NEW 1% DOWN conventional loan in all states

UPDATE: This loan now requires monthly PMI as of 1/1/24, but will have a slightly lower rate than before.

A new conventional loan now only requires 1% down with a 2% forgivable grant.

TOP RESOURCES


0:00 NEW 1% DOWN conventional loan in all states (no PMI required!)
0:36 How it works
2:31 Example
3:58 Requirements
4:40 Area Median Income Limit Lookup
7:51 Find your Max Purchase Price
8:34 Features
11:31 Comparison
12:48 How to 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.

[WinTheHouseYouLove]

UPDATE: This loan now requires monthly PMI as of 1/1/24, but will have a slightly lower rate than before.

[Kepy]

Currently under contract with our first house and we paid 0 down through our local credit union program. It’s been a blessing and one of the rare ways for my wife and I to be able to purchase.

[dbaby]

Stop being negative because you are not interested in the loan. Its an opportunity for others and yall hate to see that

[tmcdgreen]

Thanks dispelling the myth of not deserving a home if you don’t have a full down payment. I’m looking at buying out my lease to move, and this loan product sounds like a lifesaver (and finance saver).

[Feverish]

10:14 the fact that this was even mentioned speaks volumes. what could go wrong with having no equity in your house during a record high in housing costs. to those truly considering this option, i hope you're fine with paying more in interest than the home is worth... that's if you still have your job within the first year of owning it. and if you need to get a special loan cause you can only put down 1%, you probably don't have an emergency fund. its like the car dealership offering zero down on a new car you really want. you pay the interest on a depreciating asset, they get their cut, and you get to feel good about yourself until you can no longer pay for any of it.

[spf_]

I feel like this is to good to be true. I'd have to read more into it so I'm definitely saving this one to review again.

[Moodtoodrude]

Wow! It is pretty amazing to help those struggling to put money away due to insane rents.

[DjBeeF]

Closing cost isn't the worry it's the monthly note

[SomeIndoGuy]

can you refinance? or any other mechanism to lower the interest rate in the future?

[Jameson]

I’m not understanding how this is helping the average person trying to buy an affordable home to live in? We have sky high rates & prices which is already creating large monthly payments & taking up the majority of people’s pay. A lower dp means an even higher mortgage payment with even less money leftover for anything else. As desperate as I am to be a first time homebuyer, I’m not foolish enough to fall into this trap. It’s set up for these buyers to fail and ultimately lose their house. The only upside is I guess this is probably the final nail in the coffin for this insane housing market before it all comes crashing down.

[BH-izku]

Does the 80% AMI count for the household size? Like are the AMI amounts different if you have 2 person household vs 1?

[LaRana]

can i use this loan to buy a new construction home?

[Eruptflail]

I'm trying to find cons for this loan and I can't really. Seems like if you have the money and you're looking in the sub 350k range, this is the option.

[cyndigreenwood]

I really wish people would stop saying you cant afford to live in California for under whatever amount they love to say. I am currently in contract with a 3bd 2ba 1400 sqft on 10ksqft lot for 285.

I went USDA and since the property appraised for more than the asking price I was able to roll all closing costs into the loan for 0 at closing. Just had to pay for inspections. In California.

[jakesmith]

What is the difference between the ONE+ and BUY+ Programs? seem to be the same, BUY+ seems to be an added perk of closing cost assistance if an affiliated Relator is used but not sure im understanding correctly, all else being equal.

[wy]

Hey Kyle, I just wanted to thank you for these amazing videos. There's so much information out there and so many things to consider that it can get really overwhelming. You're fantastic at breaking down these complicated topics and presenting them in a clear + concise way. I also really appreciate the practical and actionable advice that is never mentioned on the countless articles I've read or other YT channels I've watched. I just found your channel a couple weeks ago and have already learned so much. Thank you!

[xXCozyJxX]

Question: What's the concept behind the <= 80% AMI ? are they looking to exclude higher earners from certain benefits because they feel they don't need it ?

[plv]

Is this available to purchase a manufactured home?

[Cozell]

Can we buy land and put a prefab on it?

[jcruz]

Thanks for these videos! I feel more confident knowing all these options I have when I do decide to buy my first home