothing. Like he's speaking directly to the listener.
This is the best breakdown of FHA and strategy to get out of it that I've heard or read anywhere. Thank you!
Ah thank you!! That’s so kind. Thank you for watching!
his voice got such a soothing, calming effect on me... I am not in the market but I just love hearing your voice!!
Hahah thanks!!
Win The House You Love I fell asleep lol
@@YoungSperm Hahah I'll be out with the asmr sleep video next 😉
Wow he does lol it’s bedroom nice yet professional lol I can listen to him all day. Wonder if he has a podcast? Lol
Natasha Dwyer hahah. All of these videos are turned into a podcast on Spotify and Apple Music and such. Search “Win The House You Love” :)
Timestamps for y'all:
0:48 Your credit score and minimum down payment
1:44 $100 down program
2:22 Why down payment assistance isn't good
3:24 Where does the down payment come from?
5:15 Using a loan for a down payment
6:10 Gift funds
6:29 Who can give gift funds?
8:44 FHA loan strategy you need
9:30 What you need to do if you have an FHA loan
10:40 Using FHA to pay closing costs
🎧 Listen To The Podcast
plinkhq.com/i/1493715474
💰 7 Proven Ways To Save Thousands On Your Home
www.winthehouseyoulove.com/free
Are you able to request that credit if you go straight into a conventional loan?
Question. Why does the lender care if you have 5K cash or not? Uhh Like it’s my money ? Why do you care. What if I deposited that before hand etc..
Edward Dasco on riskier loans, the lender wants to make sure people have money left over to make the first payment instead of draining their bank account. If you deposit anything large, the lender has to document that it came form an acceptable source
Is it better to start with a conventional loan if your credit score is already 720+
Thank you sooooo much for this video . I am planning on buying a house because I don’t think renting makes sense for me . I had no idea you could refinance and later get a conventional loan . That literally changes everything for me . Again thank you for your knowledge 😊.
You're welcome, I'm so glad it was helpful :)
You are truly a Blessing for those who are doing their homebuying research 🙏. Thanks for not wasting time and getting to the point. I am in the process of starting my homebuying adventure and searching for true, honest and keeping it real information. You are the best. Hope I can reach out for more questions to you!thanks again for sharing 😊.
You are very welcome!
Great point about the gift funds.
I'm not in the best time of my life right now, financially and personally, and with the whole COVID-19 tragedy, I was honestly getting depressed. You videos giving me a hope and I think I will look into buying a fourplex as my first home. Really appreciate your knowledge sharing videos!!!
Thanks for your comment! I recorded a personal video reply for you: m.bixel1.net/g35imo
Also, here is a great video on anxiety and COVID-19:
ua-cam.com/video/DgZETpd9h5s/v-deo.html
Wow, this was the by far the best breakdown of an FHA loan down payment! Thank you so much!
That’s so kind, thank you Tiffany :)
Your voice 😩 I can listen to you all day. Thanks for the information !
Thanks for watching!!
thank you, you are and effective communicator. the best Ive listened to so far.
Wow thank you so so much!
Thank you for breaking this down. you do a great job at explaining this in a simple easy to understand way.
Thank you so much for watching!! :)
Very clear and through!!! Thank you for taking the time to make this!
Thanks! Glad you enjoyed it!
Been looking for a HUD REO home on the HUD HomeStore. $100 down is incredible! Going to pair that with the 203k option and refi 12 months later. IRR is going to be JUICY!
Awesome!! Best of luck!
You make it really easy to retain the information with your clear real world scenarios !! You just gained a subscriber:)
Thank you so much for watching!! :)
Wow this is the best video ive seen that he actually broke it down for us to understand THANK YOU new subscriber here
You’re welcome! Thanks for watching!
#2 STIMULUS $1200.00: = SENATE & CONGRESS & HOUSE OF REPRESENTATIVES: Step down and aside, from official politicized powers; herein, THE UNITED STATES FOR AMERICA OF NORTH USA. Really resign requiring remorse- regrets - repentance righteously + reciprocal restitution. The U.S. Certified Citizens collectively, comprising cosmetic coloration complexions commandeer co-creating + controlling "climate change" and courageously cleansing cultural customs and correcting crooked corporation companies, capital cash currency commerce = $$$
You are my new favorite. I love your calming voice and helpful breakdown. Thank you for this!
Thanks for watching and for you kind words!
I have never watched any of your videos but it came up because I have been looking into FHA Loans. Your video is the hands-down best video on FHA loan strategy or FHA Loans. Got an instant subscribe from me for this one. I love the way your mind works and you were able to clearly explain so many things so quickly, so thank you for making this video.
Justin, you made my day!!
I'm so glad this video was helpful! Thank you for watching and subscribing!
Bro this is UNREAL HELPFUL! Wow brother keep dropping 💎’s.
Thanks! Will do!
this video was the most informational video i ever seen in reference to buying a home. Thanks for the info
Thanks so much!! I'm glad you enjoyed it!
I’m currently looking to buy a house and I was looking into down payment assistance for mostly closing costs but this strategy makes so much sense! I wasn’t thinking long term and you completely changed my game plan in such a positive way!! Thank you!!
Go for it! Best of luck!
Im thankful for this video 😁 helped me see FHA loans a different way
Wonderful, I'm so glad to hear!
Great video. You answered so many questions I didn’t even know I needed answers to...
I'm so glad to hear it was helpful!!
Thank you so much for your service here. Hopefully I can find someone as honest and knowledgeable as you in my area to help me get all that I can out of this. I especially loved how you described it being a temporary loan by trying to refinance asap. And also about getting money towards the closing costs by increasing the interest rate. Is that something most lenders will typically allow? I'm sure they won't mention it unless someone asks about it lol. Your video was empowering to me, and now I feel less intimidated and more confident about being able to pull this off. Hopefully I can find someone willing to explain more, like does the higher credit score even really matter if you still have late payments within the past 12 months. Thanks again, wishing you well from Philadelphia!
I just Want to thank you SO SO MUCH! My "Loan Officer" wasted a whole 3 months of my life just recently and NEVER took the time to sit down with me and my husband to break this whole FHA loan down! This makes so much more sense to me now! This whole thing is actually pretty confusing when you're a first time home buyer!
You're very welcome! I'm glad you have a solid understanding of the program :)
My lender is the same way 😩
I really like the worksheet along with the oral information. You're really good at explaining and easy to understand. Thank you!
Thanks!!
@@WinTheHouseYouLove I've struggled in my home buying consults using zoom etc...what is the setup to have the side by side whiteboard? Well done by the way.
@@Augustschuller Thanks! I don't know of a way to make this setup work live, but:
First, I screen record my iPad and use a drawing app called Adobe Fresco.
Then, I record the video while drawing any notes on the iPad.
Next, I import both the screen recording and video into Final Cut Pro. I overlay the screen recording on top of the video and sync them up so you can see me draw and talk at the same time.
Trying to buy my first home these are very good insights because I don't have a clue and better to know something when talking to your lender....thanks alot
Glad it was helpful!
Kyle your channel is super valuable, you deserve more subscribers buddy!
Thanks so much! I'm just blown away by 14k honestly
Thank you!! You explain this in such an easy way to understand. Excellent!!!
You're welcome! Thanks for watching, Amy!!!
Kyle Seagraves → winthehouseyoulove.com
@@WinTheHouseYouLove My pleasure!!
New subscriber. Very good info! Thank you so much!!
Awesome! Thank you!
Thanks alot! Explained wonderfully!
You're welcome! I'm glad it was helpful!
Thank you bro, great video!
Glad you liked it!
awesome advice as usual. thank you!!!
Thanks!! How’s your content creation coming along?
Love the useful information, the soothing voice is a plus!
Glad it was helpful! And thanks!
Is the mike only the mike.
Wow! Amazing! You answered all my questions with this video. I’m actually house searching now. I got pre approved for an FHA loan. This video is exactly my situation. Thank you so much for your information. It’s really helping.
Glad it was helpful! Thanks for the support. :)
Thank you this really helped me understand more about FHA loans and DPA which I rather not move forward with. I'm glad you broke it down regarding the FHA loan to Conventional loan. We are in the process of buying but we are taking our time. Thanks again!
I hope I'll be able to help you more prepare for your loan. Thank you so much for watching.
Valuable content right here. Thank you!
Glad it was helpful!
Very informative! You got yourself another subscriber
Awesome, thank you!
Broke it down like abc. Thank you
Glad it helped!
Just started process of getting FHA loan, your video helped me more. Thank you
Glad it helped!
Thanks for the video, got some refresh knowledge and learned a few new things, like, I didn't know you can use the loan to cover closing and the mip info and to think long term to use FHA as a stepping stone , great info and to the point thanks man
I'm so glad to hear! Thanks for watching!!
Be well,
Kyle
www.winthehouseyoulove.com/
Great content! Subscribed keep it up bro
Wow thank you!! And thank you so much for watching!
- Kyle Seagraves winthehouseyoulove.com
To the point. Great content!
Thank you!
Great video man didn't give many opinions just straight facts love to see it.
Thanks for watching!
Thank you! Great video 😁
Glad you liked it!
THIS IS WHAT IVE BEEN LOOKING FOR AS A NEW LO!!! Need more videos like this! I feel like an expert already.
So glad to help!
Wow i am a week to late for this video😣 you've explained everything clearly. I wish i had this advise sooner!!
Better late than never! :)
Thank you for getting into the meet and the bones of FHA!
You bet! Thanks for watching!
Really, the best video out there, hands down. yYu must have been a teacher in another life. You explained everything in a way that I understood, and I feel more confident now when dealing with my mortgage broker. I loved the idea about higher interest rate, to switch over to conventional. This is something not taught!! Ty
Thanks so much! I'm glad it was helpful :)
Wow! Thank you so much for this breakdown! I have been trying to get this information for the last year and not one lender has broken this down for me. Now that I know this, I will definitely look for an FHA approved lender and direct ask for the 5% down and the credit for the closing cost. That is genius and a very great tip! Your advice is highly appreciated.
Glad to help! Just to clarify, you’d still only put 3.5% down, but you’ll be asking for a higher interest rate than normal to receive a lender credit towards closing costs. In this video, I used a 5% interest rate as an example :)
@@WinTheHouseYouLove noted.
@@WinTheHouseYouLove btw.. love your voice 🙂just saying.
This is fantastic! I thought we were years from home ownership. We can do this NOW!
Incredible! I'm so glad to hear it was helpful!!
This was a very helpful video, thank you!
Thanks! You’re very welcome :)
Sir you are very prepared very clear and to the point quite helpful.Thank you
And you have nice hands👍
Thanks so much! And thank you for watching!
I appreciate you very much for your content! Thank you ‼️
Thank you so much for watching!! :)
New subbie!! You’re amazing.
Yay! Thanks for watching!!!
Can you buy a house with 4,000 down payment and excellent credit ?
What mortgage company is good in las Vegas?
Thanks first time watching your channel
Thanks for watching!
You sir are a godsend!
Glad to help!
Hey thank you for the helpful information. I never considered taking a higher finance charge to help out with the up front closing fees.
You're welcome! I'm glad to offer something to keep in your back pocket
As a seasoned loan officer, I think you did a very fine job on explaining this program. Many loan officers do not even understand FHA and never offer it as an alternative.
Thank you so so much! It's amazing how many lenders don't understand FHA. FHA is about half of our loans here in Ohio
#2 STIMULUS $1200.00: = SENATE & CONGRESS & HOUSE OF REPRESENTATIVES: Step down and aside, from official politicized powers; herein, THE UNITED STATES FOR AMERICA OF NORTH USA. Really resign requiring remorse- regrets - repentance righteously + reciprocal restitution. The U.S. Certified Citizens collectively, comprising cosmetic coloration complexions commandeer co-creating + controlling "climate change" and courageously cleansing cultural customs and correcting crooked corporation companies, capital cash currency commerce = $$$
just subscribed great info thank you
Thanks for watching!!
Very helpful! Thank you!
Glad it was helpful!
It’s like ASMR😫🤤 but thank you for your explanation!!🙌🏽
Haha! You're welcome!
As a Real estate agent I want to thank you for brining so useful information about differnet loans and educating people , it is so important! 🙏🏻👍🏻👌🏻
Thanks for watching! Keep up the good work on your channel!
Awesome work bro
Thank you!!
Plus thank you for your tips!!!
Glad you like them!
Loved the entire video! Thank you so much for the information! But I have a couple questions. Do you think it would is still be beneficial to go for the higher rate if it will be a persons first home purchase? I am planning on applying with some family as non-occupant co-borrowers and refinancing later. I don’t have much credit history so I was wondering if it take longer to be approved for refinancing? Sorry I am not really sure how this all works and am still learning as I go
I'm glad you liked it!
I think it could be worth it. You'll need to wait at least 6 months to refinance :)
Great info! thank you
Glad you enjoyed it!
Great information your giving.Thankyou
Glad it was helpful!
Thank you for this information!!
Please share. What pad & app are you using to write on that reflects on the video screen?
You're very welcome!
First, I screen record my iPad and use a drawing app called Adobe Fresco.
Then, I record the video while drawing any notes on the iPad.
Next, I import both the screen recording and video into Final Cut Pro. I overlay the screen recording on top of the video and sync them up so you can see me draw and talk at the same time.
@@WinTheHouseYouLove Awesome!!! Omg, thank you so much. I'll need to purchase a stylus pen of some sort. Still watching your video
Never heard about interest rate vs credit from any other UA-camr or article. Thinking ahead could really save thousands!
Absolutely!
I been studying fha for the last 2 years. I knew 75% of what you explained in this video...thank you so much for the 25% i didn't know. This video is gold. My wife and i want to buy a house with a fha203k. We found out it's really complex to buy a house.
That's awesome! You have a great head start!!
Make sure you have additional funds, to finance the renovations, at the start. The lenders want to see progress before they will shell out that 50 k.
Thanks for this. I’m looking to buy next year
Glad I could help!
Hey thanks so much for the info. I wanted to what lender do you feel is awesome to work with for this type of loan.
You're welcome! I can recommend a broker.
Go ahead and fill out this form and I can connect you: www.winthehouseyoulove.com/referral
Great advice
Thanks for watching!
thank you very clean and easy to understand
i listened to like 7-8 of your videos today. Now i cant find the one where you suggested the books by someone named dave Ramsey? is that posted somewhere?
You're welcome! Total Money Makeover is a great book to start with as an introduction to Dave Ramsey :)
Besides the HUD website can I narrow a search on the MLS to search for HUD-approved Condos? Also when the MLS says it accepts Fha as proposed financing but the condo does not appear on the HUD-approved website. Do I have my lender do a single unit spot approval?
Great video. The way you explained things. 👍🏼👍🏼👍🏼Can you elaborate on the credit towards the closing cost? Thank you.
Thanks for watching!
A credit reduces closing costs.
Thanks for information!!!!
You're welcome, thanks for watching! - Kyle Seagraves winthehouseyoulove.com
I really like this iPad and speaking concept
Thanks! Me too!
Thank you that was really understandable. From Fontana ca 👍🏽
Glad it was helpful!
Great video and content!
Can I ask what application you are using to take notes on your iPad and mirror onto your computer screen? Thank you! :)
Thanks!
First, I screen record my iPad and use a drawing app called Adobe Fresco.
Then, I record the video while drawing any notes on the iPad.
Next, I import both the screen recording and video into Final Cut Pro. I overlay the screen recording on top of the video and sync them up so you can see me draw and talk at the same time.
Thanks for the amazing info
You're welcome, thanks for watching!
Such an amazing video! Very detailed. As a training MLO, this helps me learn if I have missed anything in my education. What type of camera or video device do you use for your videos? I will be doing UA-cam videos soon, and really like the clarity of your videos.
Thanks again!
Grey
Hi! Thank you! I'm using a Sony a7 III. Best of luck!
Best breakdown by far 💯
Thanks!!
Great video!! really informative & helpful. Hoping to buy land at some point with an FHA, I wonder how they determine loans with a unbuilt lot? If I were to build a house, etc. would they (lenders) be willing to finance that?
Good question! You'd be looking at an FHA One Time Close loan. This is where you finance the purchase of land and loan in at the same time in the same loan.
Waw!! Very useful information thanks for the info
Glad it was helpful!
Thank you s much for your schooling. I’m planning on buying a condo and I will be using an FHA loan. I have a great credit score so I hope that helps me.
Best of luck!
I'm closing in on my last ten payments to my FHA loan. If I can pay the rest of it in one chunk should I do that or should I continue the individual payments. (I'm currently 14 years ahead of schedule on payments on a 30yr loan).
I just started watching your videos and I have to say that the information provided in them is top of the line!! But I also would like to ask you to consider starting a ASMR UA-cam channel😅you have a soothing demeanor
Thanks so much!! Hahah I've had a few people say that, maybe I will!
Kyle Seagraves → winthehouseyoulove.com
WOW you are too cool. Thank you for being so informative & involved with your viewers! Means more than you know. What are all the social media handles we can follow you at? Or is it just your website?
Thanks! I'm glad to help!
Right now, I don't have social media. Maybe in the future :)
Love your channel sending it to all my boys
Thank you so much for watching!! :)
Great video first of all as always! However my question is, taking a higher interest rate now since the rates have gone up would that still be a good idea, to lower closing cost? Thanks!
Possible! You'll want to compare the long-term costs. I made a calculator that does this: www.winthehouseyoulove.com/advisor
This was super helpful. I was about to try fir an FHA loan in September but then the lockdown happened so I lost my job :( hopefully I can get back on track in 2 years cuz I really want this. I'm gonna a share this. Ideo with my friends cuz they are also interested in buying homes but don't know where to start.
Ah that's a bummer, sorry to hear that! You will only need to be back at a new job for about a month, not 2 years.
Hey man, first of all awesome video. Clear and right to the point. If I refinance my FHA loan to a conventional loan will I be able to put that equity toward another house?
Thanks! You can if you do a cash-out refinance. You could also look into a home equity line of credit
Solid advice!
Thank you so much for watching!! :)
Thank you so much for getting to the point. I am definitely going to ask my lender to bump interest rate to get a credit. Would you happen to know any programs that benefit teachers?
Sure thing! There are some down payment assistance programs for teacher I think, but I'm not quite sure.
Hey! Thanks for the reply. I have the 3.5% for the down. I just need a little help with the closing costs. So, definitely going to take your advice. Keep up the great work! I just subbed to your channel. 😺
Thanks for sharing wow very much helpful you cover one of the most important questions that I was very much concerned aboutI'm a first-time home buyer and I'm waiting on settlement 🙏 so I know that I could prove with the letter to the underwriter the reason for this large amount of money due to a medical law suit thanks again 😁
You're very welcome!
A settlement with letter of explanation and documentation is perfect for documenting that large amount :)
My brother thank you so much for your channel. The biggest mistake mistake ive made in the last 4-5 years is not getting a head start on any of this stuff.
You're welcome, thanks for watching!!
Hi, your videos are great very informative. I am a first time buyer in NY, NYC to be exact any info or tips on where to start? Or any video you have to guide me.
Please and thank you
ua-cam.com/video/ujc7775SDEk/v-deo.html
Nice tips on taking a higher interest rate in order to get credit to pay closing costs. Thank you!
Thank you so much for watching!! :)