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

I discuss 2023 FHA loan limits, FHA loan DTI requirements, FHA appraisal, FHA loan down payment requirements, FHA loan seller concessions, house hacking with an FHA loan, FHA amendatory clause,  FHA 203k Rehab loan and a lot more   FHA rehab loan: https://youtu.be/DsHkwCCQIzc This is a show for millennial first time home buyers looking to buy their 1st home and build generational we...

Bruce’s Beach, an oceanfront property in Southern California that was taken from Black owners in the Jim Crow era and returned to their descendants last year, will be sold back to Los Angeles County for nearly $20 million, county officials said Tuesday.  Gift of equity video: https://www.youtube.com/watch?v=q6lWdaTk8H8 This is a show for millennial first time home buyers looking to buy their...

These are actionable steps you can take to buy your first home. The steps in this episode are 1) listen to the episode to find out 2) determining your home ownership goals & property types 3) determine the price range you want to buy in 4) determining your home ownership budget 5) figure out how much money you need to buy a home 6) the mental aspect of buying a home 7) questions to ask a lende...

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...

Fannie Mae, one of the largest buyers of mortgages in the US, recently made updates to its automated underwriting system to make getting a mortgage more accessible to borrowers who don't have a credit score. I break down how this impacts the "credit invisible" community obtain a conventional loan easier.   https://www.businessinsider.com/personal-finance/fannie-mae-expands-mortgage-access-bor...

In 11 major U.S. metros rent declined, with the largest drops in Milwaukee, Minneapolis and Baltimore. The median U.S. asking rent in October rose 7.8% year over year to $1,983, the smallest annual increase since August 2021. October marked the second-straight month of single-digit rent growth following roughly a year of double-digit gains. It was also the fifth-consecutive month in which annual r...

My quick thoughts on Federal Reserve raised interest rates 5.% on Wednesday, a smaller increase than in recent months and an acknowledgment that inflation is finally easing. The increase marks a shift for the Fed after an unprecedented year that includes seven-straight rate hikes as part of an aggressive campaign to try and bring down the highest inflation since the early 1980s. This is how this r...

The 11 2023 housing market predictions from 2023 from Redfins article "Housing Market Predictions 2023: A Post-Pandemic Sales Slump Will Push Home Prices Down For the First Time in a Decade."   1.Home sales will fall to their lowest level since 2011 2.Where interest rates will go 3.Home prices prices will depreciate the largest in 10 yrs and foreclosures... 4.These markets will be fine 5...

An assumable mortgage allows the buyer to purchase a home by taking over the seller's mortgage loan. One reason buyers decide to buy a home with an assumable mortgage is to take advantage of financing with a lower interest rate if rates have risen since the seller originally purchased the home. Not all mortgage are assumable however... This is a show for millennial first time home buyers looking t...

The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2023. In most of the United States, the 2023 CLL value for one-unit properties will be $726,200, an increase of $79,000 from $647,200 in 2022.​ They are higher in high cost of living areas such as New York or Los Angeles....

Peak-to-trough, Morgan Stanley expects U.S. home prices to fall 10% by 2024. However, the firm also says a 20% crash is possible. The 10% decline is up from their 7% depreciation prediction earlier in the year. They base this on looking at the Case-Shiller National Home Price Index.  This is a show for millennial first time home buyers looking to buy their 1st home and build generational weal...

JPMorgan Chase is partnering with Haven Realty Capital buying and developer $1 Billion  in rental properties.  Their goal is to buy and build “entire communities of new homes,” They are starting with 2,500 homes in three neighborhoods in Atlanta in the next 3 months.  The goal is to turn American into a nation of renters. They are partnering with builder to buy homes at a discount.&...

Today we answer a listener's question about how to deal with a debt collector that is attempting to collect her son's debt from her.    DIY debt repair class- https://youtu.be/-BvQpQyMAPY 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....

Wells Fargo's home loan origination volume is down 90%. I used to be a lender with Wells Fargo so I can add some perspective to this headline. The time frame for this period  is very important, so is the type of volume (purchase v refi).  There are a lot of sensational headlines concerning the housing market and in this series I'll add some perspective on what's clickbait and what's real...

In this episode I breakdown my Experian boost does not help you when it comes to improving your credit to buy a home or car. Experian boost main purpose it to get access to you banking account. Per their website " improve your credit scores and build credit history using utility, telecom, rent and streaming service bills you pay every month. Experian Boost works by connecting to your bank and cred...

The seller is responsible for paying the buyer's agent and the seller's agents commission in almost every scenario you can think of. In this week's listener mail I dive in to what to do if this number is less than normal. I also cover what the real estate agents fiduciary responsibility is per the National Association of Realtors.   This is a show for millennial first time home buyers lo...

A 2:1 interest rate buy down can be used to combat interest rates in this high interest rate market. This is video i will share the pros and cons as well as add some context to where rate have been historical so you can better understand what a "good" rate is.   This is a show for millennial first time home buyers looking to buy their 1st home and build generational wealth through real estate...

The Federal Reserve, raised its short-term borrowing rate by 0.75 percentage point to a target range of 3.75%-4%, the highest level since January 2008. The has an impact on mortgage rates and designed to slow appreciation on home prices combat inflation.  This is a show for millennial first time home buyers looking to buy their 1st home and build generational wealth through real estate. Real...

Mortgage rates are high, right. But high in relation to what.  The "good" things about high interest rates in there is less competition. This ironically is what you wan to wait until 2024 or whenever to buy a house right. In today's episode im going to go over the steps that I would take to get the best rate and deal if I was going to buy a home in this housing market. This is the link to the...

The Fair Debt Collection Practices Act (FDCPA) (15 USC 1692 et seq.) was designed to eliminate abusive, deceptive, and unfair debt collection practices. It also protects reputable debt collectors from unfair competition and encourages consistent state action to protect consumers from abuses in debt collection. These are 10 violations debt collectors made that may earn you $1000. This is a show for...

Generational wealth is a huge buzz word, but folks rarely talk about the generational actions that needs to accompany them. In this episode i talk about the trip i took to Colorado Springs where my wife and i stayed in a $1M airbnb which i later discovered was a detached triplex.   This is a show for millennial first time home buyers looking to buy their 1st home and build generational w...

As a first time home buyer when touring homes and walking through a home you should be aware of issue seller may try to hide of may even just be completely unaware of.  These are items your realtor should be aware of but may not be. 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 buil...

In this episode I analyze Fannie Mae's October housing forecast.  I cover what they think will happen through the year 2023 when it comes to rates, home appreciation (and depreciation), and home sales. I also use quotes from Fannie Mae Chief Economist Doug Duncan Listen on the go on all podcast platform https://www.houserichshow.com First Time Home Buyer School- https://www.facebook.com/group...

I had my mortgage, home loan declined by my own company as a lender. Here 5 lessons i learned when it comes to income checks, credit check, time lines and what to do after the facts. 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. Listen on the...

In this week's episode i talk about the best time of the year to purchase a home. In my ipinion its not the summer time it is (      ) due to all the reasons you probably dont want to buy a home then. These are when you can get the best deals from seller not matter the market and get home builder discounts, This is a show for millennial first time home buyers looking to bu...