Did You Know that You Can Qualify for a USDA Loan Texas?
Today we’re gonna talk about FHA and USDA Loan in Texas for the year, 2019 and Here’s What You Need To Know.
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FHA loans & USDA Loans in 2019 what you need to know.
Buying a house with an FHA loan or refinancing to FHA loan could be very very advantageous.
There’s a lot of good points to the FHA loan and I’ll go over just a few of them.
First and foremost, it only requires three and a half percent down payment I know I saw a study almost 3/4 of people think you need 20% down.
But for an FHA loan you only need three and a half percent down.
The FHA loan is a very good loan because I came about, you know, in the ’30s after the crash of ’29, and back in those days people had to put down at least 50% of the property have a balloon payment so it really cornered off how many people can actually buy a house so this allowed more buyers to buy more real estate that’s why we kinda have the robust market we have today.
So again 3.
5% down lower FICO scores you can go as low as 500 FICO some lenders will go down that low from 500 to 579 is 10%down whereas a 580 or above the only 3.
Also since it is FHA is insured, you know since you paid a funding fee and mortgage insurance you know that’s one thing you pay for it allows for very low interest rates so compared to conventional vs FHA your interest rate will be lower because the the risk to the lender is insured with FHA mortgage insurance.
Also FHA loans will allow a higher debt to income limit so I’ve had some FHA loans go as high as 56% so uh you know usually at 43 45 was that was the cut off what a lot of lenders will have an overlay for that.
We go all the way for as long as we can get approval.
So I’ve had a lot of FHA loans that are you know over 50%that would have never gotten approved anywhere else but our company so that’s one thing.
Some of the drawbacks about FHA loans, they do require, you know, there’s some property requirements, you know , they you know, and they’re not as big as as you would think.
They just require have it be livable like you can have have any wood rod or anything of that nature of their owner-occupied only so you do not for fixer-uppers so but there is an FHA program for fixer-uppers called the 203K.
You know we’ll go over that in a different different conversation so but for a normal FHA loan you have a new good property requirements it’s good for you as the buyer because you can have a lower FICO lower down payment things like that.
FHA loans allow for all gift funds I’ve had some FHA loans where my client got a grant from the city and they paid like a hundred dollars they’re actually paid nothing at closing because we funded the appraisal and they paid nothing.
So you know FHA loans allow some some very creative financing options if you want to learn about your FHA loan scenarios you know give me a call or go to usdaloaninfotexas.com
Put in your info and I’ll get back in contact with you and as always you want to learn more about mortgages at the home buying process.
- One of the things we wantedto talk to you, Gary, about was - we focus on bringing value to the agents and doingdirect to consumer.
So, we're doing two different models-- - Of course.
- So one of the thingsthat we are going in on is: a third of the buyers are now millennials.
- In our markets, andof those millennials, all the things we learnedover the past 10 years on marketing actually arepushing these people away.
Right, so we're toldto, when a lead comes in call them x number of times over this period of days and blast them-- - There's not a single personthat wants that phone call.
- No, nobody answers the phone.
So, they actually will fill out an inquiry on a lead page or something and they'll say they're interested but when we call them, theydon't answer the phone.
- What about texting them? - So that's what we've been doing.
I've noticed a littletip: like emails weren't getting opened in personal email boxes.
Work emails are getting opened, but personal inbox has become a wasteland.
- That's right.
- So I've been texting video clips through the service called BombBomb, and then also justsending quick texts asking when they would like totalk, and it's working-- - Imagine talking to people the way they want to be talked to.
- So like, is that what you believe.
what are your thoughts on text? - I'm ALL IN on text.
- I'm very bullish on text,it's why I have first in line.
And I believe in it the most.
Notice how I said, "what about text?" Text.
- So you think in terms ofbuilding a subscription model.
- If you added what your Instagram handle in your lead gen form andsaid in little parentheses "we will follow you on there" and DM you if we're unable to get to you by phone-- - [Neel] Yeah.
- You'll get everybody.
- [Neel] Yeah, and then-- - What you should reallydo on your lead gen form is how would you like usto communicate with you? E-mail, phone, InstagramDM, come to your house, smoke signals, write you a letter? You get a lead gen andthen you've decided through tried and true practicesfrom the 19-fucking-70's this is the industry now to communicate with them butthey don't want to communicate.
If someone called me I would be upset.
I'm upset when people call me.
- [Neel] 'Cause youdon't want a bandwidth-- - Because there's technology.
It's called text me and I'llget back to you when I can.
Not you call me on my time.
We value time.
You should make the leadgens predicated on not just, you should absolutely askthem upfront aggressively how would they like to be talked to.
If you say, we acknowledgemany people now communicate in different forms, how would youlike to be communicated to, one two, pull down, e-mail and Instagram, call and handshake, letter and telegram.
- [Neel] Makes sense.
- It will work.
- [Arjun] And with millennials that's-- - And there's old schoolmillennials that want a phone call.
And there's a 73 year oldgrandma who's hip as fuck.
(Arjun laughs) - Yeah.
- Individuality to how they want it, not just millennials do this, got it? And you have that ability.
That's how the form should be set up.
- So you actually built aservice of--and then for texting is that something they have to opt in for? - Yeah.
- Big time, like, you get theirthing then they gotta opt in and confirm because it'sa very sacred ground.
- It's not a spamming place.
- No, it is not.
Okay, and isthere anything else that you can give us as far asmarketing to this demographic which is becoming a biggerportion of our buyers? - Look, I mean, they'recynical to marketing.
They don't want the fucking-- - [Neel] They don't wanna be sold.
- They don't want thehotshot, I got a Lamborghini and a suit and I'm your real estate guy.
They want authenticity, theywant contextual creative where they live, you know? They want information, they want value, but they're like any other human.
They either wanna beentertained or informed.
Right? - [Neel] Yup.
- [Arjun] Makes sense.
- It's basic, but the problem is you can't run an infomercial anymore.
They don't carethat--there's no 27 year old that thinks it's cool thatyour face is on a bench.
(Gary laughs) - I mean literally when I seea real estate agent's face on a bench I'm like thatperson is definitely dead.
- [Neel] We'll go on thefreeway and see a billboard where somebody just put up their face and I'm like that's for you,it's not for anybody else.
- 100%, and that's fine too.
- Yeah, that's cool.
- Like, Mazel Tov, enjoy, Iput my face on a billboard back in the day, it's fun, I get it.
The part where they reallylose, believe it or not I'm a little bit funny with outdoor media.
The same billboard cansell for $20,000 and 2,000.
So my opinion changes on that.
- [Neel] So there's a price but it's just not what they're asking.
- Correct, so billboardssell in a funny way.
You'll sign a six month contract and they couldn't sell it to someone else so now the month is there,now they're scattered, they don't want an emptyboard so you can buy it for 2,000 just for the month.
So I like that billboard, here's where I getscrewed up: the content.
So now you've got thebillboard at the right price.
I'll take it.
Yeah, every passenger islooking at their phone, Yes, I don't think billboardsare as good as they were 30 years ago, but you giveme a $20,000 board for 2,000, right, everything's got a price.
- [Neel] Yeah.
- That's how I think aboutmedia, but then creative.
The problem with most real estate agents when they get a billboard is they take their most stock image in a good suit.
Nobody wants to talk to you, Barry.
- [Neel] Yeah.
- [Arjun] Yeah.
- 1-800-Barry will helpyou is fucking 1987.
Why don't you put a billboard that says every other real estate agent sucks? And wear that awesome shirtthat you're wearing now and that will convert way better.
Even though some peoplehate that you said "sucks".
I know what every single banking and lawyer outdoor billboard looks like.
It is a person in a suitwith a tacky phone number.
Can't break through.
You've never seen it becauseyou're so used to it.
- Yeah, it's vanilla.
- Yeah, it's the same thing-- - You get somebody with a Faze Clan hoodie saying "I'm a lawyer andevery other lawyer sucks" and put a phone number they'regonna cream up 22 to 30.
- [Neel] Yup.
- 25 to 35.
Right? - [Neel] Yeah, that makes sense.
- [Arjun] Real estate and mortgage, both these industries moving forward with everything that'shappening in technology and how they're having to adjust to pivot which one feels the impact more? - Both because they're so inherently tied together, you know, both.
- The middle gets eliminated on both.
- Yeah, tech will eliminateeverything in the middle.
Glass doors, people will tell you those sunglasses got eliminated.
- [Neel] I bought these from Warby Parker.
- Correct, you used to goto fucking Sunglass Hut.
- [Neel] Lenscrafters or something.
- That's exactly right.
Got it? The internet wins, welose, now figure it out.
- If you're in the middle you're finished.
I really believe that.
Nowthe question becomes, when? I'm right about that.
- [Neel] Mhm.
- But if I said this in 1994and you owned a bookstore you'd be like, you got called out first.
Bezos came along.
If you were a taxi cab driverand you watched this video for some reason because it hityour fucking Instagram feed and you're like, I run an Internet taxi in 2009 you're laughing at me,that kid doesn't know shit.
And then Uber put you out of business.
- [Neel] Yup.
- The internet will puteverybody out of business if you don't build something defensible.
The only thing that'sdefensible is the best product, the best, and this is thescary thing for people because now they hearthat and they're like, well I'm the best, no you're not.
The best product that's differentiated.
You're just a real estate agent.
There's plenty of people thathave done it for 27 years too.
Or they could be LeBron and Kobe.
I have a funny feeling if I decided to be a real estate agent next year even with my lack of experience that I'd be really good at it.
(Gary laughs) - [Neel] Is that why you got Liz into it? - No, my sister got into it because she always wanted to doit, I mean, I pushed her to make the jump and supported her as she navigated inevitably what a lot of stay-at-home moms navigate which is, you know, you feel a level ofguilt that you wanna do it.
She grew up in an Eastern--Iknow what household she grew up in, onethat's very traditional, Eastern European, momstays home, you know? - [Neel] Yeah.
- So she had to go through her own shit.
The part that I pushed Liz onis her content on Instagram is "I suck, I haven't sold shit.
" - [Neel] But it's real.
- That's gonna lead to allour business, you know? - Yeah, it makes sense.
- It just seems like justbeing at this conference there's a disproportionate amount of people in a higher age bracket.
People are in realestate and mortgage for, we have no young people in our office, it's all older people thathave been doing it for a while.
And I think they get stuck on-- - Well, everybody's introuble with young right now because everybody young thinksthey're Mark Zuckerberg.
[Arjun Laughs] - [Neel] You can't hire anybody young.
- You can't hire anybody young 'cause they're all starting companies.
We need the economy to collapse.
Then you'll get young.
- [Neel] Yeah.
- When everybody realizes theirdirect to consumer kombucha is not going anywhere,they're going to get a job.
- [Neel] Yeah.
- [Arjun] Punched in the fucking mouth.
- Punched in the fucking mouth.
- [Neel] But theseguys, for a lot of them, everybody is kind of plagued by the shoulda, woulda, coulda's'cause they're in the older part of their life and it keeps them back from future opportunities a lot of times-- - Of course.
- But I saw a piece ofcontent of yours a while back, I don't know, mixed insomewhere that said, you were talking again about how you could have invested in Uber-- - Yes.
- But you don't get yourself hung up on it because you could have doneit and then got hit by a bus.
- I'm glad you--did youlike that piece of content? Super interesting, right? - It just hit me 'cause I'm like, all the mistakes I madebefore, it let you to where-- - It got you to where you are now.
- This is the reason whyyou're at where you're at.
And use that as your fuel to go forward.
- Yeah, and by the way, Icould have been way better.
I mean, I'm prettysmart, that 400 million, it could be great, it could be great.
But it didn't happen.
Until somebody shows me a time machine my ability to look back anddwell is going to be zero.
- Yeah, makes sense.
Let me thank you for doing this too, man.
We got a ton of wine onthe way, I think, so-- - Yeah, what are you gonna do? - He's a big wine guy, I'm not.
- This is why I'm so excited about the barter I did with wine.
- It's a win-win.
- Yeah, but it was always a win-win.
I always loved when I didbarters for books, sneakers, any time I'm sellingsomething I want to barter because I want it todo well and I know that access to me is very valuable'cause you can't get it.
So I always knew I hada market and obviously as I've gotten biggerthe market gets bigger.
I mean, some of theshit I did for Crush It, like buy five books and I'llbe your best friend for a year, I didn't have the same leverage.
So anyway with books what Iwatched a lot of people do was they would buy a thousand books and put it in a warehouse.
Because they just wanted my time.
Maybe they gave away a couple but I don't blame them, they're busy.
If you can buy 1000 booksyou're probably busy, you know? So they're like, thebest use of their time was to put them in the corner.
Wine's going to be different.
Wine, people are gonna do shit with.
'Cause it has a natural currency in our society that's better than a book.
- [Neel] 'Cause clients love it.
- [Neel] Agents love it.
- And then for me, it wasalways--once I ran the math, buy 4,000 sneakers was worthwhatever I was doing for you.
Buy four sneakers was worthwhatever you just bought, I decided was worth it based on how much pressure I felt to sell it.
What's interesting aboutthat, though, is I'm like, hm, this actually mightreally work for me.
Because I did the trade that was worth it but the backend has more of a residual.
You're going to give it to clients.
They're gonna fucking love it.
They can't get itanywhere else besides me.
It's a direct to consumer brand.
- [Neel] Could be in retail.
- So they're gonna go tothe website and order it.
It's just gonna travel better than books.
- [Neel] It works better, yeah.
- Easier to enjoy right away.
- And I'll tell you, andI'm very proud of this, it's a $40 wine for 20 bucks.
- That's fantastic.
- So my hope is that peoplewill be able to taste it.
It's a big Delta.
- That's awesome, man.