(Learn Exactly) How to Buy a Home with $1,000
ฝัง
- เผยแพร่เมื่อ 16 มี.ค. 2024
- For years people have felt like they can't get ahead much less save money to actually own a home. Stop saving your money. Instead, pay down your credit cards if you have credit card debt and get your credit score up to 620.
After being on the job for two years and showing proof that you have the income to pay a mortgage payment plus you have a minimum of a 620 credit score you can buy a house.
A mortgage company will look at your income and your debt to determine your debt-to-income ratio. If they meet the guidelines you buy. If not they will show you exactly what to do and the timeline in which you could accomplish it.
Many foreclosures can be purchased for just $1,000 out of pocket.
Select your city to see the list of every foreclosure in your your area.
www.foreclosure.com/?rsp=3820
More videos on this topic:
Stop Renting... Do This Instead: • It's Crazy But You Can...
Bad Advice When Buying Real Estate: • (BAD ADVISE) Buying Re...
People Buying Homes With This Money: • 100% Financing for Hom...
Stop Renting (Here's How): • STOP Renting!! Here's ...
$1,000 Can Buy a House (Here’s How): • $1,000 Can Buy a House...
$1,000 Buys a Home (USDA Home Loan EXPLAINED): • $1,000 Buys a Home (US...
Keep Connected with us...
Home Page: www.wayneturner.com/
Facebook: / turnerrealestategroup
Instagram: / therealwayneturner
LinkedIn: / wayneturner333
Twitter: / wayneturner
Pinterest: / wayneturner
TikTok: @therealwayneturner
DISCLAIMER The contents of this video are for strictly educational and entertainment purposes. This video is not intended to provide financial, accounting, tax, or legal advice. For financial or legal advice consult with a financial advisor or lawyer. I may earn commission from purchases made through links in this post.
The problem isn’t the down payment, the problem is that basic homes are selling for a quarter of a million dollars…
My house is worth 210000 but I'm going to price it waaaay below that cause a. I need to sell it fast b. We have a subpar hoa and c. There's someone out there that deserves a break .
And honestly I could sell it for 140000 amd still make a nice chunk of change.
No investors or realtor companies either just a regular family I will sell to.
@@snickerdoodles787its people like you who should control the housing market, not these banks! I wish i could get that home off you for my family but im not ready yet 😅
@@snickerdoodles787kudos to you sir wish you were in Seq County Oklahoma
@@snickerdoodles787 also touching on that note and another HUGE issue especially in my area of the country, is that there are big time investors and realtors buying up all the properties they can, and then putting regular people through extensive application processes after having them pay fees and giving them hope for a chance at renting their property, only to deny them because they don’t meet the requirements which are absolutely absurd. I have to have a 620 or higher credit score just to rent a crap hole apartment? I have to make $60k a year to even be considered for a place? These big time corporations are the ones controlling the market and people are giving in and paying out the wazoo because we don’t have any other choice.
Black rock is running the housing market right now
You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life
Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $34,500 per week even though I barely trade myself.
I'm favoured financially, Thank you Jesus $32,000 weekly profit regardless of how bad it gets on the economy.
How
..? Am a newbie in crypto investment, please can you guide me through on how you made profit?
Thanks to Mrs Maria Davis.
She's a licensed broker here in the states
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Patricia Annie Brooks.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
You trade with Annie Brooks too? Wow that woman has been a blessing to me and my family.
YES!!! That's exactly her name (Annie Brooks) so many people have recommended highly about her and am just starting with her from Brisbane Australia🇦🇺
I'm new at this, please how can I reach her?
Her good reputation already speaks for her .I’m also one of the beneficiary of Annie Brooks. So happy I gave it a trial after being skeptic of the process.
I used the USDA loan to build a house in 1994 on 1/2 acre of land. It was a dream come true. My down payment was $500. I could not believe this was available back then. I still own the house.
You’re lucky you had that opportunity. 👍
NOT ANYMORE! I was approved on a USDA loan and because of the State of Arizona USDA Chief Home Program Coordinator did NOT HAVE A PERSON ON STAFF THAT KNEW HOW TO PROCESS A NEW CONSTRUCTION TO SINGLE FAMILY MORTGAGE ONE TIME CLOSE THEY WITHDREW THEIR APPROVED LOAN AFTER A YEAR. THIS IS AFTER 27 MISTAKES IN PROCESSING MY LOAN EVEN AFTER EXPLAINING TO THE PROCESSOR THE USDA'S OWN LOAN PROCESSING TRAINING MANUAL THAT WAS ACCESSIBLE ON LINE! THESE PEOPLE HAVE TO BE CORRUPT OR COMPLETELY IGNORANT!! I COULD SUE THEIR ASSES OFF BUT THE WAY THE DEPARTMENT OF JUSTICE LOOKS LIKE GOOD LUCK WITH THAT TOO!!
SO NO, UNLESS YOU WANT A NIGHTMARE FOR A YEAR AND NEVER EVEN GET TO BREAK GROUND I WOULD AVOID USDA HOME LOANS IN ARIZONA LIKE THE PLAGUE!!!😢
Really?
@@aking032962 I am sorry to hear this. I was very blessed.
Thank you so very much
One minor detail left out. The location of the house has to be in a rural area classified by the USDA. They have maps on their website
So what? Beggars are not choosers
Wayne mentioned that.
Rural housing does not appreciate in value like city homes. In case that matter to you.
Fine.
The way to circumvent that, would be to make it a rental property,@@richardpellis
@richardpellis this isn't true. My friend has one of these homes in North Texas and her home appreciated quickly. If the area grows the home appreciates.
Here’s the catch.. you might have $1000 to purchase it, but will you have the $3500 for the monthly payment to pay the loan
Still better than paying 2k for an apartment.
Yeah so? There are apartments in NYC that are $3500 for that anyway, you might as well invest it in a house instead.
Rent is basically 100% interest loan with no end.
Hello Everyone, I hope this message finds you well. I live in Arizona and just purchased my first condo. Paid 205k for a 1 bed 1 bath in a decent neighborhood within walking distance of everything. My credit pulled at 759 and qualified for a 30 year fixed at 7.125%. Received 3% concessions from the seller and a $2,500 grant. Over all it cost me 6.5k including the 6.1k for the down payment and $400 in loan cost. I’m very grateful to be a home owner with a payment I can manage. These home prices are insane though.
We bough my home this same way just before I turned 21 about 13 years ago best decision in my life thank you for helping people out
this was 12 years ago. not a good idea right now. but congratz!
Congrats dude wish I knew what you did back then
Where you Live is the loan depending the area I live in Long Island NY
@@rftree7737Good luck with that. I used to live in East Meadow, but I moved to PA because it's so much cheaper. Still have my job in NY though because it's maritime work.
The housing market is t nearly the same as it was 12 years ago 😂 it’s actually cheaper to rent rn
i got a usda loan, my realtor hooked me up 15 yrs ago and man did he do an awesome job. no down, no pmi, great rate...if it werent for him i'd have no idea it existed
Looking to buy also in Florida please share
Seriously?
some people that dont know anything about real estate would think you need 1000$ total to buy it but 1000$ is just the down payment for the loan
Very misleading. At the beginning he says, ".... how to buy a house for a thousand dollars?". This is not about buying a house for a thousand dollars, it's about putting a down payment on a house for a thousand dollars. Even people who do know something about real estate can be misled by this. The caption makes it sound like you can buy a whole house for a thousand dollars too.
Gotta educate yourself as well man people can’t do everything for you. Have to look into things and realize how much you’re trying to eat in one sitting.
@scottinvad2096 Well, you're an idiot if you think you can purchase a house outright for a $1k. Nerd
@scottinvad2096 if I understand you correctly, 1000 dollars down secures the loan. Your approved. Then what happens and what money is needed after that. Trying to understand the process.
@@sendit7777well traditional home buying requires 50k plus to put down on a house but this USDA thing brings it down to a 1000 for down-payment, just gotta do a little bit more research on this.
actually really proud to have an employee like you as part of the team. The job is done so gracefully and neatly. Very well done, dear BsnsFunding . First of all. Thank you for making the work environment so friendly and taking your responsibility seriously and completing the work gracefully! You deserve so much.
???
Be careful people, if you're worried about paying more than $1k down, know that a house like that in my area is going to cost you $3k per month mortgage. Don't be impatient!
Thank you, I keep getting tempted by all these cheap listings I’ve been seeing lately. But I’m only 24 and stuck in a year long lease. Hopefully I can make the most out of these coming months, get a cheaper place short term, and save up faster
Single homeless mom of 3, I needed to see this video! Thankyou
Me as well
@@larhondamann3873 God got us! We will be housed immediately 💪🏽🙌🏽💕
@@larhondamann3873 God got us! We will be housed immediately 💪🏽🙌🏽💕
Exactly me! To lets see it!❤
Have fun even the cheapest house is 250k rn with a 7% interest rate
My mom got a USDA loan and after 16 years when she went to sell it, she owed the same amount due to a loophole in the paperwork. She bought for $130k, sold it for $180k. She only owed $90k or so she thought. After selling, she only ended up with $40k. There's something really sketchy about those loans.
Bought my first house in 2020 with a USDA loan. When I got the loan, there was also a rebate that came along with it, that would first be applied to the closing costs, and any remaining amount of money would go straight into my pocket if there was any left over. My understanding has been that the rebate is a standard part of a USDA loan. For me, the closing cost on my home was $10,500, and I received a $9,700 rebate, so I only paid $800 to get into the house. Sure, I do have a PMI payment attached to the cost of my monthly mortgage, but it's only about $90 give or take a few dollars. When I bought this house, the lowest rental prices I could find in my area were about $2,100 a month (but most were $2,300+) and even with the PMI payment attached to my mortgage, I'm instead paying $1,900 to own a property on an acre of land and my own water well. Would I have preferred to have 20%+ down when I bought? Sure, but I'm still not at all regretting getting into this house.
You did your research my friend good job.
I got my house in 2022 small starter home. Still got a good rate and I used a conventional loan. Only had to put 5% down after closing costs I probably spent 20k.
But I’m much happier paying an 1100 dollar mortgage then giving someone else rent.
@@Connor-im8xp For sure. Having a good rate is great, that's hard to find these days. I locked mine it at 2.5%, which was very easy to do with the USDA loan structure. USDAs had the lowest rates I could find at the time of purchase.
Is it worth it to buy one in Cali?
I've been in real estate for 34 years and didn't know a lot of this. Thanks Wayne
😮😮😮
That says alot about you and less about the information
@@joshamezcua3322 why so mean to a stranger?
@@azinfandellvr misery loves company
this is the dad i always needed
Yep he is 100%. I’ve done it twice. Get seller credits and you can get closing costs lower.
People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Buy now, home prices will not go lower. If rates drop, you can refinance.
The government will have no choice but to print more notes and lower interest rates.
This is true, I bought a brand new house up on the USDA loan. And I put no money down at all with the 650 credit score. Fix rate with the 4.25 interest rate
Wait a minute, I have the credit score and etc. and was never shown a new house. The loan was never mentioned to me either.
@@LyssieLysse I knew about the loan before buying a house.
In 2024 you got a 4.25% interest rate?
@@GamesABlazin no
@@GamesABlazinmust have been sine years back before the Feds raised the rates!!
Good people are spreading the word for USDA.
I put in 20k into various assets last year and flipped into six figures within a few months and still going. I’ve always been an advocate of investing because it has been rather rewarding. I hope to attain financial freedom soon. One more thing, great content brother.
Which companies or cryptos or stocks do you invest in?
Now I found this out I like building brand new homes , I just built a house for nothing out of pocket , well I bought the land and paid it off in 3 years cleared the property myself then used the land as down payment on a construction loan and Americas home place great company built my home and it’s stick built some walls are 2x6 framed front wall is 2x8 framed large windows , they have done An amazing job high standards on these new homes to meet new codes better materials and I’m glad I had the time to wait and build one cause a used house would have cost more of this size I think building is the way to go you get to choose floors , countertops doors placements of lights extra electrical outlets in areas needed everything , doors window types gutter colors porcelain barn style sink upgrades siding upgrades list goes on you get to customize the house to what you want and it’s brand new that’s the kool part , I can focus on my business my customers and keep them number one priority and keep it moving
Nothing out of pocket? Well you have to pay back for the construction loan! Right? And you bought your land with money! Right? So that is not “ nothing out of pocket “ with all due respect
@@femalewarrior125I'm pretty sure he meant no money down
Love, love, love Wayne and hearing his knowledge on homes❤
I have about a 780 - 790 FICO. I’m a disabled Veteran. I can get a VA loan. BUT, I CANNOT AFFORD THE PAYMENTS ON A DECENT (3-2, 1000sqft) HOUSE IN A DECENT NEIGHBORHOOD!
Buy in a shitty neighborhood or main freeways closer to downtown brrr it and build an additional building rent or live there and do it again
I almost didn't listen to this video, but so glad I did! Great info on this program that I hadn't heard before. You've got a new sub. Thank you, you are awesome!
Flood zone tip you gave in this video really sticks with me. Thank you for the insight!
Great video Mr. Turner. Informative & educational. Love all the way from Srimangal, Bangladesh.
I see your still working hard helping others Wayne. Thanks again Wayne for helping us when we needed it most, totally killer.
Always great info Wayne! I'm just here to read comments from people that don't watch the video.
Hats off to you, sir! Thank you for sharing your knowledge. New subscriber
Wow, so much great information that I did not know. I greatly appreciate it, keep it up
Thank you for providing hope.
The authenticity and knowledge came through in this video! It didn’t feel like a sales pitch at all.
Thank you so much for the information.
I want to use this but the calculators online say my payments would be over $1000/mo and that’s totally impossible 😢 There is nothing cheaper than $200k these days even in rural areas.
If you are very low or low income, the USDA Direct loan may subsidize your monthly payment making it more affordable. It’s worth looking into.
You have to negotiate the price. Look at homes that are inflated. Meaning if they are selling a house for $340k but they bought it for $180k make your offer based on the $180k not the $340k.
Oohhhh.. Louisiana.... now I understand why half your videos mention flood zones lol
This information is gold
Wayne Turner….THANK YOU. I’m not in a bad situation as far as buying a home. But you definitely give me hope with moving forward with the process. So many options out there and you explain them well. I may be contacting you for advice if you don’t mind. Thank you so much for keeping us informed.
Thank you. I’m always here to help.
You still have to pay the mortgage and without a down payment those mortgage payments will be high. This is great advice if you can make the payments. Thanks for all of your videos Wayne.❤
I believe your payments are based on income…? I could be wrong though
@shannaelchert7014 it seems like income based mortgage would be decriminatory toward those that earn more money than others.
Someone paying a higher mortgage with the same down payment for the same priced house in the same location doesn't sound fair at all.
@@shannaelchert7014your payment will be based on the amount of the loan and the interest rate at the time, your income does not establish your payment, your income determines if you can make the payment or not !
@@shannaelchert7014 Monthly payment isn’t based on income. It’s based on loan amount, interest rate, private mortgage insurance, home insurance and property taxes.
@@Nvable you could argue this entire program is discriminatory to wealthy people, which is ironic, because literally, the entire financial system is discriminatory to poor people as all the financial incentives are given to those who have wealth and credit.
These programs have an income limit for a reason.
If someone makes more than another using this program their payments should be higher.
Why would you want a whole bunch of people who are making a few hundred dollars short but still over six figures a year using up all of the funding?
It’s a pity it doesn’t work that way to discourage the above.
Thanks Wayne you educate to us 🇺🇸🙏
❤❤❤ Thank you so much for making this video 🎉🎉🎉 I really appreciate how simple you explain everything and that you cover a variety of scenarios this was so encouraging and with that You have a new subscriber today!
Excellent Information 😎Thank you for sharing with us. God Bless 🙏
Thank you.
Thank you for giving people hope of becoming home owner's ,bless you ❤💯
Thank you very much for the information, this gives me hope.
I have a question regarding the $1000 down. You mentioned the home inspection, but aren't you excluding the appraisal fee, attorney fee, and the first year of insurance upfront? I was advised when I was preapproved for a conventional loan that those costs are never covered, so are USDA loans different?
I bought a home for 1400$ on FHA with Government down payment assistance!
Thank You ☺️ GREAT! Information.🤗
What a find! Thank you, TH-cam algorithm!
This would be awesome for my daughter, she is a single mom and pays almost 1000 dollars in rent . Thank you so much!! We live in Jennings , Louisiana and I would love to tell her she can buy a house because that's her dream.
My husband and I are looking to buy a house. We needed this information! He was forced to retire when the pandemic hit and that changed everything. He is a RRT and has not been able to return to work due to several surgeries
, 2 times knee surgery, then back surgery and last a cuádruple bypass heart surgery which is still recovering from it. We need a house rush! Rent went up on 2021 and then every year they raise it. It’s crazy!, We are paying now for a 1b/1b the price of a house mortgage payment.
I need more videos like this. The housing market is crazy so I’m trying to learn all I can.
Thank you for this video !!👍🏾
Great information, thanks!
There is an income limit requirement with USDA loans
Yeah, I tried this last yr after all the married and couples with kids kept saying "oh yeah, everyone qualifies" but apparently I make "too much", not enough to buy outright, but plenty enough to pay 1350/month in rent on a single income 😂 I don't want to give up, but it really seems pointless after 2 yrs of trying
Thanks so much, Wayne.
You have to take in consideration Debt to Income ratio which was usually the issue with USDA
He mentioned that.
Im in Georgia and Retired Military Veteran 😊
near Fort Stewart?
Hope that you’re using the Home Loan Guarantee
Shout out from 34 years old Bangladeshi immigrant living in Florida for the last 10 years and making the way up from 9-5 job to going partnership business very recently. Learned a lot from you. Thank you ❤
That’s incredible! Living the American dream! Thank you so much for sharing!!
I’m encouraged to buy!
He’s only saying 1000 down and us credit score of 620 or higher. He’s leaving out the fact that your debt to income ratio needs to be good or income needs to qualify and budget for the loan.
Listen again
I'm self employed with an 800+ credit score but I can't get a home loan because my income on the books is too low
@@drewnicest4319that's the part they all leave out, you can't get a good home on lower income, otherwise your loan amount would be a flipper price 😂. currently working up to the stable amount to get a good home🎉
@@drewnicest4319 USDA Rural Development's Section 502 Direct Loan Program provides a path to homeownership for low- and very-low-income families living in rural areas, and families who truly have no other way to make affordable homeownership a reality
He does mention it at 3:45 minutes in
Going to try this when I get read to buy a home.
Thanks for the information
Love the channel. Fix that smoke ⏰ alarm 🤣
I want to learn everything from you man.
Very informative thank you!
Glad it was helpful!
Thanks Wayne. I booked an appointment with you. I live in So Cal where the real estate prices are sky high. Combine that with the current price of money and and real estate purchase in this area would spell financial suicide. I'm open to discussion about different areas and especially the USDA loan.
Thank you wayne! Im definitely going to try. Rent is so high just for a apt.
Best of luck!
Thank you..for the info
Tgat is great information. You nailed it: I plan to buy back my childhood home I grew up in. It’s currently a rental with existing tenants: the landlord (a friend of mine) has an LLC so seems it’s Corporate owned. But he’s the managing member I saw : but my plan is to buy it and put it in my name: I am curious if i can use this method you showed in video to buy it.
Thank you Wayne
I’m so grateful to have this information now I wish I had it decades ago but I have it now I’ll take it Thank you
My pleasure!
When youre 30 years old and you been saving money 5 years to actuslly save. Thanks paneemic. I would agree on buying a house 5 years ago but getting a house has skyrocket
!!!! Thank You !!!! Shared !!!!!
This year 2024,don't set your financial goals without consulting a financial adviser.there expertise ensure a solid plan for success.Building wealth involves developing good habits like regular putting money away in intervals for solid investments.
Thanks for the advice! I'm new to financial planning and wasn't sure where to start.Any tips on finding a reliable financial adviser or resource to guide beginners?
You're right, based on personal experience working with an investment advisor, I currently have over $300k in a well-diversified portfolio, that has experienced exponential growth. It is not only about having money to invest in stocks but also you need to be knowledgeable, persistent, and have strong hands to back it up.
@@Dicky-curtainsHow can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
@@EllerieBardotMarie Ann Treloar
She’s the license coach I use.
Look her up on Google you will find the necessary information and also her web page to make a contact and schedule an appointment with her
I. Will call you for sure. You are great!
Unless it's changed recently, usda says you have to show that you were unable to get any kind of regular home loan anywhere else; also you have to show that you paid your bills, without one single late payment, within the last 12 months.
That is still true. Plus another thing he is not mentioning is you cannot live just anywhere. The USDA is not available in every county and there are restricted areas. Besides that PMI goes along with that mortgage making it harder to pay off the home sooner. It sounds all good on the front end but it is a risk. I say it is for people who don’t mind staying in that said home for over 20 years.
I got a VA home loan and they wanted 6k as an earnest payment and that was zero money down. Ill check this out
Problem here is that any home eligible for USDA gets grabbed up by investors too fast or they're sold cash only.
Make a list with everything you need to buy a house" in South Fl .. even $20.000 down payment is nothing here to buy an apartment...
You are a legend
While in Ga homes now cost up to million when it should be around $300-$500k. Im sure there is a good program.
I have over 700 score and recently quit my job and work for myself. I won't have show able income how can I get a home.
Filing taxes for past 2years !!
Thank you for this. Im hoping to take advantage of this opportunity even though in CA 🙏🏾. Heading to your website!
Thank you ❤
Great advice! Where are these located in Louisiana?
I just got approved for the USDA direct. I just started my hunting.
I been a subscriber for about 2yrs And I’m always learning something new from you Wayne. 🙏🏽 thank you.
PROTECT THIS MAN! 🙏🏿🥂
Wayne, how do I find a mortgage company that I can trust to find me the best rate?
I'm going to do this. I will let you know how it goes. Wish me luck! I can do it!
Let me know if you an agent or lender. www.ContactWayne.com
I would wait. right now is not a good idea. unless you make pber 100k a year.
Screw the IRS!!!
Do you have any information/ videos for veterans using a VA loan?
Thanks
Buen trabajo Bos
Man thanks so much😊😊😊
Wow how is this possible and how did i not know!
Usda is also a part owner.. they will want "subsity" payment when you sell it based on appreciation at time of sale. Rises every year.
Oh good point
I appreciate the video, thanks! What mortgage lender gives a USDA loan for a 620 credit score?
Bret Favre spitting knowledge
Everything you said is what Im going through now!!