2023 FHA Loan Requirements For First Time Buyers - Loan Highlights
Вставка
- Опубліковано 17 чер 2024
- Looking at buying a home and curious about an FHA loan? I’ll cover all the highlights you need to know about FHA loans in 2023.
► ► Get Pre-Approved With My Team → www.winthehouseyoulove.com/le...
► ► Get An Agent Referral → www.winthehouseyoulove.com/agent
TOP RESOURCES
📉 Today’s Rates → www.winthehouseyoulove.com/rates
🏡 Max Purchase Price Calculator → www.winthehouseyoulove.com/ma...
📊 Loan Comparison Calculator → www.winthehouseyoulove.com/ad...
📅 Complete Buying Timeline → www.winthehouseyoulove.com/ti...
🎓 Lower Student Loan Payments → www.winthehouseyoulove.com/st...
💳 Credit Score Simulator → www.winthehouseyoulove.com/cr...
0:00 2023 FHA Loan Requirements For First Time Buyers - Loan Highlights
0:20 FHA Highlights
1:54 Quick Pros/ Cons
3:29 Big Changes
3:50 Down Payment
4:40 Down Payment Assistance
5:31 Closing Cost
6:09 Seller Credits
7:51 Credit Score
9:37 Big Lender Problem & Overlays
10:31 Credit Events
11:02 FHA Rates
12:01 Mortgage Insurance
13:37 Property Requirements
14:20 House Hacking
15:04 Property Condition
15:32 Loan Limits
15:55 Income & Affordability
17:24 Front-end and Back-end/ Max Purchase Price
18:50 FHA vs. Other Loans
19:37 Student Loans/ CAIVRS
20:22 Rehab Options
20:52 Success Rate & Seller Perception
21:33 How to get one an FHA Loan
- DISCLAIMER -
Kyle Andrew Seagraves is Federal Mortgage Loan Originator (NMLS 1701021) licensed in all 50 states with the Dan Frio Team at Allied First Bank (NMLS 203463), an Equal Housing Lender. Separately, Kyle owns Win The House You Love LLC, an education company. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This video is only for educational usage. All calculations should be verified independently. This video is not an offer to lend and should not be used directly to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. Allied First Bank is not affiliated with the VA, FHA, or any other government agency. This video has not been approved by any government agency.
I love how informative your vids are and you aren't gaslighting us
Thanks for watching. :)
I already purchased a home 2 years ago but I still listen to your videos because I like to be updated. Plus I tell everyone to watch your videos if they’re looking to purchase. Thanks for all the information!
You are the Bob Ross of mortgage financing! Informative and relaxing on stressful topics! Thank you!!!❤❤❤
Wow, thank you!
Hey Kyle we’re closing on our home next week, with your help we couldn’t have done it, it was so intimidating and I honestly thought about backing out more than a handful of times. But thank you for sharing your knowledge in these videos. It’s really helped us a lot ! Thank you Kyle
Hi Kyle. Do you have any videos explaining loan assumptions? I did search your channel but only a couple Q&A videos came up. Thanks!
Very thorough/professional. Greatly appreciated information 🙏
Thank you so much for watching! :)
I watch your videos while I work from home everyday and I believe you’re the reason I get so much work done lol. Your voice is therapeutic and your information is very viable!!
Thanks for supporting my channel. Appreciate it. :)
You’re thorough with your video. I also like that you talk slow, easy to understand. New subscriber here!
Thanks so much for your support! I'm glad you found the video helpful and easy to follow. If you're thinking about pre-qualifying for a mortgage, feel free to visit www.winthehouseyoulove.com/lender or email me directly at kyle@winthehouseyoulove.com.
@@WinTheHouseYouLove Will keep these in mind. Thank you.
Your one of the best, thank you for helping us
Happy to help. Thanks for watching. :)
Always very informative
Much appreciated. Thanks for watching. :)
Thank you 👊🏽
My pleasure! 🙌
Can you do a detailed video on Sales and commission income? Great video , can’t wait for conventional video. My biggest concern with our situation is the job length at a new high earning sales job. Hourly rate is the only thing the lenders may approve me for. Less than 40K.
My credit is 640 & 680 I did apply for the first time home buyer FHA townhouse the price is $150,000 they tell me yes you qualify am like nice thank you this is the downside they tell me you need $15,000 in you bank for this deal to take effect am like WTF yes $10,000 downpayment & $5,000 closing cost iwas like WTF REALLY what happen to the %1 are %2
Really enjoy watching your videos man! Any chance you could do a video on buying post bankruptcy, waiting periods and how lenders look at these applications and how to improve approval odds?
Hi! I'll add this to my to-do list. Thanks for watching. :)
Love this video very helpful 👏 because FHA loan is what I want to do.. very interesting, one question do you lend fha to for fixer upper house are foreclosure homes? Thank you
You can use FHA "203k" loans to purchase and rehab a fixer upper. If the house is in rough shape, it won't pass a regular FHA appraisal
Are flight attendants considered as first responders? My wife is a FA and she get frequently have to go thru training to put fires off and provide first aid and CPR along with other medical equipments. Thanks
Thank you Kyle! I wonder if you could do the same scenario with a conventional loan
Yes! Coming up! :)
Does the loss of income due to covid-19 Mortgagee Letter still apply to FHA and Conventional? Thank you for all the informative bideos!
Great video! If I work 2 full-time jobs, 1 for 2yrs and the other for 3 months am I able to use both incomes to qualify or just the 1 job?
Can this be done if you have charge offs I heard they don’t look at charge offs?
If they're more than 2 years old, FHA doesn't care. But you can still qualify with charge offs, it just depends on the situation.
This is awesome. Can you do a 2023 VA Loan video?
Sure!
Hey! I ve been watching your videos for more than a month because I want to buy my first house and I have a question. I just applied for a mortgage loan, lender asked me for my bank statement and I have way more than the 3.5% of the house price I want, but I dont want to use it all, I just want to use the 3.5. Would that affect my FHA loan approval? Thanks!
Thanks for watching!
It won't affect your approval. More money in the account is always good. If you'd like to get a quote from us, please visit www.winthehouseyoulove.com/
You're welcome to email me as well kyle@winthehouseyoulove.com
Thanks!
Why is there about a 1% higher rate when using the Empowered DPA grant? Also, how long until it is forgiven?
DPA programs are viewed as riskier. It is forgiven immediately
So Freddie Mac and Fannie Mae came out with a new guideline basically stating that the seasoning period to cash out refi out a loan will now be 12 months. Does this affect the FHA 203K loan and will it now be a 12 month waiting game to cash out refi to get rid of PMI?
It would apply if you're doing a cash-out refinance from FHA to a Conventional loan. If you're refinancing to change the rate/term or eliminate mortgage insurance, that is not considered a cash-out and there would be no waiting period.
R u sure about that community property debt ,I thought you can do a sole and sep , I keep my debts sep from my husband , bank credit card even my rental prop mortgage payment so I can buy more properties. We have a VA on one and a DSCR on another , so is it just FHA Or all GSE’s ?
If you're in a community property state FHA, VA, and USDA must include the spouse's debts. Conventional loans do not require this. DSCR likely wouldn't require this.
Sole and separate only affects title to a property. Not debts. It doesn't matter if your spouse's name is on the debt or not. In community property states you both "own" the debt through marriage.
"I am confused. How do I contact the FHA? Should I reach out to a nearby agency or directly contact the bank? Please help me."
You can't get a loan directly through FHA. You get one through a lender like us. You can start an application here: www.winthehouseyoulove.com/
Very informative!👍🏾
Thanks for posting it.
Helpful!
Is there an INCOME LEVEL for a buyer to qualify for FHA loans? If so, what is the income level?
If someone earns $100K+, can that person qualify for an FHA loan?
Would appreciate your feedback, please.
Hey Hetty Os! Glad you found the video helpful 😊
There isn't a specific income level to qualify for an FHA loan. Your eligibility will be based on your debt-to-income ratio, credit score, and ability to make a down payment. So even if you make $100K+, you can qualify for an FHA loan as long as you meet these other requirements. If you're ready to start the pre-qualification process, head on over to www.winthehouseyoulove.com/lender or feel free to shoot me an email at kyle@winthehouseyoulove.com. Good luck!👍
Do you have a 203k video?
Hi! Yes I do, here's the link: ua-cam.com/video/pZfBMNyuyLQ/v-deo.html
Can you buy a manufactured home in a park with a fha loan?
You have to own the land and the home must be permanently affixed to a foundation to qualify for FHA
I have a great credit score and good income but want to purchase a duplex and these require 15% down and in NY it’s a lot. So the only way for me is to use fha but sellers don’t really like it. It’s depressing. How can I get around the 15% down?
I just recorded a personal video reply for you: vid.us/vyc16s
@@WinTheHouseYouLove thank you! I meant conventional loan requires 15% so even with good score I have to apply for FHA because I can’t put down 150k or more for down payment . the market here in NY is really crazy. Multiple offers. So I’m worried that they won’t even take an offer with FHa as the inspection is striker. And I can’t use conventional because I can’t put down this massive down payment. 😢 catch 22. So I was asking if I could get conventional but avoid the 15% on a duplex. I’m hoping that the seller can sell something as single family even thought it’s not. 🤷♀️
We want to move to FL. We want credit, debt and income of only my husband. I don’t work and my student loan debt is high. Can we apply for an FHA Loan using only my husband info?
Yes, FL is not a community property state
Can u please cover first time buyers with bankruptcies and bad credits in one of ur episodes? Thanks a lot!!!
I'll add that in my to-do list but if you want to improve your credit, you can check out this video: ua-cam.com/video/jblwWJ89mq4/v-deo.html :)
Thank you for this video. You just convinced me not to use an FHA loan
Thanks for watching. :)
Life time PMI is just too much and unfair.
That's why you refinance out of it eventually