Conventional Loan Requirements: What You Need to Know
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- čas přidán 26. 06. 2024
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0:00 2022 Conventional Loan Requirements: What You Need to Know
2:27 What is conventional?
4:37 COVID Changes
6:35 Down Payment
9:24 Building a team
9:55 HomeReady and Home Possible
11:44 Closing Cost
13:10 Credit Score
17:09 Credit Events
18:41 Interest Rates
20:55 Mortgage Insurance
23:13 Property Requirements
24:33 Appraisal Highlights
26:08 Desktop Appraisal & Waivers
27:50 Appraisal Issues
28:31 Example Home 1
29:36 Example Home 2
30:24 Loan Limits
31:43 Income and Employment
32:32 Affordability/ Debt-to-Income
36:05 Max Purchase Price Calculator
36:48 Student Loans
38:51 Seller Credits
40:07 Special Requirements/ Features
41:14 Refinancing
42:49 Success Rate & Seller Perception
44:54 Cost Comparison
47:10 How do you get one?
Kyle Seagraves - NMLS 1701021
Only for educational usage. All calculations should be verified independently. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This is not an offer to lend and should not be used to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, nor real estate advice. Read the full disclaimer here: www.winthehouseyoulove.com/di...
Nothing like having Exceptional credit but not enough income to compete in this highly inflated real estate market. Forced to keep renting in order to save more money. Very frustrating.
I am right there with you. The struggle is so real.
Same.
Even in Rural areas, it feels like the goal post keeps moving. We started really saving 4 years ago, when we moved to a better apartment, and the budget we have now would have gotten us a 'forever home'... 4 years ago. And I can't justify maxing out our loan for a place that would need serious renovations to be a comfortable place to live.
I’m right there with you. I have a 790. No debt. Paying $1500/mo for my apartment. Never late. Same apartment for 7 years. But I’m low income so nobody will loan to me.
I’m with you man! I have a family and seems like we’re bursting out of where we live. We’re ready to buy - but this market is insane.
Who needs college when you can just delve into the world of CZcams University ! Lol I’m so grateful to have this kind of information readily available at the click of a button. Thank you for what you do
The separation of topics via chapters in the description is wonderful. You’re the best in the game for this kind of information !
Haha absolutely, CZcams has been incredibly helpful for me too! I'm really happy you like this style!
@@blicce9597 nmn.m......m.
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False because not all youtube info is credible. Be sure to do your own research. And some professions require a college degree. Also if you want a credible free degree, there are free legitimate online colleges or go to your local library.
This was a Home-buying Masterclass on it's own. Thanks for being the Miles Beckler of Home-Buying Kyle!
Wow! Thank you so much!
Also good tip to research if you can get 1st time home buyer grants that cover the 3% down payment and/or closing costs.
You crammed a TON of information in under an hour! I always look for new uploads from your channel. Never mind that I've already Won the House I Love! Your content made the process much less daunting and mystifying.Thank you! THANK you! THANK YOU!
Great to hear! Thank you for the support. :)
Hi Kyle new subscriber I have been watching all of your videos learning the process for buying a house and I learned so much for when I'm ready you explain everything so well .I have been waiting for this video so thanks great work .
This video is great timing! New sub too
I thank you for always dropping knowledge and when I do buy my first home next year it will be a part of this community! Much success to all!
Awesome! Thank you!
Have you ever done a deep dive on manual underwriting? I would love to get more info on that! You do great work👍
I love your channel , you taught me so much that I wasn't aware of . I'm still waiting to find a house the supply and demand is insane but the interest rates right now is crazy to think it was around 2.5% to 3. percent
It's tough!!
Great information! This was a very thorough video. Plus your voice is so pleasant.
Wow, thank you!
I'm in southern California and now that you've broken it down its frustrating that there's a stigma around less than 20% down. Depending on the market the total amount you'd pay in insurance even at highest rate is way less than the upfront cash of 15 or 17% of total home cost for the down payment.
AND you can remove insurance after paying enough equity!
Buying a home is challenging but seems way more affordable now. Thank you for walking through these requirements and making this information available to everyone. It makes the whole prospect seem much more realistic/doable.
Low score or not there are places that can repair your bad reports and approve youforloans, you just got to have the right info thats all. Knowledge is key
@@ZobeidaHanderhan Oh really? Where? whats their name please thanks
@@schukerD CREDIT ----- MIRAGE.
@@ZobeidaHanderhan I think I heard of them before. Thanks I appreciate it
This is the best information I have ever seen And delivered with perfection!
Wow, thank you!
Thank you so much ! Very thorough, well thought out, and great deliverance. Your tonality on point too. I was just saying that most of the videos I’ve been scouring through were monotonous and my attention span just couldn’t stay attuned 😅 however I found your channel by luck and now subscribed.
Thanks! Wonderful! welcome to my channel, I hope you'll learn something here. :)
You literally explained everything! Thank-you so much
Just for all of you! Thanks for watching.
Thank u for sharing I never saw anyone on youtube did this type of video your content is amazing.
This is my way of helping people who are having difficulties getting a house. Thanks for watching. :)
I am a new loan officer & this dude is helping me a lot about the industry, products and to help my clients better & to be confident when explaining to clients.
Helping me as a young loan officer, I appreciate all the knowledge and will remember this!!!
Wow! Good luck with your career. Thanks for watching. :)
Best explanation and tutorial I've ever seen.
Real facts
Real logic
Real strategy
* Subscribed, Bell's, &thankful.
Thank you so much for watching!! :)
Dude I love your content keep posting !
Thank you!
Appreciate the step by step guide of the home buying process. My wife and I have some spare money and income but don't want to get taken for a ride, it's good to have this knowledge.
Glad it was helpful! Thanks for watching. :)
I'm a newer loan officer and this was a great learning tool! thank you so much.
Great to hear!
This video is awesome!!!! Thanks for the links too!!!!
Glad you like them! Thanks for watching. :)
So much helpful information here! Thank you so much for sharing.
Glad it was helpful!
Listening to all of this is definitely helpful and I'm starting to think that I'm definitely not ready to become a first time home buyer. Continuing to rent might still be my best option. Great video and channel. 👍👍
Glad it was helpful!
Great job Kyle!
Thanks for watching. :)
Hey man! Found the channel recently and I love your content! Very informative and your voice over is edited extremely well! It sounds great!
I was curious, though, if you'd be interested in making a video about down payment assistance? The pros and cons, usage, different types, and whether or not you'd recommend them! Either way man great job on the videos!
Wow! I'd be adding that to my to-do list. You can also check this video, this might be an option. Here's the link: czcams.com/video/zcI7gdPPtXI/video.html Thanks for watching. :)
@@WinTheHouseYouLove hey v man I appreciate that! I'll be sure to check it out!!
I'm trying to househack my way into a first multifamily, so your channel has been invaluable to me. Keep up the good work and I look forward to your future videos :)
Hey! Thanks for the advise and the creepily specific examples your giving. I'm looking around the northern Cincinnati area and can literally see the plot im interested in on your map @ 10:53 ish haha. I've watched about 5 of your videos now. Thanks for all the data driven information my good man!
You are in OH, nice! Thanks for watching. :)
Thanks a lot man, you just gave thousands of dollars worth of university classes
Thanks for all you do!!👏
Awesome! Thanks for watching!
Wowww!! 😍🤩🤩This is the BEST educational video out there regarding home buying nitty gritties. Thank you so much for the wealth of information. You answered a lot of questions I have always had! Love the work you do. And your voice is so soothing, I enjoy listening to you when I can’t sleep. 😇😁😁
Glad you liked it!! Thank you, this means a lot. :)
Thanks for the great video! Did you discuss non medical collections? Is it different between Fannie and freddie? Thanks!
Love this video you have answered so many of my questions #first time home buyer I can do this no more procrastinating I feel more at ease thank you so much you were so easy to understand and not feel afraid 😊
Best of luck!
This video is great thank you for sharing.
Thanks for watching. :)
So much valuable content, concise and easy to understand. Thank you.
Glad it was helpful!
You are the best CZcams teacher ever! I also love voice haha!!!
Wow, thank you!
This really helped. Thanks
Glad to hear it! Thanks for watching. :)
I loooove how you break things down! Thank you. Q: what should I do before I get a loan as in lawyer or financial advisor ? Can you do an example of a cheap fixer upper home like $125,000? I'm very intrested in learning more.
Thank goodness for the news on travel nurses… went from making 90k as a staff nurse to over 190k as a travel nurse and got denied because I was a travel nurse. I was told that I did not have steady income or too unreliable to determine long term…
Hi! Let's hope things will be better soon. Thanks for watching. :)
Where did he talk about travel nurses?! I must have missed it
@@jaydajune bout 6:00
Wow thank you I just got a fha pre approval letter thank You for sharing.
Nice! Thanks for watching. :)
Thank you so much for this video. Gob bless
Thanks for watching!
So much good info, to be ready for what’s coming, after we pull the trigger! 🤓👍
Yes! Best of luck!
@@WinTheHouseYouLove Thanks a lot Kyle!
A new video! My sleep will be complete!! Thank you.
Thanks for watching! :)
Perfect advice!
Glad you think so!
Do you have a video in different ways to possibly finance land and build a house in that land? Is it possible at all or for lower credit scores and can it be done through the VA program?
Hi thanks for all your amazing videos, I've learned so much!
I wanted to know please, if a person is homeless but has worked in the same place for years- can they qualify for FHA and Home Assistance?
You're voice is so relaxing 🤗
Glad you think so! Thanks for watching. :)
Dude, I haven’t started my investment journey yet, but I look for your wisdom *religiously* THANK YOU
Knowledge is an investment you’re on your way trust me . Keep learning.
@@maxromero11 thanks mate
Kyle thanks for share your time and knowledge to help us great content.
Kyle can you tell me what is the title of the video where you explain how find out your local market interest?.
I'm not sure about local market interest, but is this the one you are asking about: czcams.com/video/JpIBl7XfMs4/video.html ?
Can I say!!..I ❤️ your voice!! It’s so soothing so needed during all this crazy & depressing 🏠 stuff! Thank you for all u do on ur channel & sharing ur amazing voice with the world!!.😊..I’m still in the ATL 🏠 market it’s been horrible but I’m still trying!!..
Wow, thank you! Best of luck!
Faith, so am I! It’s so expensive and I don’t have to time to drive for dollars due to my job. I started networking via meetups. Looking for partners!
@@kristinstaggers7009 Hi!!..can I ask how that’s been going ??..
Amazing info! As a first time home buyer can I buy a mix unit (2,3 apartments and a bussiness on first) or I can only use a multifamily or single only? Or how can I aquire a mix unit. Am from Brooklyn NY. Thanks😊
I’ve been seeing a lot of commercials recently about Divvy. Have you heard of it and would you recommend using them? And could you possibly do a review of them?
We’re reserve savings mentioned?
You shared a lot information regarding purchasing existing homes, what about if you were to seek a loan to build a new home, can you still apply for the loans you are talking about?
Dear Kyle
Does a medical bill affect your credit in Texas currently or medical bills are disregarded by a recent law?
Can someone guide me and tell me what’s the best type of loan I should look into for as a first time investor home owner but for a multi family home?
I’ve been watching your videos for a while and it’s all been great information but I am looking to utilize my VA home loan, are you going to be making a current video about VA loans anytime soon?
From my experience, VA loans are looked down upon...not sure how this is a benefit. I'm at the point where I need to decide if I'm priced out or keep trying. Wish you well
@@davidtrejo7509 yeah I’ve noticed the same, trust me I’m looking at all options and preparing for multiple outcomes! Thank you
Thanks for the info. I found a lot of new information so I'm pleaseantly surprised. Besides, you are super good looking.. 🤭😏 couldn't find the for "find the house you love", though.
Thanks for watching and for the complement! I’m a little confused by what you mean by “find the house you love” haha. Could you clarify?
Brilliant video demystifying the home buying loan process! Thanks
Case - I am moving to USA as intra company transfer. Have above 800 credit score in home country.
Question - Will I be able to get conventional loan in first few months OR have to wait for one or two year to prove credit score and employment in USA?
Liked, subbed and RANG that bell!
Awesome thank you!
What's the best option for buying an investment property in 2022?
I did this and this really help husband and i to get our home before all this crazy inflation. With the housing inflation this helped us to get our house appraised to get rid of the pmi.
Awesome, I'm so glad to hear!
Thank you for breaking this down. Question: Can you pay your mortgage, and also attack the principle at the same time? Let's say mortgage is 1200. But i make a second payment of 500 to attack the principle. Would that be beneficial? Would that even be allowed?
If there are two people on the loan and only one is below the steam medium income 80% would that qualify? Or do both people need to be under?
Thanks in advance.
Always welcome. Thanks for watching. :)
great video
Thank you so much for watching!! :)
Hey there would you talk about HIP and Home Possible & HomeReady please
Hi! You can check 9:55 HomeReady and Home Possible in this video. Thank you! :)
Probably a weird question in todays market but what would happen you are buying at 2/3 appraisal value of a home? I.e. would I still need to have at least a 3.5% down payment or would that be able to be waived since the loan is significantly lower than the appraised value of the home? And if it does still require a down payment would PMI likely be able to be waived with that much equity?
Great great great video my boy. You killed it thank you so much. Shoutout Ohio 216 💯🏠🏠🏠
Thank you!
Hi Kyle, thanks so much for your videos, it's been a great help for me. Q, if I'm the only one on the loan, and I and my wife are on the title doc, plus I'll want my wife to be a FTHB in future, is it feasible with her being on the current title or not on the title?
A FTHB is “someone who has NOT held title to a property within the past 3 years”
So you likely wouldn’t want to include her on the title if you wanted her to be a FTHB
2 year credit history is best but do I still have a chance to get the loan with under 2 year credit history?
Connecticut is not part of the high balance areas but my lender asks that I still pay 5% instead of 3% down🤔. Im a first-time home buyer with great credit!
I have question as a first time home buyer. Can I buy rental property with 20 percent down? I am.looki g properties in different state but not plan to move there. Or i have to buy primary residence as first home?
If you refinance an FHA to a conventional do you need a down payment?
Are you licensed in NY?
Can you make a video on ARM and how it works! Thank you
Yes! I’m planning on that soon :)
Dayton home prices are looking mighty tempting … 👀
Welcome to Dayton! :)
In today market, you need 680+ FICO score, 5% down for a conventional Jumbo loan, 8k-14k closing cost, play the game of waving inspection and fixing fee, 60 day free rent for seller (stipulation), 40k to bid above asking or if your lucky your appraisal match the bid price (or get you loan void by your real estate or loan officer).
House that cost 700k with a credit score of 690 and combine income of 150k annual and the above information will cost you $85k cash on hand (at closing) and you will be paying $3800 a month on mortgage. This formula should able you go get a house. If your lucky you might get away with cash at closing to the amount of $45k, if it appraise for what you bid it at.
It was not my dream home but it have everything we need, a little of a fixer upper cause it was 17 year old house. Most importantly is the kids school, work, and neighborhood location. BTW if you have 2 person on your loan they use the lowest person credit score...
I will like help, do you have that option?
Filling out applications today for a home. We have 3 to apply for. Could you tell me if these are good choices to use? MSU FEDERAL CREDIT UNION, PNC Bank and Hall financial group. We are located in Michigan
Question: If you're a first time home buyer looking to purchase an investment property, can you still put 3% down or does that still have to be 15%+ because it's an investment?
What about employment gaps due to Covid?
I know disposition complaince may i join
Home loan ASMR is nice to fall asleep to
LOL Try to watch our live later, you won't fall asleep. :)
See what I don’t understand is how my credit is on the right place, but all the lenders I’ve contacts don’t offer three percent for conventional
If you want to purchase a fixer upper home as your primary residence what type of loan would you need? I would be very interested in a video like this.
FHA 203b loan or HUD 203k loan
DOES THE PMI ADDTO THE INTEREST PER MONTH
Ohio has some high property taxes! In a lower cost state the mortgage payments would be 500-700 dollars a month lower on that 400k home.
For sure!
Is it just 401k for closing cost or i can use from roth ira?
Hi can I get second home with fha
Thank you for everything and formation
I have Quetion brother I am live in California this program can buy another state?
Yes, you can. Thanks for watching. :)
If I pre-qual for 520K and my sister gets pre-qual for 350K can we combine the amount to purchase a home together for 870K? or can more than 2 peoples pre-qual amounts be combined on a residential home or a 4 plex?
My husband bought a mobile home under his name only and I’ve never purchased a home before. Will we only need 3% down as I am a FTHB? We are trying to save well over that amount, but just clarifying. Your videos are incredibly helpful and I’ve been happy to share them with friends/family that are also looking to purchase.
If you haven't been on the title to a home in the past 3 years you are a FTHB :)
Thank you for watching and sharing!!
if federal student loans are delinquent (currently working out a plan), are you able to get a fannie or freddie commercial loan (non owner occupied)?
obtain business credit and leverage the new interest rate to pay off personal debt so your new DTI is way less!!
Appraisals warranting repairs before closing can happen (for example mechanical system as mentioned on your list) does the seller pay for the repair? If they refuse do you get any deposit back?
This can be negotiated, but often is the seller. If they refuse, it would fall under the appraisal contingency of the contract - your contract will specify what will happen to the deposit in that instance
When we were shopping around for mortgage lenders we noped rihht past our first onr because she didn't know this was an option?!? Fortunately my lartner had done enough research to educate the loan officer, right before we showed them the door
Is it possible to get fully financed conventional loan or down payment assistance/ grants with conventional loan? I have medium credit score 802, but need assistance for down payment and closing. 22+ years on the job, longest credit account 20 yrs, $55,393.89 annually. 2 Student loans $16000 paying $128.68 a mo for both.$500 credit card that will be paid off soon, no other debt. Any advise?
How long should someone own a "starter home" before selling it to move to a bigger house? We are renting and I want a modest 3 bd 2 bath house, but that is quickly becoming a pipe dream on our budget. We don't want to live in a 'fixer upper' either.
That’s nice having you gotten any yet??
Hello, who decides which company to use for the PMI?
The lender does
I wonder if you can get a Duplex and what would be the percent down you would need
He mentioned that earlier I believe it was 15%
@@wuzzleone thank you
Oh yes an am a first time home buyer
Congratulations on taking your first step into homeownership!
Get Pre-Qualified with our team anywhere in the US → www.winthehouseyoulove.com/call
My husband and I had to put down 20% to get a conventional loan on a second home and we were told that by multiple lenders. We both have 770+ credit score, $250k/ annual income and no debt apart from the mortgage on our primary residence.
Wow! Thanks for sharing this.
Plus we had to show that we had at least 6 months of mortgage payments. Thankfully we have all that but...Still. We live in California so I don't know if that's just here.