Closed June first with a fha loan. Credit score 650. Home price was 310,000. Seller covered 15,000 in closing cost. I paid 11,000 total and got the rate down to 5.4%.

@lizardgreen2121

Жыл бұрын

Total payment including insurance, taxes and pmi is 2450 a month

@acaciawilliams5098

Жыл бұрын

Did you buy down your interest rate or seller?

@lizardgreen2121

Жыл бұрын

@@acaciawilliams5098 with what was left over of the 15k in concessions from the seller we bought the rate down. I didn’t personally pay for it. 11k is all I payed in total for the purchase of the home.

@BUCemAll32

Жыл бұрын

What city is this ?

@lizardgreen2121

Жыл бұрын

@@BUCemAll32 San Antonio Texas

Love the content. KZread is literally a university

@TR-vh1fi

9 ай бұрын

What makes it even better is that there are amazing professors like Mr. Smith 😊 just found this channel and I'm loving it so far

Great value in this video. Thanks you for making it.

This was super helpful! Thank you!

@LivingInHuntingtonBeachCA

7 ай бұрын

I'm glad to hear that you found the content useful, @theasianjenn! Thanks for your support and feel free to ask if you have any additional questions.

Thank You, very informative & helpful! Will share.

This is a great video thank u for sharing.

@JebSmith

Жыл бұрын

Thanks for watching

@jebsmith thank you for the informative video. It helped us better understand both the options. What would you suggest for a someone with a good credit score and a 3% down. Also please let us know if refinancing from FHA to conventional in the future is something we need to have an eye on?

Hi Jeb, great video as always! Quick question, would you recommend to still use FHA for someone with 700+ credit score and 20% down? Or at that point just do conventional?

@JebSmith

11 ай бұрын

Conventional would probably be best in this scenario but have a lender do a side by side comparison.

@phatpham

11 ай бұрын

Thank you so much!

I have a home equity loan. My monthky payment increased from $600 per month to $1688 per month. Do not know what to do. Should I sell, get new mortgage or hold on?

35 y.o old male, making 50k yearly pre tax. Looking to make my first home purchase and I'm curious what would be the best route. Have 50k for down and 10 for closing. Would it be possible for someone in my situation to pull this off. Fico is 774... should I pull the trigger? I doubt I can afford a 250k home solo...just lost in the world of craziness

Very good one

@JebSmith

4 ай бұрын

Thanks

I’m scared how and where I start ectulley

Give me some advise I’m living Long Island bayshore

What’s a work around I just had to drop 22k on semi developed lot loan. Want to get a Permanent Manufactured on it. Only have Septic to further develop.

Thanks Jeb! I learned a lot from your video. I believe conventional loan will be better for me. I am planing to buy a home. First time buyer, my credit score is 800 and I have no other debts. I paid off my car, student loan and no credit card balance ⚖️.

@JebSmith

Жыл бұрын

Nice.........Good stuff! Congrats!

Hey Jeb, some one with a 760 credit score with only 5% down which would you say is the better option?

@JebSmith

19 күн бұрын

probably FHA but have a lender run a side by side comparison.

Too fast and I’m a young espresso drinker 🤣

Can I apply for a convectional and FHA loan at the same time? then, take the best option?

@incomeGlitch

8 ай бұрын

yes

Hi

Why don't you add the upfront mortgage insurance rate of 1.75% on the FHA to the effective rate? The loan rate is less on FHA than conventional but that's because you're paying that upfront fee, sort of like buying down a rate on conventional. You also failed to mention that PMI drops off on a conventional loan once the LTV reached 80% vs a FHA where you pay it until the loan pays off regardless of LTV

@JebSmith

Жыл бұрын

It's because the 1.75% is added to a loan amount and not to read interest rate therefore because nothing to do with the effective rate. That said it will reduce the amount of down payment you have in the transaction if you finance the 1.75% fee

@Games.Gadgets.Sports

Жыл бұрын

Actually it's other way around. Pmi drops off after you pay off 20% of loan conventional it stays forever until house paid off or you refinance.

@angelinimartini

9 ай бұрын

But MIP does drop off on an FHA loan depending on how much you put down at origination…

If I get a fha loan after the first year can I transfer the debt to my business ? If so how ?

@JebSmith

Жыл бұрын

No.........it will stay as an fha loan.

Hello I’m interested to buy house our both score 750 +

@pulaslala6158

9 ай бұрын

Nice 😊

✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral 🏠 - First Time Home Buyer Course - www.becominghomewise.com ⏩ - NEW FHA Loan Requirements 2023 - kzread.info/dash/bejne/lqGppaV8YLqpk8o.html

Yeah unless it’s “investment” or second property 😢

Why don't you discuss USDA Rual Single Family Direct Loans? Can't make money in an expedient manner? Doesn't fit into your business model ?

You can put down 50% on a home with an FHA loan and STILL get PMI?! That's wild.

@angelinimartini

9 ай бұрын

If you put down 10% at origination, MIP drops off at year 11 on an FHA.

He said "let's say you make over 10k and ur debt is 4k" like the average person makes over 150k a year 🤣 Bro you know damn well that 2023 in California makes 30k a year 🤣 gtfo