The Hidden Cost Of FHA Loans

Don't get taken advantage of by an FHA loan! FHA loans are incredible for first time buyers and buyers with credit challenges, but no one wants to feel like their home has now become a financial prison due to high costs of mortgage insurance. In this video, I'll share the top 3 things you need to consider about FHA loans so you can feel freedom in your home purchase knowing that you made the right choice.

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AFFILIATES:

0:00 The Hidden Cost Of FHA Loans
0:37 UFMIP
2:27 Monthly MIP
5:04 Bridge Strategy

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Kyle Seagraves
NMLS# 1701021
Motto Mortgage Alliance
8900 N. Dixie Dr.
Dayton, OH 45414
Equal Housing Opportunity

[dannygrat]

I'm literally in this exact situation right now. Your advice is what keeps me strong in this incredibly stressful time. The knowledge I take from you will only help me to not be taken advantage of. Thank you for what you do.

[dval]

We qualify for conventional but our lender prefers FHA. Is their a good reason why she wants us to use FHA rather than conventional?

[blessedk]

Excellent video. Any chance you can review the pros and cons of NACA loans.

[tanjeebrown]

If you have to get a FHA only use it to get the house and please please REFI to a conventional loan or apply at Navy Federal ask for Home choice they don’t do MIP

[LongtowerNyc]

Just closed on a Fha 203k loan. The process was pure hell! But I was prepared. Looking to refi out after 6 months and hopefully the renovations are done by then.

[anishanicole]

When you refinance into a conventional don't your loan terms start over? For example if I had 27 years left once I refinance that 30 years will start over right?

[taraashley]

Kyle's thumbnail game >>>>

[juanyspalinczar]

Thanks for this information! Very helpful 😁

[ssneed]

My husband and I both have credit scores over 680. We have a higher DTI ratio, which is why we had to go with FHA, but can pay most of it down in the next 6 months while the house is being built. How soon do you think we can try and refinance to a conventional loan?

[Charieldeleon]

Great content as always definitely the channel to go for very good information definitely been recommending your videos to all my friends who are in the market for a home. Proud homeowner thanks for the information.

[Antonio]

I came across this video scrolling on YouTube and I'm glad that I did. What do you recommend for someone like me who has student loans and is trying to apply for a FHA loan? Please advise.
Btw, you have a new subscriber.

[sarahcorona]

I'm having a hard time to decide which lender to go with. I have 2 different lenders that are pre approving me for different prices. One is pre approving me for $5k more than the other one but the other lender that's pre approving me for $5k less has a stronger, get things done character and responds way quicker than the other one. How do I know which one to choose?

[sarreaa]

I would like to know how to buy a house with cash what's the steps?

[kaiderey]

Would it make sense to refinance an FHA mortgage if I got HUD downpayment assistance (which has to be paid back on refi or sell) and I'm going to be paying off the mortgage early anyway? With the closing costs, it seems like it would be a wash either way.

[millennialmoneyprogress]

Great video Kyle. I’m considering an FHA loan for an off market duplex, purchasing from a parent. We’d be purchasing close to market value and hope to refit to conventional in a few years. We don’t have enough for the 15% down needed for conventional or we’d go that route.

[Charieldeleon]

Kyle my bad I went back and edited the comment, on another note as a fellow postal worker when I was looking to buy a house I was looking for videos on how to use your tsp which is your thrift savings I looked up YouTube nobody had anything on that it would be really helpful for us postal workers and federal employees who can use that option unfortunately i could not find that information anywhere

[chavonc]

I am currently in Illinois but want to purchase a home in Maryland. I am getting job offers in MD for substantially higher salary that I am making now. Which of course will allow me to afford more for a home. If I take the job will it affect my chances of being approved for a loan ?

[laurasmith]

How about Manufactured Housing? in this crazy banking time..We have higher credit scores and land and some cash for a down payment.. but lenders are pushing FHA on Manufactured housing, , and I think we would be better off with Conventional... and also how about refinancing Manufactured houses.. a bit nervous as only some lenders refinance ..
Thanks, ,

[thomatadoe]

I truly appreciate your channel, Kyle. Could you please touch on the conventional loan and how that would look if looking into owner occupied residential multi family (2-4) unit?

[lakendracollier]

I wasn't aware of the mip being recalculated each year 😳 but did know about the hidden costs compared to the conventional loan when I was going through my pre-approval process. Can you go over (or point me to one of your previous videos) that explains the APR, I wasn't aware of that until recently signing papers to go under contract with a new build home. Surely don't want other first time homeowners to be surprised by it.