Episode 41: Listen Up Home Buyers – Home Loan Options with Dave Nichols

Mar 18, 2023Listen Up Home Buyers

Episode Summary

Loan originator, Dave Nichols with NBKC Bank on first-time home buyer programs, down payment assistant options, and educating home buyers.

Episode Notes

Dave Nichols a loan originator with NBKC Bank licensed in 50 states & the District talks with host, Victoria Ray Henderson.

NMLS #409631 NMLS #662630

First-time home buyer programs

Down payment assistance options

:57 focus of the podcast is educating home buyers

1:08 what is the lowest down payment option?

1:54 What is a Fannie Mae 3% option?

2:58 How important is a credit score?

3:19 620 credit score may not qualify for a 3% down payment

4:11 What is the debt-to-income ratio and why does it matter?

5:04 what is private mortgage insurance?

5:47 FHA program is more expensive than conventional financing

7:00 when you apply for a loan, the lender examines how much of a risk you are as a buyer

7:48 720 credit score? A lender may compare FHA and conventional financing to see what works best for the home buyer

8:22 What are points? A point is 1% of the loan amount.

Should I buy down the interest rate by paying points?

8:54 What is par?

9:50 Full explanation of buying down points

10:31 What factors into the ability to pay down points?

12:31 First step is understanding what goes into your monthly mortgage payment

14:00 can refinance in a year or so be an option?

15:120 Fannie Mae and Freddie Mac are making changes to the way they guide lenders regarding loan-level pricing adjustments


Victoria Ray Henderson
Dave Nichols

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