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