Are you a first time home buyer interested in buying a house using a conventional loan in the 2024 housing market? What credit scores do you need? How long do you need to be employed? How much downpayment does conventional require? In this video, we are going to discuss the 2024 conventional Loan Requirements, answer some common questions around conventional loans and touch on the pros and cons of a conventional mortgage.
✅ - Get a Referral to a Mortgage Lender or Realtor - http://www.jebsmith.net/referral
Watch this NEXT ⏩ Comparing Monthly Payments on FHA vs Conventional Loan - First Time Home Buyer- https://youtu.be/6N-mUJAKTak
RESOURCES:
🏠 - First Time Home Buyer Course - http://www.becominghomewise.com
🎙- The Educated Home Buyer Podcast - @TheEducatedHomebuyer
Spotify - https://open.spotify.com/show/3Ho4sTORqrLYlkBwWUkSBA
Apple - https://podcasts.apple.com/us/podcast/the-educated-homebuyer/id1611226020
Other Loan Programs you may consider:
FHA Loan Requirements 2024 - https://youtu.be/CApGLR5u6j0
VA Loan Requirements 2023 - https://youtu.be/vkK-7lHC6lE
USDA Loan Requirements 2023 - https://youtu.be/CG-m8iYP3lI
What is a conventional loan? A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government. Instead, the loan is backed by private lenders, and its insurance is usually paid by the borrower. Conventional loans are much more common than government-backed financing.
Loan limit for standard and high balance conforming:
1 unit - $766,550/$1,149,825
2 units -$981,500/$1,472,250
3 units - $1,186,350/$1,779,525
4 units - $1,474,400/$2,211,600
Check the loan limits in your area:
https://singlefamily.fanniemae.com/media/document/xlsx/loan-limit-look-table
Conventional loan requirements 2023:
✅FICO® score at least 620
✅3% minimal down payment required
✅MIP (Mortgage Insurance Premium ) is required when putting less than 20% down.
✅Debt-to-Income Ratio less than 45%. (Actually you can go much higher than this)
✅The home can be a primary residence, second home or investment property
✅Borrower must have steady income and proof of employment.
✅Assets may be required at closing.
I hope you appreciate this update on conventional loans for first time home buyers for the housing market 2024 california as well as this real estate market update from your local Huntington Beach Real Estate Realtor, Jeb Smith.
Please let me know your thoughts below: what are your predictions for the housing market 2024 forecast and the housing market 2024 california? After watching this video, do you believe you should be buying a home this year or is now is the best time to sell a house?
Do you believe a house market crash 2024 or real estate bubble will happen? If so, why? What are your thoughts on the Orange County real estate market and the potential real estate crash for orange county real estate?
Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty
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