NEW 2023 Conventional Loan Requirements | Complete Guide For First Time Buyers

Is a Conventional loan right for you? I cover all the details about Conventional loans so you’ll know if it’s the best loan for you.

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0:00 NEW 2023 Conventional Loan Requirements | Complete Guide For First Time Buyers
0:29 Overview
1:54 Down payment
4:47 Pick a helpful team
5:57 HomeReady/ Home Possible
7:04 Closing costs
8:45 Point Stuffing
9:52 Seller Credit
12:03 Source of Funds
15:21 Credit Score Requirements
18:45 Credit Events
19:19 Rates
21:45 Buydowns
27:45 Mortgage Insurance
29:16 Property Requirements
31:21 Appraisals
34:59 New appraisal types
37:54 Appraisal tips from a pro
38:09 Ryan Lundquist
39:35 Waiver myths
43:05 Sample Home 1
45:16 Sample Home 2
47:11 Loan Limits
48:56 Income and Employment
50:17 Rent history bonus
51:18 Affordability/ DTI
55:37 Max Purchase Price Calculator
57:11 Student loans
1:00:34 Refinancing
1:03:31 Success rate and seller perception
1:05:23 Tips from Javier Vidana
1:10:02 How do you 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.

[carasomebody]

Can never go over the basics too many times. There’s always going to be something new or something that clicks in a way it didn’t before. Thank you

[prettynpetty]

I don't know why people are still confused by the 20% myth and I think Kyle explains it perfectly. 20% isn't REQUIRED but it's PREFERRED (for the buyer at least) for a variety of reasons. I don't own a home yet but if I did I'd want to shoot for 20% down. I don't HAVE to but I WANT to.

[Karina-wmuq]

First time home buyer, excellent credit. Live in the suburbs of Houston, Tx, but lender said I have to put 5% down for conventional. I didn’t think that area was considered “high”. I was looking at 400k loan or under. 🤔

[CassandraCee_]

I’m going to watch these videos every year until I win the house 📝

[emmanuelleallen]

I just watched your 2023 FHA video, and then this one. The education you have given me is incredible. My plan is to buy an "investment property" as a FTHB, particularly a 4plex. But it's strangely not possible with a conventional loan, but is possible with FHA.

[skiidzman]

Cool tip for military folks or families who have members in military present or past, Navy Federal does a conventional 5% down with no PMI, or a homebuyer's choice 0% down with no PMI. The conventional loan right now on a $350, 000 home in Texas, 7.6% interest rate, 5% down, no PMI, $3, 360 per year in insurance, $6, 960 yearly in taxes, rounds out to about $3, 200/month on a mortgage with around $14, 000 in closing costs. That same house with a 4% interest rate would be $2, 447/month :( seriously rough time to do business, but if you can hack the cost you can refinance later for $250 with Navy Federal after 6 months if rates drop.

[atxgurl]

Love this free and educational content! Thanks Kyle!!

[RyanLundquist]

Thanks so much for including me in this. Great job!!!

[richboogie]

Can you do a video on buying a home when self employed?

[PhilTheMortgageGuy]

New loan officer looking at all your videos learning a lot

[paulpereira]

Great video, I'm gonna watch alot of your videos, before I purchase my first home, i really liked the max purchase price calculator to help keep me within my budget, thanks so much!!

[Joliejenni]

Thank you for this video! Very helpful!

[veasnalee]

Learn a lot from your video! Thank you very much, Kyle.

[gilbertrod]

Hey Kyle, in the video you mentioned (21:35) if you have a higher credit score. Putting down 5% and then the 15% first payment, is there a video for that method?

[taylorhowser]

What is the pmi rate usually for a conventional loan I have only seen number for FHA

[TheRxGeek]

That’s a pretty cool credit score caveat with Fannie Mae conventional loans using the average of median scores between a coborrower and borrower.

[j.n.]

@ 17:02 How would my husband be considered as an occupant co-borrower? Will there still be a 5% down fee?

[JuanMartinez-tgvh]

Can you talk more about new construction and going with lender to get 20k for closing/interest buy down.

[Jcghilo]

Hi Kyle 12-17-23 1:43 pm Hilo Hawaii Hi good looking Kyle do you know if USDA direct loans are taking up to 6 months will it closed first and then when funding is available it will be yours I’m so confused

[Iquitedyoutube]

What if I'm planning on getting a multifamily home ? How I add the other side I can rent as income???