NEW 2023 Conventional Loan Requirements | Complete Guide For First Time Buyers

Рет қаралды 80,080

Күн бұрын

Is a Conventional loan right for you? I cover all the details about Conventional loans so you’ll know if it’s the best loan for you.
Ryan's Appraisal Blog: sacramentoappraisalblog.com/
Javier's KZfaq Channel: / @javyvidana
Loan Limit Lookup: www.fhfa.gov/DataTools/Tools/...
Area Median Income Lookup: ami-lookup-tool.fanniemae.com...
► ► Get Pre-Approved With My Team → www.winthehouseyoulove.com/le...
► ► Get An Agent Referral → www.winthehouseyoulove.com/agent
TOP RESOURCES
📉 Today’s Rates → www.winthehouseyoulove.com/rates
🏡 Max Purchase Price Calculator → www.winthehouseyoulove.com/ma...
📊 Loan Comparison Calculator → www.winthehouseyoulove.com/ad...
📅 Complete Buying Timeline → www.winthehouseyoulove.com/ti...
🎓 Lower Student Loan Payments → www.winthehouseyoulove.com/st...
💳 Credit Score Simulator → www.winthehouseyoulove.com/cr...
0:00 NEW 2023 Conventional Loan Requirements | Complete Guide For First Time Buyers
0:29 Overview
1:54 Down payment
4:47 Pick a helpful team
5:57 HomeReady/ Home Possible
7:04 Closing costs
8:45 Point Stuffing
9:52 Seller Credit
12:03 Source of Funds
15:21 Credit Score Requirements
18:45 Credit Events
19:19 Rates
21:45 Buydowns
27:45 Mortgage Insurance
29:16 Property Requirements
31:21 Appraisals
34:59 New appraisal types
37:54 Appraisal tips from a pro
38:09 Ryan Lundquist
39:35 Waiver myths
43:05 Sample Home 1
45:16 Sample Home 2
47:11 Loan Limits
48:56 Income and Employment
50:17 Rent history bonus
51:18 Affordability/ DTI
55:37 Max Purchase Price Calculator
57:11 Student loans
1:00:34 Refinancing
1:03:31 Success rate and seller perception
1:05:23 Tips from Javier Vidana
1:10:02 How do you get one?
- DISCLAIMER -
Kyle Andrew Seagraves is Federal Mortgage Loan Originator (NMLS 1701021) licensed in all 50 states with the Dan Frio Team at Allied First Bank (NMLS 203463), an Equal Housing Lender. Separately, Kyle owns Win The House You Love LLC, an education company. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This video is only for educational usage. All calculations should be verified independently. This video is not an offer to lend and should not be used directly to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. Allied First Bank is not affiliated with the VA, FHA, or any other government agency. This video has not been approved by any government agency.

Пікірлер: 135

@carasomebody6477 Жыл бұрын

Can never go over the basics too many times. There’s always going to be something new or something that clicks in a way it didn’t before. Thank you

@WinTheHouseYouLove Жыл бұрын

Thanks for watching.

@RyanLundquist Жыл бұрын

Thanks so much for including me in this. Great job!!!

@emmanuelleallen Жыл бұрын

I just watched your 2023 FHA video, and then this one. The education you have given me is incredible. My plan is to buy an "investment property" as a FTHB, particularly a 4plex. But it's strangely not possible with a conventional loan, but is possible with FHA.

@CassandraCee_ Жыл бұрын

I’m going to watch these videos every year until I win the house 📝

@WinTheHouseYouLove Жыл бұрын

I just recorded a personal video reply for you: vid.us/camss5

@pistachokink Ай бұрын

Indeed I couldn't agreed more. add me to the list.

@skiidzman Жыл бұрын

Cool tip for military folks or families who have members in military present or past, Navy Federal does a conventional 5% down with no PMI, or a homebuyer's choice 0% down with no PMI. The conventional loan right now on a $350,000 home in Texas, 7.6% interest rate, 5% down, no PMI, $3,360 per year in insurance, $6,960 yearly in taxes, rounds out to about $3,200/month on a mortgage with around $14,000 in closing costs. That same house with a 4% interest rate would be $2,447/month :( seriously rough time to do business, but if you can hack the cost you can refinance later for $250 with Navy Federal after 6 months if rates drop.

@nguyenpham7965 Жыл бұрын

First, you are probably new or uninformed about the mortgages market. There is no such things as less than 20%, completely free no PMI conventional. The lenders will increase the rates, fees and apr aka interest to compensate for that PMI, it just happens behind the scene. Its the PMI to protect the lenders and its the policy from GSEs. Secondly, no one would go with direct lenders like big banks or CU for mortgage unless its Jumbo b/c mortgage brokers have connections for nearly hundreds of lenders and investors out there so borrowers usually get better rates and fee and borrowers always get 24/7 customers service, not like 24hr turn around time. Brokers get paid based on completed loan, direct banks employees get paid per hours

@TheRateUpdatewithDanFrio Жыл бұрын

Awesome Walkthrough Kyle

@atxgurl00 Жыл бұрын

Love this free and educational content! Thanks Kyle!!

@WinTheHouseYouLove Жыл бұрын

My pleasure! Thanks for watching. :)

@johnparker7191 Жыл бұрын

absolutely fantastic and so informative. your videos always make me more confident!

@WinTheHouseYouLove Жыл бұрын

Hi John, thank you so much for your kind words! It really means a lot hearing that my videos have been helpful in boosting your confidence in the mortgage process. If you have any questions or want to start on a pre-approval, feel free to visit www.winthehouseyoulove.com/lender or email me directly at kyle@winthehouseyoulove.com. Thank you again for your support!

@veasnalee3596 Жыл бұрын

Learn a lot from your video! Thank you very much, Kyle.

@WinTheHouseYouLove Жыл бұрын

That's awesome, thanks!

@Karina-wm9uq 6 ай бұрын

First time home buyer, excellent credit. Live in the suburbs of Houston, Tx, but lender said I have to put 5% down for conventional. I didn’t think that area was considered “high”. I was looking at 400k loan or under. 🤔

@suddendethincarolina Жыл бұрын

Thank you this is so helpful!

@WinTheHouseYouLove Жыл бұрын

Thanks for watching!

@Joliejenni 11 ай бұрын

Thank you for this video! Very helpful!

@WinTheHouseYouLove 11 ай бұрын

Glad it was helpful! Thanks for watching. :)

@prettynpetty8342 Жыл бұрын

I don't know why people are still confused by the 20% myth and I think Kyle explains it perfectly. 20% isn't REQUIRED but it's PREFERRED (for the buyer at least) for a variety of reasons. I don't own a home yet but if I did I'd want to shoot for 20% down. I don't HAVE to but I WANT to.

@WinTheHouseYouLove Жыл бұрын

I just recorded a personal video reply for you: vid.us/9wuyby

@TheRxGeek Жыл бұрын

That’s a pretty cool credit score caveat with Fannie Mae conventional loans using the average of median scores between a coborrower and borrower.

@zuluagaluis1935 Жыл бұрын

hello from New York , thank you so much for all the info thah you bring to reguar people like me :)

@WinTheHouseYouLove Жыл бұрын

Glad you asked, you can you can check my website and schedule a meeting here: www.winthehouseyoulove.com

@PhilTheMortgageGuy 6 ай бұрын

New loan officer looking at all your videos learning a lot

@nicolebutler8271 Жыл бұрын

Thanks Kyle I was waiting for you to do this video for the 2023 conventional loan .😊

@WinTheHouseYouLove Жыл бұрын

I just recorded a personal video reply for you: vid.us/ukn254

@annsantonino9103 8 ай бұрын

Thanks for this information.

@stacygarcia4164 Жыл бұрын

Love this info 🙏🏼 and hopefully me and my fiancé are able to purchase our first home next year, but the prices out here in LA are out of control 😖

@WinTheHouseYouLove Жыл бұрын

Thanks and best of luck!

@paulpereira5231 9 ай бұрын

Great video, I'm gonna watch alot of your videos, before I purchase my first home, i really liked the max purchase price calculator to help keep me within my budget , thanks so much!!

@WinTheHouseYouLove 9 ай бұрын

Thanks Paul! Please email me if you have any questions I can help with kyle@winthehouseyoulove.com

@nanav6837 Жыл бұрын

Great info thanks!

@WinTheHouseYouLove Жыл бұрын

You're welcome NaNa V! I'm glad you found the information helpful. If you're ready to start on a pre-qualification, you can go to www.winthehouseyoulove.com/lender or email me at kyle@winthehouseyoulove.com. Thank you for your support!

@rickyphillips5163 Жыл бұрын

Been watching your videos. I was going to move to California, but that's way too expensive on my income. I love Wisconsin and hopefully i can move there soon.

@freddiecauseyii9419 Жыл бұрын

Thanks for the info.

@WinTheHouseYouLove Жыл бұрын

Thank you so much Freddie!

@itzrickymayne2983 Жыл бұрын

Been watching your videos the past few weeks, I appreciate you taking the time to create this content and deliver this information to everyone! Just to be clear, I can use your site to get assistance with homebuying in Louisiana?

@WinTheHouseYouLove Жыл бұрын

Hey ItzRickyMayne! Thanks for watching my videos, I'm glad you found them helpful! Absolutely, we’re licensed in all 50 states. When you're ready to start on a pre-approval, head over to www.winthehouseyoulove.com/lender or feel free to shoot me an email at kyle@winthehouseyoulove.com. I'm here to help! 😊

@franksoler598 Жыл бұрын

Kyle thanks for your time and help, Questions I have a late payment since 2/2017 do you think that it will affect me in the process of bay a house?

@user-ow3wj7hp6k 6 ай бұрын

Great knowledge

@clementaddai2425 Жыл бұрын

Great video Kyle.

@WinTheHouseYouLove Жыл бұрын

Thanks!

@JuanMartinez-tg2vh Жыл бұрын

Can you talk more about new construction and going with lender to get 20k for closing/interest buy down.

@justdeebee Жыл бұрын

got my pen & paper ready!!!

@WinTheHouseYouLove Жыл бұрын

You can also use the timestamps incase you are missed something. Thanks for watching!

@brittxnyakawaii12 Жыл бұрын

Love this ❤

@WinTheHouseYouLove Жыл бұрын

Thank you so much for your support! I am so glad to hear that you enjoyed my video. If you are ready to start on a pre-approval, feel free to visit www.winthehouseyoulove.com/lender or email me at kyle@winthehouseyoulove.com. Have a great day!

@djmalinda Жыл бұрын

Thanks for the great video.

@WinTheHouseYouLove Жыл бұрын

Thank you so much!

@LiamRL08 Жыл бұрын

We’re building a house (purchased last year end of May 2022), the builder is the one doing the construction loan and we have a conventional loan 15/15 ARM for it. We close next month. Do you think what we chose is a good idea since we’re hoping for the rates to go down before 15 years and refinance it.

@fifitis03 Жыл бұрын

This is pretty cool, and may just be what my husband and I need, how can we view qualifying homes?

@YashasviLohia Жыл бұрын

27:39 Wouldn’t there be another use case scenario for a temporary buydown (especially a 3-2-1) if you’re planning on selling your home within a 4-7 year time frame? Are there any caveats for attempting to get a temporary buydown in such a situation (for example your offer getting rejected in a competitive market)?

@everyoneisonsteroids2720 Жыл бұрын

Great video unfortunately the home prices here in Texas are still totally out of control.

@WinTheHouseYouLove Жыл бұрын

I just recorded a personal video reply for you: vid.us/7lv64k

@kmb2657 7 ай бұрын

LOVE Ryan's blog! This video format is great - would you mind sharing what program you use to make your videos?

@WinTheHouseYouLove 7 ай бұрын

Thanks! I use Ecamm

@kmb2657 7 ай бұрын

@@WinTheHouseYouLove thanks so much!

@natalierossi6678 Жыл бұрын

Fantastic video

@WinTheHouseYouLove Жыл бұрын

Hey Natalie! Thanks so much for your kind words, I'm thrilled to hear that you enjoyed the video! If you're ready to take the next step and start on a pre-qualification, just head over to www.winthehouseyoulove.com/lender or feel free to shoot me an email at kyle@winthehouseyoulove.com. I'm here to help whenever you're ready. Thanks again for your support!

@richboogie1 11 ай бұрын

Can you do a video on buying a home when self employed?

@Mikei97 Жыл бұрын

While I'm glad to see Fannie Mae make meaningful changes, like using the average of the two middle scores instead of the lowest of the two, it still hurts that we weren't able to use that before. Last year I would have been able to buy with a conventional loan instead of FHA if this had been implemented earlier. Oh well, you gain some you some some. Not Kyle's fault though. Thank you for the excellent video as always. My like has been given!

@WinTheHouseYouLove Жыл бұрын

Thank you so much for watching!! :)

@theforestisdark9676 Жыл бұрын

I didn't know this that's great that actually prevented me last year from purchasing a home, so they will use the average credit between the 2 ?

@yelnatsch517 Жыл бұрын

3% down is cool and all, but with home prices and interest rates so high, good luck with the $7k monthly payments. 😢

@WinTheHouseYouLove Жыл бұрын

Thank you for sharing your perspective. It's true that home prices and interest rates can make monthly payments challenging. Just a sidenote: the median home price will have a payment about half of $7k at roughly $3,500/mo

@Jcghilo 7 ай бұрын

Hi Kyle 12-17-23 1:43 pm Hilo Hawaii Hi good looking Kyle do you know if USDA direct loans are taking up to 6 months will it closed first and then when funding is available it will be yours I’m so confused

@Nurseninjarider 7 ай бұрын

Thank you

@WinTheHouseYouLove 7 ай бұрын

Thank you so much for watching!! :)

@ReanimatedShad0w 10 ай бұрын

So ideally if you’re moving into a 4 unit, better to do FHA if you want a lower downpayment ?

@Eduardo.DeLosSantos 11 ай бұрын

I have a question, If you were to find a property that you have the 20% on hand but the property needs some fixing, could you take the loan for a higher amount then what the seller approve to sell the property for initially? For example: property (A)- Cost $80,000 Down $16,000(20%) Fix estimate: $10,000 Total Loan Amount $90,000

@taylorhowser6467 11 ай бұрын

What is the pmi rate usually for a conventional loan I have only seen number for FHA

@theforestisdark9676 Жыл бұрын

Just subbed.

@WinTheHouseYouLove Жыл бұрын

Thanks!

@selftaughtadult 7 ай бұрын

You said Louisville correctly!! 😊🎉

@WinTheHouseYouLove 7 ай бұрын

💪

@eileenbrown3805 Жыл бұрын

I had heard after 3 years when you sold your last home you can be considered as a first time homebuyer. Maybe that is for FHA only?

@user-ow3wj7hp6k 6 ай бұрын

First time watching 1-20-24

@SuperNanie25 Жыл бұрын

If i am leasing a car (not financing) & have less than 10 payments left will my payments still be counted towards DTI?

@kristadavis2825 Жыл бұрын

Are there any additional requirements when you own a LLC and that’s the only tax return you have? Our equipment rental business will have been open 2 years on October 4th but our pay is just deposited in a personal bank account that we basically do a Dave Ramsey style $0 budget with. We don’t have pay stubs and all taxes are through the LLC. One loan company we were trying to get information from automatically told us they wouldn’t work with us due to the LLC.

@WinTheHouseYouLove Жыл бұрын

Hey Krista, great question! Having an LLC can make the mortgage process a bit different. Essentially, lenders will look at your LLC's income and expenses for the past two years. If you're in a profitable standing, it could go smoothly, but they also pay attention to the stability of the income. So, even though you've got a unique situation, I'd definitely be interested in helping you explore your options. If you're ready for pre-qualification, head over to www.winthehouseyoulove.com/lender or shoot me an email at kyle@winthehouseyoulove.com, and we can chat more details. Hang in there, we've got you!

@CleanLuxuryCosmetics 8 ай бұрын

Can you use school loans and or school grants? Or would I need to leave it in the account for 90 days? Thank you.

@tonyamathews7896 11 ай бұрын

If there are 3 borrowers, would they then take the average credit score of all 3? Thanks!

@niazahmad705 5 ай бұрын

Can you explain this "Total Interest Percentage (TIP) "

@marielaosorio9586 3 ай бұрын

You so lucky not only cute but you have the most beautiful voice . Love how you look so calm and honest. Thank you for sharing your knowledge God bless you. The Colombian girl

@WinTheHouseYouLove 3 ай бұрын

Thanks! You can follow me on Instagram if you'd like :) instagram.com/kyle___seagraves/

@WinTheHouseYouLove Жыл бұрын

Give us about a day to add timestamps :)

@ArtemYakovlev Жыл бұрын

Nice

@WinTheHouseYouLove Жыл бұрын

Thanks!

@user-ow3wj7hp6k 6 ай бұрын

First time watching 1/20/24

@ImaDoGToo 11 ай бұрын

How can a 19 yr old with excellent full time work history since age 16, excellent credit score, credit cards, lease, utilities, $40K. No one will gie him a loan without a cosigner because of "short credit history" which is another way to say he's too young. One lender said once he is 24. Could he start an LLC and buy investment properties through that? or same problem?

@WinTheHouseYouLove 11 ай бұрын

FHA is best for a short credit history. Most loans need to see a 2 year history of at least 2 tradelines to get an approval, but FHA can sometimes be more lenient.

@HAYLINGTONG Жыл бұрын

Hi! If I have income 1 years do I can get home ?

@Cinomonschanel Жыл бұрын

What if I'm planning on getting a multifamily home ? How I add the other side I can rent as income???

@WinTheHouseYouLove Жыл бұрын

Hey Katherine! Great question! When looking to buy a multifamily home, lenders do consider potential rental income. They'll typically count 75% of the rental income from the other unit(s) to help qualify you for the mortgage. You'll need to provide an estimated rent amount, which can be determined through a market analysis done by the lender or an appraiser. Keep in mind, though, that lending requirements might be a bit different for multifamily properties compared to single-family homes, so make sure you're on the right track. Feel free to check out www.winthehouseyoulove.com/lender to get started on a pre-approval if you're ready! If you have more questions, don't hesitate to reach out via email at kyle@winthehouseyoulove.com. Best of luck on your journey to becoming a homeowner and landlord! 😊 - Kyle

@user-ow3wj7hp6k 6 ай бұрын

I learning

@tanyazuniga320 Жыл бұрын

Do you do New York State too?

@WinTheHouseYouLove Жыл бұрын

Yes! You can schedule a meeting here: www.winthehouseyoulove.com

@j.n.8153 11 ай бұрын

@ 17:02 How would my husband be considered as an occupant co-borrower? Will there still be a 5% down fee?

@WinTheHouseYouLove 11 ай бұрын

If your husband is living in the home with you he would not be a non-occupant co-borrower. So you could still do 3% down. 5% down is required if you have a co-borrower who will not live in the home.

@j.n.8153 11 ай бұрын

@@WinTheHouseYouLove I appreciate your response. Also, do you know if Veteran's United do Conventional Loans? If not please put me in contact with your office in Georgia?

@Daniel-jk9ge Жыл бұрын

I’m trying to buy a duplex but I’m a first time buyer will it be 3% for a down payment or 15%

@WinTheHouseYouLove Жыл бұрын

Hey Daniel! A duplex for Conventional requires 15% down, even for a first time buyer. For FHA it’s 3.5% down on 2-4 units. If you're ready to start the pre-approval process, feel free to visit www.winthehouseyoulove.com/lender or email me at kyle@winthehouseyoulove.com, and I'll be happy to help you out! 😊- Kyle

@Daniel-jk9ge Жыл бұрын

@@WinTheHouseYouLove ok thanks for the info

@micansito Жыл бұрын

any help for obtaining a HE Loan with low Fico but plenty of equity pls

@WinTheHouseYouLove Жыл бұрын

Local bank is going to be your best bet :)

@empress4965 Жыл бұрын

How does a agent become a referral agent with you?

@WinTheHouseYouLove Жыл бұрын

kyle@winthehouseyoulove.com

@YeZhik5 Жыл бұрын

Thanks for the great content! Completely irrelevant, but when I saw the thumbnail I thought you shaved the mustache, I found out it was a lie.

@WinTheHouseYouLove Жыл бұрын

lol I should update the picture on the thumbnail

@lifewithphoenix7972 10 ай бұрын

But lender overlays are stricter and their additional guidelines almost make 3% down impossible

@edwardbroadnaxjr2592 Жыл бұрын

Sir I had a Chapter 13 that was Dismissed. Do I wait the 2 years or…?

@WinTheHouseYouLove Жыл бұрын

With a dismissal it's a 4 year waiting period

@edwardbroadnaxjr2592 Жыл бұрын

@@WinTheHouseYouLove thanks

@elizabethguillen8878 10 ай бұрын

❤

@Markharlan95 8 ай бұрын

I’ll trade you a microphone pop filter for one of those fancy spreadsheets

@WinTheHouseYouLove 8 ай бұрын

Hahah, touche. I fixed the pop problem. I use the Descript Studio Sound feature now, so recent videos don't have those problems. Email me with what spreadsheet you want and I can get you it for free kyle@winthehouseyoulove.com

@Mdchl13 3 ай бұрын

My mom wants to buy a home but she’s old school and has 8,000$ in cash 🤦🏾‍♀️ what do we do to be able to have that money qualify ? She doesn’t have receipts bc she’s just been saving randomly for years now

@WinTheHouseYouLove 3 ай бұрын

Lenders need to see 60 days of account statements and will check for large deposits. She'll need to deposit the cash into a bank account and wait at least 60 days before buying

@stevenutterback2300 Жыл бұрын

Josh Allen is doing mortgages now?

@laneproductions3749 7 ай бұрын

Let’s say you have the 620 credit score does mean this would probably get manually underwritten?

@WinTheHouseYouLove 6 ай бұрын

620 has a low probability of approval (and needing a manual underwrite) on Conventional without a very low debt-to-income ratio and possibility a decent down payment. Worst-case scenario the loan can be flipped to FHA for an easier approval. - Kyle Get pre-qualified at www.winthehouseyoulove.com/

@gerninadmnq9 Жыл бұрын

What's the income limit ?

@WinTheHouseYouLove Жыл бұрын

None

@mprrx 6 ай бұрын

A conventional appraisal, varíes per lender? Does not stick?

@WinTheHouseYouLove 6 ай бұрын

Conventional appraisals do not stick with the property. - Kyle Get pre-qualified at www.winthehouseyoulove.com/

@fernmiller5951 9 ай бұрын

0:40

@user-hj6gp4um7v 10 ай бұрын

need rule loan bad credit

@DocHoliday0007 Жыл бұрын

$1200 for a $175k home !? Fak noooooooo

@Rohan876x Жыл бұрын

I have a 6.50% rate and was wondering if I should pay my house down faster or wait until I can refi for a better rate then start paying it down. I pay an extra $1000 sometime $2000 towards the principal? @winthehouseyoulove