Are you a first time home buyer interested in buying a house using a conventional loan in the 2024 housing market? How much income do you need? How long do you need to be employed? How do lenders determine how much home you can afford? In this video, we are going to discuss the 2024 Income and Employment Requirements, answer some common questions around conventional loans while helping you understand your debt to income.

Watch this NEXT ⏩ Conventional Loan Requirements 2024    • NEW Conventional Loan Requirements 20...  

RESOURCES:

✅ Work Directly with My Team (Mortgage and Real Estate Nationwide) http://www.jebsmith.net/referral

First Time Home Buyer Course https://bit.ly/4clhsse

✅Subscribe to my local newsletter https://bit.ly/48LJJp3

The Educated Home Buyer Podcast @TheEducatedHomebuyer
Spotify https://open.spotify.com/show/3Ho4sTO...
Apple https://podcasts.apple.com/us/podcast...

Other Loan Programs you may consider:

FHA Loan Requirements 2024    • NEW FHA Loan Requirements 2024  Firs...  
VA Loan Requirements 2024    • 2024 VA Loan Benefits Explained  VA ...  
USDA Loan Requirements 2024    • NEW USDA Loan Requirements 2024  Fir...  

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 governmentbacked financing.

Loan limit for standard and high balance conforming:

1 unit $766,550/$1,149,825
2 units $981,500/$1,472,250
3 units $1,186,350/$1,779,525
4 units $1,474,400/$2,211,600

Check the loan limits in your area:
https://singlefamily.fanniemae.com/me...

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.
✅DebttoIncome Ratio less than 45%. (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 2024 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 2024 forecast and the housing market 2024 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 2024 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)
DRE 01407449
Real Broker
I N S T A G R A M ➳   / jebsmith  
T I K T O K➳ https://www.tiktok.com/mrjebsmith

#mortgage #housing #realestate