FHA Loan Down Payment Assistance | 2021 First Time Home Buyer Program
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- เผยแพร่เมื่อ 10 ก.ค. 2024
- It can be difficult to save up the 3.5% down payment that the FHA loan requires! Today, I discuss types of down payment assistance you can use with the FHA loan and how to get down payment assistance programs in your area! With so many down payment assistance programs to choose from, it can be tricky to know which programs to use but by the end of this video you will learn the best ways to combine down payment assistance with your FHA loan.
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Hi, I’m Nicole Nark, a full-time Realtor® at HomeWay Realty Realty in Little Rock. I came to Little Rock with the love of my life, I am a proud Mom of two furbabies (Mini Schnauzer Mix and German Shepard), a Graduate of Communications from the University of Arkansas-Fayetteville and Honor Graduate of Arkansas Real Estate School in Little Rock.
I believe that home ownership lays the foundation for a life of financial security and freedom.
From building equity in a home, to the tax benefits it provides, buying a home is the most important financial decision most people make during their life. For this reason it is important to work with a professional who is committed to act as an advocate for you and your best interests.
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Thank you for all you do. I am learning so much from your knowledge. Have a blessed day
You are so welcome 😊 happy to help!
Yes CalFHA
@@NicoleNark b ccccg6c fc bf 6tct. Cf cc ff yc cj cc cc
You are awesome breaking down the process into lament terms!!! Awesome job!!!
I appreciate that! So glad to hear it was helpful!
I definitely benefited from this. My closing costs were reasonable for me. The seller definitely helped. I got sellers assist from the seller.
Congratulations bro! 😎
@@BUY_CRO_BEFORE_1DOLLAR much appreciated.
How did you approach adding the seller to help with the closing costs
@@wildwestadventures3583 she insisted. I was shocked but I didn’t argue with her lol. I didn’t know what sellers assist was until my agent broke it down to me.
Smooth transitions Nicole.
Thanks Nicole. You are the prettiest lady with good knowledge on the Tube.
Thank you so much! I have no knowledge to all of how to buy a house and I’m learning a lot from you.. I wish you are here in Oregon so you can help me…God bless you and thank you again❤️❤️🤣
You’re videos are awesome. They are filled with so much valuable information. Thank you 🙏
So happy to help!
Tank you so much for your videos. I have taken life decisions thanks to your knowledge, now a part of mine. i'd be so happy if I'd meet you some day. I'm so scare to buy a town house or so as a ftb. but here I go. thanks again
Great data, Nicole 👏🏾👏🏾👏🏾👏🏾🔥🔥🔥🔥💯👌🏾❤️
thank you Nicole! excellent information....looking forward to traveling to Arkansas soon
Absolutely Janett! Happy to help 😊
Thank you. 1st Time Home Buyer. Never knew about forgivable loans req 5 year living in the home. Wow!!
Glad it was helpful! 😊
This is great! Excellent video!
Thank you very much! 😊
Thank you for providing this video.
You are so welcome!
Great video n info
Thanks for this video Nicole!
You are so welcome! Glad it was helpful! 😊
Kachi is your boyfriend , right ?
Love your vids.
My lender tells me the fha down payment assistance interest is usually higher and that the interest just went up, is there a website were i can verify this? Or is the interest set by the lender?
Thank you
What a great video very informative!
Glad you enjoyed it!
Hi thanks for the Information🙏🏾👍
Thank you 🙏
Love your channel. Thanks for all your help! The other guy in Arizona goes on and on but you get to the point. { I think he likes being in front of the cameara} lol Anyway, Thanks for the 411 Nicole.
Absolutely! So happy to help and provide easy to understand information! 😊
How do I go about applying for the DPA? I have no idea where to start
Would the forgiveness down payment assistance option you mentioned hurt one's credit?
can you use dpa for a 203k fha loan,
This is helpful. Thank you! Are there any down payment assistance programs for conventional loans?
Thank you Christian! Some of these down payment assistance sources I mentioned can be used with a conventional loan. You can use gift funds with a conventional loan and some programs as well. You would have to check with your lender to see if any of the down payment assistance programs in your area can work with conventional loans! Hope that helps!
How specificly do you apply for these programs?
Is there any type of down payment assistance for other loan types that are not fha or usda?
My husband and I are in the process of getting an FHA loan just waiting for approval. But we had no idea there were first-time home buyers programs to help with the down payment. Our lender never said anything about them. Where would we find information on the last one that can be forgiven over time? How does it work with an FHA loan?
What’s your husband name:?
Get a new lender
@@janayewill3883 😅
Hi I’m new to the fha loan what if I only have 2k saved in not 3.5% what can I do for help with my down payment?
Do u still qualify if your parents just gave you property as a gift? Please let us know! Thanks
So you could combine fha with dpa? Or fha with 1st time home buyers program!?
What program is that that finances the down payment out in Arkansas. I’m interested
I was told on down payment is like a second loan?
Do some of these DPA programs lend to Multifamily buyers in California?
You might be able to find one that would. The maximum with an FHA loan would be a four-family property and you would still need to live in one of the units.
I Thank you. I was informed that individuals who receive SSI or SSDI are capable of purchasing a home more easier in 2022 thru a Fha loan Is this something you can explain in a video
How come you afford buying a home with all those fees if you get to resolve the down payment issue there is more fees that never ends closing fees agent fees .....
I'm in lakworth Florida, I like to know if the have program for nursing
How long you are in real estate business?
There is one down payment program better than the others if you ask me, it’s the one forgiven after 5 years.
How do I go to apply for DPA.
Dpa program that you pay back when selling? Do you oay the percentage of selling price or the original total amount borrowed?
You would pay back the amount that you financed for the down payment as well as the interest on it.
There are dpa that don’t collect interes, right.
Can the DPA be partial from the so called friend or does it need to be the entire dpa?
It can be partial! The money for your down payment can come from multiple different sources
@@NicoleNark thank you for all ur info and quick response greatly appreciated
How can I find the lender
Do you honestly recommend people to purchase a home in this inflated housing market?
Right now is a very interesting time as there has been a surge in demand for homes across the nation. We have more buyers in the market looking to take advantage of the record low interest rates than we have available homes on the market. Everyone's situation and tolerance for the market varies and that's why my channel is dedicated to ensure that everyone has access to information and an understanding of the real estate market and what's going on! For some people, buying right now may make financial sense, for others it won't!
@@NicoleNark As a homeowner, I would not recommend first time home buyers to purchase a home. A neighbor of mine ended up upside down on their home when they purchased before the 2008 crash and trying to sell a couple of years ago was a headache and they ended up owing the bank and walked away with nothing. Most people looking for homes now are offering more than what the house appraised for and most first time home buyers cannot compete with that.
@@candiced2138 in California prices are rising daily and then of course there are bidding wars. Didn’t think to inquire about buying a home that’s appraised for less.
I guess I figured the appraisals are matching what ppl are selling for.
Very interesting question.
Although I keep hearing the market will never drop. Maybe prices will drop just a little.
Is there any way that I can put all the assistance and grants to be a first time house buyer like the new $25,000 and $17,500 of Bank of America
Sure
Hi, I am putting together a simple website that lists resources for my friends regarding real estate. Is it ok if I use this video or others that you have up for the public?
Hello, I found a lender through HUDs approved lenders and was approved. My lender tells me that they do not offer FHA loans. Do you know why this is or if my lender is fibbing me?
Go to your state grant website or county
I always thought an fha loan meant the lender was the government..turns out is just an insurance you pay for you to get the loan..RIGHT?
Correct! The government essentially is just backing the loan as insurance for the banks which incentivizes them to lend to borrowers with slightly lower credit scores!
@@NicoleNark thank you you are great
Yes how can I get help with my down payment I was pre approved for 121,000 for a mobile home but I need help with the down payment
I'm in Missouri. Approved through a mortgage broker for an FHA loan. He keeps saying these programs aren't available to him. How do we find a program and lender who would work together? Thank you
Reach out to other lenders. Ask what loan options each lender offers and id down payment assistance in an option. Lastly ask what the down payment requirements are. I'd start with credit unions and small community banks.
Hey Nicole
Does the same rules apply when getting a stick built home?
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I'd like some help with down payment assistance program please
I want a house 🏠 but this sounds like signing ur life away 😩 Wish I had cash 💸💰🤑& didn't have to go through all this bc all I hear is "Loan, payments, intrest.. scary Ish 🤦♀️😂❗
I have an fha loan and they made me put up 11000 and I had to pay closing cost at Prosperity Mortgage
There are a few recommended steps you can take to improve your credit score that put you on the path to a good credit score. Improving your credit score is all about doing the right things over a long period of time. My colleague mentioned about how this credit repair agencies assisted him over his credit score and how they clean up DUI report and Chexsystem. I wondered if they could fix my credit profile too. I already thought i’ll need to work all my life to pay up all this dept. But at my very state now I have my very low score of 465 brought me up to 809 within every 14 days to get completed. After then My whole story changed, he did not just remove the negatives on my report only but also increased my score a bit higher up to 800 just in 14 days. I owe a lot to him and that’s why i’m here sharing the good news right here. Be safe kindly checkout GIBBS MICHAEL [Gibbs @ creditpatchup . com] for a safe and clean job/service .
Are you a mortgage officer too ? Or you work with someone ?
Do you service Arizona?
Hi, no I dont service Arizona personally but I've got a great agent in Arizona I can get you connected with. Just send me a message through my website narkhomes.com/contact
I have yet to hear anyone talk about wether or not you can get a person loan to help pay for the down payment.
I believe she touched on that subject when she s spoke on how the requirements wordings are big... When It used "collateral" she broke it down & stated that it basically means that you aren't allowed to use credit to fund your down payments.
Can you use 401k funds for down payment?
Yes
Planning on moving to AZ FROM ILLINOIS do I have to currently be a resident in Az to use FHA loan?
Nope! Just make sure you have employment lined up in AZ or will be continuing a remote work job!
Hi Nicole
I bought a house was 5 years ago with FHA loan and with the third line downpayment assistance program say pay back when sell the house but I lived in my house over 5 years already and I want to sell the house,so do I have to pay back downpayment assistance program still? Thanks Nicole
Hi Cammy! That would depend on the terms of the specific down payment assistance you used! For the most accurate answer, I would advise you call the lender you worked with when you bought your house!
@@NicoleNark thanks Nicole
Why is it so hard to buy a home right now in Texas..
The Seven wait it out till next year and see if you can receive assistance from Biden Administration and call Nicole. I am in Brooklyn New York and I am planning to move to Nevada, Colorado or Arizona
I would like to buy a house ! I'm learning a lot with your videos. Please !! Help me 😉 to buy it
This sound confusing,please explain in more detail so that we can understand clearly
Tell them about that 650 credit score.....YOU HAVE TO HAVE....
Hablas españo?
Muy poquito 👌
Can I use a Low or No interest credit card for a down payment?
No you can not. The funds have to be sourced and can not come from an unsecured credit line
There is no help with closing costs..here in Oklahoma....all lender will tell you....we don't want DESPERATE people....an if you have to ask.....your desperate