✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral 🏠 - First Time Home Buyer Course - www.becominghomewise.com ⏩ Watch This Next ⏩ - NEW FHA Loan Requirements 2023 - How much can you afford? - FHA Loan 2023 - kzitem.info/news/bejne/lIye152tmpSnlGU
@MindYourBusiness1988
Жыл бұрын
I’m at 53k and in Florida. I’ll wait. These 250k homes are not worth it.
@DavidPerez-yt
Жыл бұрын
Whatttt? Really? I’m in California I’m 19 and thinking of heading to either florida or Texas. I may be getting these 2 places confused I just views a really nice home and it was in great condition for 255,000 it could’ve been Texas now that I think about it
@jayDee01
11 ай бұрын
California Average is $600,000
@StinkeeRos3
10 ай бұрын
Also at 53k in florida, going to try fha and see if I can get in a 180 is house. Crossing my fingers
@MindYourBusiness1988
9 ай бұрын
@Virgo89 yes, I’m just saving. I’ll see what 2025 has to offer.
@letd1995
9 ай бұрын
@@StinkeeRos3 you are way better off buying that 180 K house now than playing the waiting game
@angleazero1275
Жыл бұрын
Thanks for letting us know if we put 11.5% as down payment the private insurance will be removed after 11 years. No one else said that as far as I know. I am thankful for this video.
@JebSmith
Жыл бұрын
you're welcome and you are correct.
@asolano
Жыл бұрын
Seeing how tight these numbers are reminds me of when we bought our first home and later decided to have kids. I think not many people take that into account. If you are planning to have kids and rely on 2 incomes to qualify for your loan, make sure you'll be able to afford having kids. We ended up having 3 kids and paying $950 per month for each (simultaneously) in daycare. Kids are very expensive.
@JebSmith
Жыл бұрын
Tell me about it, great point.
@monicaloera1427
Жыл бұрын
The trick is having one, waiting until they are old enough to babysit then have the other 10! 🤣🤣 jk about the 10.
@Jose-lz8pr
Жыл бұрын
Shouldn’t have had kids if you were planning to throw your responsibility in a daycare
@asolano
Жыл бұрын
@@Jose-lz8pr they did alright and are almost out of high school now and neither of us had to screw up our careers. How's the alternative working out for you?
@Jose-lz8pr
Жыл бұрын
@@asolano didn’t say y’all did bad just saying parents who throw their kids in daycares are irresponsible and careless about their decisions in life
@jeffersonjohns6397
Жыл бұрын
I no longer believe that inventory is low. Even if there was an unlimited supply, due to rates and other inflationary circumstances, the number of prospective buyers out there is minimal.
@Arizona_lilly
5 ай бұрын
I think my parents got conventional. cause I never heard them say these words our home is paid off now before my parents were 55 so I’m so happy !
@thylightjess9168
9 ай бұрын
Can you make a video detailing how two people can buy a home please? We appreciate all your detals and examples!
@SarahKingsleyHaussman
11 ай бұрын
I bring home 50000 a year. I'm looking at a house that is only $150,000. I qualify for a FHA loan. What would my down payment need to be and my monthly mortgage be?
@JebSmith
11 ай бұрын
Down payment would be $5,250 but impossible to say about payment because I don't know what rate you would get
@B5281.
Жыл бұрын
I think that people should consider monthly utilities costs. I would say plan for an additional on utilities. 300-400 for a condo, townhome, small single home. That includes water,sewer,trash,electricity,Gas, and Internet.
@yeyem6678
Жыл бұрын
300-400 is really small for utilities especially for a townhome/condo. I pay $120 trash/water/sewage, $200-350 (depends on weather)electricity, $40gas, $150 internet/phone/netflix, $370 HOA, $100 home insurance. I wish my utilities were $300-400... My total additional monthly cost on my townhouse is $980-$1130.
@JebSmith
Жыл бұрын
You definitely need to have a budget and factor all of those items in.
@phxbird602
11 ай бұрын
@@yeyem6678move is my advice. You are laying down $370 a month and it doesn’t even cover one thing between sewage, gas, water, or electricity. You guys are getting fleeced 😂.
@crhoads13
Жыл бұрын
have you done a video on why you should consider assuming your FHA loan? Seems like the sweet spot would be folks who don't have a ton of equity thus making it easier for the buyer to cover the difference in purchase price minus loan balance.
@hectorcruz9106
Жыл бұрын
Hey Jeb, Silly questions here. Forgive me for appearing naïve, as I am very new to the buying world. I am just trying to make sense of it all. At 6.75% Interest, wouldn’t that put $250,000 at $266,875? At the mortgage listed above, ($1,583.13) Over the course of 30 years (360 Payments) that would put one at 569,926.80 which is 127.97% Again, forgive me if I do not understand quite how Interest rates work, but I am trying to make sense of it all. Thank you
@JebSmith
Жыл бұрын
You're not amortizing the intererst rate over the 30 year period. All you're doing is taking the rate and multiplying it by the loan amount, that's not how you figure out interest on a 30 year loan. The interest has to be amortized over a 30 year period.
@jeffersonjohns6397
Жыл бұрын
Mortgage rates are quickly going up to levels not seen for 20 years. At the same time, sellers are making significant cuts to their selling prices. DO NOT BUY NOW. Be patient and hold-off. You’ll get considerably more for your money waiting. Good luck everyone!
@JebSmith
Жыл бұрын
Explain to me how you're going to get more money by waiting when inventories are sitting at all time lows?
@FrankWithanF
Жыл бұрын
What state is this in?
@jeffersonjohns6397
Жыл бұрын
@@JebSmith Due to my employment situation, I need to have a 2nd home in New England. I’m specifically watching several homes within Vermont, Maine and Massachusetts. Had I followed the advice of some of the realtors on KZitem and purchased impulsively, I would have paid significantly more for one of those properties. The smallest decline that I’ve seen so far is 56K. The others are discounting their prices closer to 100k at a time. Those homes require people to move up from their current home and essentially trade it in for a better, more expensive home. With mortgage rates increasing, buyers essentially get hit twice. They’re losing their currently low mortgage rate and they’re paying more for the better, more expensive homes. This causes buyers to stay in their current home while sellers continue to substantially decrease their selling prices. It’s amazing to watch the “herd” mentality of sellers taking place. By me waiting on making a purchase, those are dollars I’m saving vs impulsively purchasing when I see a nice property. The couple of hundred grand that I’m saving will be used to improve my primary home in Florida. BTW - I’m now seeing homes in Southeast Florida decreasing their prices at 10k and 20k at a time. I didn’t see this previously. As I mentioned before, hold-off. Don’t listen to the greedy realtors trying to drum-up business so they can obtain their commissions.
@jeffersonjohns6397
Жыл бұрын
@@jaybartgis5148 Your agenda is EXTREMELY transparent. I expected such a response from you. Also, providing an analogy in which you mention a woman in a degrading way, as if they don’t have a brain and they’re indecisive, further exemplifies your inability to present your thoughts in an unbiased manner. Way to go Jebb!
@JULIANMONSON
Жыл бұрын
Buy when you’re financially ready, don’t buy when you’re not financially ready. Don’t bother trying to time the market.
@FloridaGirlJessica
2 ай бұрын
Thanks so much for the information 💯
@JebSmith
2 ай бұрын
You bet
@G.M85007
Жыл бұрын
Thank you for explaining it !! Perfect !
@n0rbakn0rbak38
Жыл бұрын
Home owners insurance is based on replacement value not market value and $70 a month for a house that is 250k? It's more like $195 a month. You can't even get car insurance now a days for $70 a month
@carmellabrown3335
Жыл бұрын
Very true
@JebSmith
Жыл бұрын
It's all relative based on where you live. If you're in an area that's prone to more natural disasters then your insurance is going to be higher. I used the typical calculation that a mortgage lender would use to estimate
@n0rbakn0rbak38
Жыл бұрын
@@JebSmith Those loan estimates that mortgage brokers give to customers is like pre approval letters that people show to realtors without submitting evidence of income or purchase contracts.
@IBleedBolts
Жыл бұрын
Minimum 10% down, nearly 850 credit score: do we still need to use FHA?
@JebSmith
Жыл бұрын
Probably not......that said, have a lender compare both loans
@juanalcaraz7807
Жыл бұрын
Can you do a video on how to refinance a home if you buy at 7% and if they drop to 5%. Do you need to have 20% equity or what are the requirements to do so.
@JebSmith
Жыл бұрын
No, you don't have to have 20% equity to refinance but it would help remove the PMI if you went from FHA to Conventional.
@aricarlu
Жыл бұрын
@@JebSmithdo we need to pay an estimator to come and make sure our home increased the 20%?
@jaybartgis5148
Жыл бұрын
@aricarlu regardless or not if you're trying to remove pmi, an appraiser is required every time you refinance
@aricarlu
Жыл бұрын
@@jaybartgis5148 thanks, I thought refinancing was not necessary to remove PMI, only if the home had already a 20% equity could be doable
@jaybartgis5148
Жыл бұрын
@@aricarlu its not necessary only if you get a conventional loan. Fha loans you have to refi conventionally
@MrABS369
Жыл бұрын
Jeb, would you still lock (no matter the loan program) at today's interest rates? Our new construction is expected to be finished mid Feb '24. Most of the information we've seen is that you should because of the volatile nature of housing climate today. We are too far out from the rate lock on quotes from 2 lenders without paying an extended rate lock fee.
@JebSmith
Жыл бұрын
If I were to close in Feb............I would NOT be locking now but that's just me.
@MrABS369
Жыл бұрын
@@JebSmith thanks. That's what I got from another trusted voice. Preciate the feedback...👌🏿
@NateInDC
10 ай бұрын
Good video, I'm a first time home buyer, on the property tax, what amount did you multiply by 1.1% to get that amount?
@JebSmith
10 ай бұрын
The purchase price.
@NateInDC
10 ай бұрын
@@JebSmith thank you
@eyobhabtay
10 ай бұрын
@JebSmith Thanks for the video. Am I the only one confused about how MPI comes out to be $2834.69 in this scenario? I thought it was 1.75/100 x 241,250 = 4221.875? what am I doing wrong?
@JebSmith
10 ай бұрын
Price: $250,000.00 Down Payment: $8,750.00 (3.5% down payment) Loan Amount: $241,250.00 (Price - down payment) MIP: $4,221.88 (1.75% x Loan Amount) Base Loan Amount: $245,471.88 (Loan Amount + MIP) Interest Rate: 6.75% (amortized over 30 years) Mortgage Payment: $1,592.13 Taxes at 1.1% $229.17 MIP: $114.58 (Base Loan Amount x .0055 / 12 ) Insurance: $70.36(Estimate) Total Monthly Payment: $2,006.24
@JuhsMeh02
Жыл бұрын
When is cash reserves required in a home loan?
@milenabrewster1746
Жыл бұрын
Thank you for this info!! 😊
@Fredflinstone23
Жыл бұрын
Only CAveat with this program; Funding fee on closing cost that you need to recuperate to justify getting low interest rate using fha, PMI is too high, you can’t dropped PMI when LTV goes down to 79% without refinancing,
@junerobles3093
Жыл бұрын
Can you do a FHA loan with your spouse on the load and then refinance (years later) to a conventional loan without your spouse and do they need to still be on the loan?
@JebSmith
Жыл бұрын
No, you can refinance and remove spouse.
@DENNISSMITHJR-i9c
Жыл бұрын
Does fha loan will accept any house function or need fixer up to let customers to buy with loan or has to force to buy as modern house instead fixer up
@NicholeNark
Жыл бұрын
some of these are hard to get, i could refer a program i got easily.
@cynthiawinthrop4555
Жыл бұрын
I really like your videos. Thank you for sharing.
@JebSmith
Жыл бұрын
Thanks for watching!
@StinkeeRos3
10 ай бұрын
Why is my interest rate at 7.2-7.8%? Is it market based is that bc of my numbers ?
@JebSmith
10 ай бұрын
that's a wide range.....the market changes daily but you shouldn't be getting a range, you should be getting a quote of a rate.
@Everydayprojects365
11 ай бұрын
Pmi can be removed after owning the house for 2 years pending you meet the requirements
@derricksteward3778
Жыл бұрын
thank you for the video
@kidhenok573
Жыл бұрын
I got my home on 2020 fha loan 150k my house right now is valued at 235k i have the income to buy another one right now, and I will rent my original home and get almost 800 extra to save. I don’t care how to market will move I’m just about to do it “fuck it
@eliazarmurillo2020
Жыл бұрын
Good afternoon Jeb, i'm in the los angeles area, i own a transportation business i am a 1 man operation and i do payroll for myself is it possible to add both my personal and business income to be able to get qualified for a home loan?
@JebSmith
Жыл бұрын
Yes, you can use. both personal and business income.
@kaldregoofficial1625
Жыл бұрын
Thanks before I start !
@JebSmith
Жыл бұрын
Very welcome
@FrankWithanF
Жыл бұрын
Are you going to make a video like this for Conventional loans? Have you heard of the Home Buyers Choice from Navy Federal?
@JebSmith
Жыл бұрын
I've done this for conventional..........Do yourself a BIG Favor, Find a broker and don't use NFCU. Thanks for your service.
@FrankWithanF
Жыл бұрын
@@JebSmith I found that video after commenting this! The no refinancing rate drop is looking very attractive, why not use them? Currently mortgage shopping, just trying to understand more, thank you!
@etoshagriffin3902
Жыл бұрын
@@FrankWithanFI’ve heard their mortgage department is a nightmare. I have them, but currently pre-approved through another lender
@Raec123
Жыл бұрын
Definitely find a broker. From personal experience NFCU was a nightmare to try to finance with. Good look ever getting a hold of someone once you submit your application, any little thing they need they only correspond via their app and wait wait wait…. and you’ll never talk to your loan officer. It’s a back and forth disorganized mess
@carmellabrown3335
Жыл бұрын
I enjoyed this video.
@JebSmith
Жыл бұрын
Thank you
@thylightjess9168
9 ай бұрын
Could we see more with houses at 450k - 500k? Those are the prices that we see. 😅
@jaysmusic7729
Жыл бұрын
Alternate title - “Get an apartment”
@JebSmith
Жыл бұрын
Or even a better one "Create a budget and a plan and follow it to become a homeowner"
@LeinaVance
11 ай бұрын
Lol.
@junerobles3093
Жыл бұрын
You you keep using small housing prices for your examples can you do north jersey housing (real) pricing such as $650,000.00 (at 7%) this is more real in todays world
@JebSmith
Жыл бұрын
Every person's scenario is different.........too hard to make a video that will work for everyone.
@sambathrang4900
Жыл бұрын
You can have a really nice roach infested shack in Cali 😂
@JebSmith
Жыл бұрын
Why you scared of roaches? They don't bite
@tieramck
Жыл бұрын
How about 85k? 😊
@NicholeNark
Жыл бұрын
some of these are hard to get, i could refer a program i got easily.
@rnt45t1
Жыл бұрын
Nobody making $50,000 should be financing a house. Increase your income first.
@JebSmith
Жыл бұрын
It's all relative. There are areas of the country where you can buy a home for $50,000 And you'll be completely fine
@Baddgallindsay
Жыл бұрын
50k can afford a home. Renting is the same 1500-1600/month
@LeinaVance
11 ай бұрын
Damn, you're taking away home onwership for over half of the US population.
@rnt45t1
11 ай бұрын
it is not hard to increase your income.@@LeinaVance
@MikeH0311
9 ай бұрын
Bro stop wasting our time just for u to get watch time on ur videos this is annoying took u to about 5 mins to start taking about it
@et6032
Жыл бұрын
Buy land laugh later.
@JebSmith
Жыл бұрын
That requires a lot more cash and then you have to have cash to build even if you get a construction loan
@et6032
Жыл бұрын
@JebSmith Hey live in a card board box if need be it's your land. You may be a modern man. But, Learn from the settlers of this country they purchase land. Imagination is endless. Put the settlers hat on your head. You can do it you a modern man. You can come up with a low cost solution. If, you can't build your own home on your own. (You a modern man) right?.
@jaybartgis5148
Жыл бұрын
@et6032 have you ever heard of this little itsy bitsy thing called building codes?
@et6032
Жыл бұрын
@jaybartgis5148 location, location location is everything even for land. Okay modern man.
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