The 1st Time Homebuyer Show w/ Gizmo by House Rich

We cover the amount you have to finance through a mortgage loan and the long-term commitment you’re making to real estate can be overwhelming. Completing a mortgage payoff early could save you a bundle of money, not to mention years of not having a big payment hanging over your head each month, according to Dave Ramsey, financial guru, author and host of “The Dave Ramsey Show.” -Extra payments on...

The docs most mortgage lenders will require when buying a home are details in this episode. I also cover scenarios where mortgage lenders may require more or less documentation. This is a show for millennial first time home buyers looking to buy their 1st home and build generational wealth through real estate. Real estate is a way to build black wealth and close the wealth gap.   🏠🏡🔑🗝️🏠🏡🔑🗝️...

Nine out of 10 homeowners who bought a home in the last three years say they were unprepared for the extra costs of maintaining and financing their property, according to a new survey of 1,000 U.S. homeowners by Real Estate Witch, a real estate education platform. https://www.cnbc.com/2023/03/17/90-percent-of-homeowners-underestimated-costs.html   🤠I'm a Realtor in Dallas, TX. If you're l...

The United States is not building enough homes to account for the number of people setting up their own households. As a result, there is a sizable shortage of new homes after more than a decade of under-building relative to population growth, according to a new analysis from Realtor.com released Wednesday. The gap between single-family home constructions and household formations grew to 6.5 milli...

I breakdown the Silicon Valley Bank Collapse so that the average person can understand it. I also talk about how it could cause the Federal Reserve to lower interest rates and impact the housing market. I also talk about my experience working at a tech firm and not getting paid. Regulators shuttered SVB Friday and seized its deposits in the largest U.S. banking failure since the 2008 financial cri...

If you've thought about fixing your credit or paying someone to do so stat here. We cover -Where to get your credit report and how to determining your mortgage specific credit score -Why you need a budget when fixing your credit -Categorizing derogatory even in your credit report -Does freezing bureaus help with credit repair -High lever overview of disputing items on your credit report -How to ta...

In this episode we discuss the "gridlock" between homebuyer and seller in the housing market due to todays high mortgage rates. We discuss why this benefits new home builders, how the rates impact the average home owner and what's next for the housing market. This is a show for millennial first time home buyers looking to buy their 1st home and build generational wealth through real estate. Real e...

In this episode I breakdown what lead to corporations jumping to the residential housing market, the 5 biggest corporate purchasers of residential homes, where corporations are buying the most residential homes and the cities where rental prices have gone the most. The single-family rental industry got its start with government backing in the fallout after the 2008 financial crisis. “It was that r...

Renowned minister and author Bishop T.D. Jakes wants to help close that gap. He launched a new initiative pooling together his wealth and resources to make the dream of homeownership a reality for more of us. In this episode i discuss the African American home ownership which hasn't changes much since 1968, the community TD Jakes is building next to Tyler Perry Studios, the community mix and job a...

The Biden-Harris Administration announced an action that will save homebuyers and homeowners with new FHA-insured mortgages an average of $800 per year, lowering housing costs for an estimated 850,000 homebuyers and homeowners in 2023. I'm going to breakdown the math behind this move and if it should result in you actually changing your decision to buy a home in 2023. Vice President Harris and Dep...

I cover 7 FHA facts most realtors and lenders don't know. Some of the items we cover are -The real FHA loan down payment -How to have multiple FHA loans -The amendatory clause -FHA self sufficiency test -The special DTI requirements for community property states -The appraisal timeline requirements This is a show for millennial first time home buyers looking to buy their 1st home and build generat...

A DSCR loan is underwritten based on property-level cash flow, rather than personal income. DSCR or Debt-Service Coverage ratio is a tool to help lenders understand a borrower's ability to pay back a loan based on the monthly rental income of the property. DSCR is a simplified way to measure cash flow and is calculated by dividing the monthly rent by the monthly principal and interest payments, ta...

I review Rachel Cruze of Dave Ramsey's Solutions Tips for First-Time Home Buyers. She covers items such as: *Being debt free before buying a home (shocker right) *Affordability v what you can qualify for when buying a home *The best loan types for 1st time homebuyers (I disagree whole heartedly with this) *Budgeting for down payment on a home (she makes a common mistake most make) *Talking to a le...

In this episode I discuss how to get 12 units in 12 months by house hacking using the FHA underwriting guidelines in your favor. I also discuss the FHA self-sufficiency test and what an underwriter looks for when determining if a multi-family home can be your primary residence. This is a show for millennial first time home buyers looking to buy their 1st home and build generational wealth through...

We discuss what 1st time and multiple home buyers thought about their decision to buy a home in 2020 and 2021 during what some are calling the housing bubble. We cover topics such as.. * How did the housing market impact your home-buying experience? * What percent did you pay over asking price when buying a home? * What was the purchase price of your home? * How many offers did you make before you...

The USDA loan provides low- & moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing. The program provides a 90% loan note guarantee to approved lenders in order t...

Late update I'm covering the impact the 2.1.23 rate hike will have on the housing market, mortgage rates and where things may go from here. First Time Home Buyer School- https://www.facebook.com/groups/fthbschool Home Buying & Credit Courses-https://coinsnculture.gumroad.com/l/rHHKs TikTok https://www.tiktok.com/@coinsnculture IG- https://www.instagram.com/coinsnculture/ @coinsnculture coins-n...

These are 6 mistakes I've been 1st time homebuyers make in a 7 yrs in the mortgage industry. The mistakes that didn't make the list were: think you can rehab a property yourself, thinking you can time the housing market & listening to guru credit hacks/ short cuts. These are the top 6 common 1st time homebuyer mistakes. This is a show for millennial first time home buyers looking to buy their...

VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of the VA's mission to serve you, they provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.  VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a...

These are 11 cities that'll pay for your moving costs, provide down payment assistance or other incentives to  move there. Here are a few of the cities in no particular order. Check out the episode for all 11. * Paducah, Kentucky * Greater Rochester, New York * West Lafayette, Indiana (Home of Perdue University) * Tulsa, Oklahoma * Cities in Southwest Michigan * Topeka, Kansas  This is a...

The Neighborhood Assistance Corporation of America (“NACA”) is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling eve...

An FHA 203k loan lets you purchase or refinance a fixer-upper and finance the needed repairs — all with a single loan and one monthly mortgage payment.  Sometimes called a “Rehab Loan,” this type of mortgage addresses a common problem when buying a fixer-upper home. Lenders often won’t approve loans for homes in need of major repairs. But because the lender tracks and verifies repairs when us...

Belated MLK episode concerning MLK's "We're Coming To Get Our Check" speech from his Poor People’s Campaign.    This is a show for millennial first time home buyers looking to buy their 1st home and build generational wealth through real estate. Real estate is a way to build black wealth and close the wealth gap. Email: hello@houserichshow.com  First Time Home Buyer School- https://...

In this episode we cover the conventional loan down payment requirements, conventional loan credit requirements, conventional loan appraisals, conventional loan DTI, conventional loan gift requirements and a lot more tune in.    This is a show for millennial first time home buyers looking to buy their 1st home and build generational wealth through real estate. Real estate is a way to bui...

Wells Fargo, long one of the biggest players in the mortgage business, is taking a big step back. The  bank announced a significant shift on Tuesday to focus its mortgage business on serving bank customers and minority homebuyers instead of acquiring new customers...  Wells Fargo said it will also exit its correspondent business, which buys loans made by other lenders, and reduce the siz...