Are you a first time home buyer interested in buying a house using a conventional loan in the 2023 housing market and wondering how much you can afford? How do you calculate your debt to income based on the Conventional loan requirements for 2023? What credit scores do you need? How much down payment does Conventional Loans require? In this video, we are going to discuss how much you can afford to purchase making both 50K of income and 75K income using the latest 2023 Conventional Loan Requirements, answer some common questions around conventional and show you how to do some basic conventional loan calculations with regards to Mortgage Insurance.
✅ – Get a Referral to a Mortgage Lender or Realtor – http://www.jebsmith.net/referral
Watch this NEXT ⏩ NEW Conventional Loan Requirements 2023 – First Time Home Buyer – Conventional Loan 2023 –
• NEW Conventional …
🏠 – First Time Home Buyer Course – http://www.becominghomewise.com
🎙- The Educated Home Buyer Podcast –
Spotify – https://open.spotify.com/show/3Ho4sTO…
Apple – https://podcasts.apple.com/us/podcast…
Other Loan Programs you may consider:
FHA Loan Requirements 2023 –
• NEW FHA Loan Requ…
VA Loan Requirements 2022 –
• VA Loan Benefits …
USDA Loan Requirements 2022 –
• USDA Loan Require…
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 – $726,200/ $1,089,300
2 units -$929,850/ $1,394,775
3 units – $1,123,900/ $1,685,850
4 units – $1,396,800/ $2,095,200
Check the loan limits in your area:
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 43%. (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 2023 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 2023 forecast and the housing market 2023 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 2023 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)
Coldwell Banker Realty
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