2023 FHA Loan Requirements For First Time Buyers - Loan Highlights

[@tabiahunt]

I love how informative your vids are and you aren't gaslighting us

[@WinTheHouseYouLove]

Thanks for watching. :)

[@silverpod]

You are the Bob Ross of mortgage financing! Informative and relaxing on stressful topics! Thank you!!!❤❤❤

[@WinTheHouseYouLove]

Wow, thank you!

[@stephanievillareal3690]

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!

[@Silverlane.]

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

[@eagleeye2427]

You’re thorough with your video. I also like that you talk slow, easy to understand. New subscriber here!

[@WinTheHouseYouLove]

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 [e-mail].

[@eagleeye2427]

@@WinTheHouseYouLove Will keep these in mind. Thank you.

[@lovesydney20]

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!!

[@WinTheHouseYouLove]

Thanks for supporting my channel. Appreciate it. :)

[@KINTOSOL007]

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

[@CHR...]

Your one of the best, thank you for helping us

[@WinTheHouseYouLove]

Happy to help. Thanks for watching. :)

[@MizzDepptified]

Very thorough/professional. Greatly appreciated information 🙏

[@WinTheHouseYouLove]

Thank you so much for watching! :)

[@2508fredy]

"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."

[@WinTheHouseYouLove]

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/

[@Broke_IF]

Always very informative

[@WinTheHouseYouLove]

Much appreciated. Thanks for watching. :)

[@jerrybuffington6473]

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!

[@user-xd8ce9ko2x]

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?

[@WinTheHouseYouLove]

Hi! I'll add this to my to-do list. Thanks for watching. :)

[@reggie8566]

Can this be done if you have charge offs I heard they don’t look at charge offs?

[@ChrisOConnellMortgage]

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.

[@renatosevillano8235]

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!

[@WinTheHouseYouLove]

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 [e-mail] Thanks!

[@Dallas8888]

Do you have a 203k video?

[@WinTheHouseYouLove]

Hi! Yes I do, here's the link: kzbin.info/www/bejne/povJc4CErtqsgrM

[@jasond3169]

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.

[@tiffanyonwudinanti]

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?

[@ChrisOConnellMortgage]

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.

[@Lovepinkdress]

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?

[@WinTheHouseYouLove]

I just recorded a personal video reply for you: vid.us/vyc16s

[@Lovepinkdress]

@@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. 🤷‍♀️

[@jerryt4053]

Thank you 👊🏽

[@WinTheHouseYouLove]

My pleasure! 🙌

[@hettyos6532]

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.

[@WinTheHouseYouLove]

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 [e-mail]. Good luck!👍

[@4laughz]

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

[@lenenriquez]

Does the loss of income due to covid-19 Mortgagee Letter still apply to FHA and Conventional? Thank you for all the informative bideos!

[@fosterframs1]

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?

[@casmitastephenson8819]

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

[@ChrisOConnellMortgage]

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

[@patol7525]

Thank you Kyle! I wonder if you could do the same scenario with a conventional loan

[@WinTheHouseYouLove]

Yes! Coming up! :)

[@scottsmovienews]

This is awesome. Can you do a 2023 VA Loan video?

[@WinTheHouseYouLove]

Sure!

[@candycane4852]

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 ?

[@WinTheHouseYouLove]

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.

[@anoirait]

Can u please cover first time buyers with bankruptcies and bad credits in one of ur episodes? Thanks a lot!!!

[@WinTheHouseYouLove]

I'll add that in my to-do list but if you want to improve your credit, you can check out this video: kzbin.info/www/bejne/oJPPqIqAbZ6gp5Y :)

[@ShabbaBabba]

Why is there about a 1% higher rate when using the Empowered DPA grant? Also, how long until it is forgiven?

[@WinTheHouseYouLove]

DPA programs are viewed as riskier. It is forgiven immediately

[@stellaharris1367]

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?

[@ChrisOConnellMortgage]

Yes, FL is not a community property state

[@ellis.m.m]

Can you buy a manufactured home in a park with a fha loan?

[@ChrisOConnellMortgage]

You have to own the land and the home must be permanently affixed to a foundation to qualify for FHA

[@foxtrap614tango8]

Life time PMI is just too much and unfair.

[@ChrisOConnellMortgage]

That's why you refinance out of it eventually

[@jacquelineharris8850]

Thank you for this video. You just convinced me not to use an FHA loan

[@WinTheHouseYouLove]

Thanks for watching. :)