FHA insured loan

Now the fourth way is assumable loans.

Assumable loans, these are existing mortgages And basically like FHA, Federal Housing Administration Loan, I talked about that in the last episode, VA loans as well, these can be formally transferred.

And you can assume these loans and get that original rate in your name.

Now, as interest rates have gone up, a three or 4% loan is gonna be looking amazing to you as opposed to a six or 7%.

My belief is...

It's time to get an FHA loan where he puts down 3.5% and he will definitely be able to get it, okay? It's not a conventional loan.

Tell him to come talk to me.

It's okay, but the PMI you pay until you got 20%

It's because you can get a Benz.

Okay, but what if

you did it the FHA way, the 20% way, and you're still affording your mortgage? My point is the prices now are so high that people that are buying in this market are realizing that it's just so expensive.

What

FHA loans is usually 55%.

FHA loans are only for owner-occupant or primary home loans.

so if somebody's coming to me and you know they want conventional but hey we can go fha and this makes more sense and fha actually has lower rates than conventional that could be something that makes you know could work for their situation there's different nuances there too where fha will always almost always have mortgage insurance conventional you know if you have 20 down payment you don't have mortgage insurance so There's pros and cons of each.

And I think that's something to mention, important to mention, too, because oftentimes, you know, I get a lot of questions and people reaching out saying like, oh, I should I should just do an FHA loan because you can put as little as three and a half percent down.

And I'm like, well, you have excellent credit.

Uh, so, uh, this is good for, uh, first time buyers that have been outbid, but it's also good for investors.

In many markets these can be bought with FHA financing and as little as $100 down.

Depends on the availability, et cetera, et cetera.

So that's another...

Listo, entonces ten eso presente y yo te voy a decir cuáles son.

Entonces, la, la primera, que es la más poderosa, la que me gusta mucho y me gusta hablar mucho primero, es lo que se llama, bueno, acá en los Estados Unidos, donde vivo, es lo que se llama un FHA Loan, que es un Federal Housing Administration Loan, que es como una-- un tipo de préstamo que es más flexible cuando las personas son compradores por primera vez.

Entonces, si eres una persona que va a comprar casa por primera vez a tu nombre, puedes aplicar y es posible que seas elegible para un FHA Loan.

Tú le puedes preguntar a tu, a tu lender, a tu banco, a tu prestamista si eres elegible.

Dices: ¿soy elegible para FHA Loan? Ellos te dirán si sí o no.

Y mira, por ejemplo, yo ya no soy elegible, pero en algún momento lo fui, aunque mira que nunca utilicé este tipo de modalidad porque no la conocía.

Entonces mira cómo es la vida, pero es una oportunidad tener eso.

Y si estás en otro país, estoy seguro que hay programas de vivienda donde no necesitas harto dinero para comenzar.

Now, number 11 is get approved for a mortgage.

You want to make sure you've got your money in order if you're not paying cash, and you want to ask the mortgage lender, what's the best loan program? Is it FHA? Is it VA? Do you serve in the military? Is it conventional? How much money do you have to put down? You may want to go conventional, but I can't tell you how many times it's happened where a homeowner says, Wayne, I'm not paying closing costs, and I'm not paying FHA.

and I'm not going VA, and I'm like, why? And they can't tell me why, but they heard a story from Larry at work, and it was a horror story because of the inspection.

I've seen them.

I get it.

But here's what happens.

If that house is in decent condition, there's no busted windows, broken windows, chip and paint, or anything like that, then it will pass FHA and VA inspections.

And if that's the type of loan that you're getting, don't let a homeowner interfere with that.