How First-Time Homebuyers Closed Recently with Rates as Low as 5% — With Sinai Sushulz

You know, I'm going to wait until the end of May. All the pollen should fall. Till June? Yeah, yeah. It's a lot of pollen over here. Well, the reason why I came to your house is because I wanted to jump into the pool. Yes, it's a shame. You'll be able to come swimming. You told me a few times that you want to meet me because you have something to offer for the first-time home buyers, a special Is it about a rate or you sometimes you have like a discount uh um money towards the down payment? Was there anything else that I missed or anything? So, I think it's more the rate now because the down payment is not good idea because you get locked in for 5 years and the rates are high now. It used to be that they used to give like like $10,000 >> $15,000 yeah. >> $15,000 uh But the rates are like 6 and 1/2% and >> versus versus I I could do so now for 5% if they do like uh a 7-year arm in certain areas here in Lakewood. 5% rate? Not just Lakewood, the whole Ocean County you could do 5% now. >> What do you mean which areas is it approved? Uh you have to give me an address cuz every address is different, but there's areas of Manchester, areas of Lakewood, some areas in Jackson which have only it's only 5%, zero points down and uh you know, I've closed a few of them already. And that's only for first-time home buyers? >> Only for first-time home buyers, yeah. >> Okay. What's the name of the area that it has to be approved? Um it's it has to be the low to moderate income area. So, every address I have to check it up to see if it's a low to moderate area. >> head, can you know which area let's Let's say Bells is a low to moderate area. >> Around the Shiva area is low to moderate area. Um certain places in Jackson like Brookwood is a low to moderate area. So, certain places, yes. Certain places, no. Toms River mainly not. Only in Manchester there is. So, Manchester is low to moderate. So, they have two programs. They What's the uh yeah, go ahead. The two programs The one program where the rate is now like 5 and 1/2% on a 30-year fixed. But the problem is that there's income limits. You you're not allowed to make more than $114,000. So, you're not going to qualify for this because together with a cosigner you have to earn more than $114,000 to get qualified these days. But on the 7-year arm that I'm giving um there's no income limits. And if you're in that area, you automatically get What do you mean 7-year arm? Explain this. >> for the first 7 years. Next time it could go up by 2% every year. But hopefully in the next 7 years rates are going to drop and you're going to refinance for a lower amount. But as of now, it's like 5%. Um a few weeks ago it was 4.8, but since the regular rates went up, this also went up. And um and yeah, if and if you and there's no income limits and you can use a cosigner and you can go up to 97% and you can have a credit score You can you can you can you can just put down a house 3%? >> 3% Up to what price make the house house ask house 1.2 >> Doesn't make a difference. Doesn't make a difference. And you could and you could go down to FICO score of 620 and still get that same 5%. So, it's it's a it's a great program for whoever lives in those areas. And other than that, people who who live in the higher upper middle upper middle areas, I have also FHA program where it's a 5-year arm, not a not a 30-year fixed. With there it's also like a 5 and 1/4 rate that I'm giving. 5 and 1/4? >> 5 and 1/4 for FHA. So, if you're putting down less than 20%, um it's very good idea to do that. >> recommend people do FHA? What's the downside of FHA? >> The only downside of FHA is that that that there's upfront PMI that gets built into the mortgage. So, it's like an extra 1.75 that gets built into the mortgage. But otherwise, No, so how can you get 5 and 1/4 if it if it if it's the FHA has special rates that that's lower rates than than the regular rates. And the model of FHA is that if rates drop, there's something called a streamline. A lot of people don't know about this where you could streamline the rate down without going through all the paperwork again. >> Oh, wow. So, a lot of people do that as well. FHA is a very famous program in America. Most people over here don't do it because they're putting down 20% or more, so they want to do conventional. But today even if you do PMI with a 5 and 1/4, it's still coming out cheaper than the regular conventional cuz let's say the regular conventional rate today is 6 and 1/2%. If you do 5 and 1/4 plus another half, it's 5.75%. So, you still have a cheaper rate than if you would do a conventional loan. Fine, Sinai. What's your phone number? Do you have WhatsApp on your phone? I have WhatsApp um and my number is 732-600- 1696. And my email address is Sinai s i n a i at goraskal.com. Yeah, and you have to show me next time you come we'll talk about investment properties. I do a lot of investment properties as well, you know, like the SCR, bank statement loans and HELOCs and second loans. A lot of people doing second loans these days. So, there's a lot to cover regarding the investment aspect also.