NEW 2024 FHA Loan Requirements - First Time Buyers (Q1)

Is FHA the right loan for you? I cover all the loan requirements you need to know.
FHA loan limits: entp.hud.gov/idapp/html/hicos...
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0:00 FHA Highlights
2:08 Down Payment
3:16 About Us
3:41 Closing Costs
5:58 Loan Limits
7:13 Mortgage Insurance
10:28 Loan Comparison Calculator
13:17 Income & Employment
16:00 Affordability
17:36 Max Price Calculator
18:29 Property Types
20:25 How To Get One
20:50 2% Grant
- 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.

[@youraveragefffan5254]

Its crazy how a upper middle class family making 100k/yr can only comfortbly afford a 150-200k home. Finding a nice home in 200k range in a good neighborhood with atleast .25 acre is near impposible in todays market. 100k homes are asking 200-250k and 200k homes are well into the 300k+. Its just sad. 2 people making $25/hr cant even afford a decent home with a decent sized yard.

[@WinTheHouseYouLove]

Absolutely agree

[@Rosem1201]

I agree. I think this is the only reason why I haven’t been able to purchase a home because anything I can afford is in a terrible neighborhood and not in any decent condition. Clearly I wouldn’t be able to afford to fix it on the salary I have but you hit the nail on the head that those working making 100k/year can barely afford a decent sized home with a backyard. It’s unbelievable.

[@dZorroIII]

All by design

[@1KingFisher]

Don’t forget that salaries also reflect home prices. If you make $100K/year, it’s likely that homes are expensive where you live.

[@johnbreuwet6224]

It is insane, the average home is $420K. .25 acres alone is about 200K 😂

[@Livingonloans]

Thanks dude! I have a B in a condo that’s not FHA approved and didn’t know about spot approval and thought 50% was the DTI limit. You Rock!!

[@Geneparmesan]

I wanted to thank you for your videos. I watched your first time home buyer videos and was setup so well. I bought my dream house last year with my first offer

[@PROTOANYTHING]

Thanks to you I was able to break free from renting to now having 100k equity. I am currently looking into investing in my second home, so I have to come back and learn the basic again 🙃

[@WinTheHouseYouLove]

Wow, congrats on that equity milestone!!

[@finurra3905]

this video is basically all you need! So helpful thank you!

[@brownsugar2u]

Thank you so much for this video. Your videos are always so informative.

[@WinTheHouseYouLove]

Thanks!

[@noy6184]

Thank you for sharing. Off the topic any advice when shop for homeowners insurance?

[@jayjayd123]

Amazing video. Thank you!

[@swlancaster1964]

Where have you been? Following! Enjoy your videos

[@DietricWilliams]

Awesome info as usual. If I didn't know you, I'd have thought you were Travis Kelce.

[@peacebeteal]

Can you do this but for modular homes and any new USDA loan process that may have changed since 2023.

[@cotytrafton2142]

Seriously, thank you.

[@AsIs2884]

Great info, thank you

[@WinTheHouseYouLove]

Thanks for watching! I'm glad to still see you here :)

[@Johnathanb09]

I really enjoy your video. Did you provide a substantial amount of information? One thing I wish though is a testimonial of someone who actually used FHA loan with a credit score below 585 scoured all across KZbin looking for someone with a similar situation as mine but all I see is videos stating that you can buy a house with a credit score below 580 not showing the actual experience of buying a home with a low credit score so I don’t know what all the buyer went through or what was his process like for them

[@a1enterprise405]

Do you have any videos pertaining to purchasing a multifamily home using the FHA method?

[@kcr2365]

After closing, what does it mean to get a post closing suspense? And lender asking for additional documentation

[@HumphreyU]

I’ve seen a lot of builders in my area offer lower interest rate specials on FHA loans compared to conventional financing. Ex: promo of 4.99% FHA vs. promo of 6.25% conventional. Do you have any thoughts on why the advertised conventional promo is higher?

[@WinTheHouseYouLove]

Anything in the 4.99% range at the moment is likely a 2/1 buydown where you get a lower rate for the first 3 years, not the full term of the loan. The discount is paid by the seller.

[@cotytrafton2142]

This is the only channel in all of youtube that actually sticks to the facts, breaks it down in a crumb like nature, with factual knowledge. I am rather surprised that your videos don’t get more traction. You need to spend a little money and run a few adds. It will do you so well, your information is so helpful, and your channel as a whole adds genuine value. I was like a fish out of water, stressing myself out before I stumbled across your channel. I have An appointment today at 12:30 with whomever your link is attached to, to discuss options for primal execution. You’re the man, so much appreciation.

[@WinTheHouseYouLove]

Thanks so much for your support! Looks like your call was with Alan on our team. Please let me know if you have any follow up questions → [e-mail]

[@cotytrafton2142]

Yeah he kinda shut me down, and never sent me the email he said he would. It was actually quite discouraging and everything but helpful. I was surprised how unenthusiastic and undetermined he was to actually aid in problem solving, not having any solutions and pretty much told me what I wanted to do wasn't possible, but I could try, but to not expect much or get my hopes up, even with over a million dollars in the bank, a brokerage and liquid seasoned funds. It was really crazy to me how much hope I get from your channel then to get the cold shoulder as a result of being determined and curious and ready. He said yeah, probably not. @@WinTheHouseYouLove

[@reynoldscf95]

I'm using an FHA for my next home purchase (I close in March). Thank you for the info. :)

[@MakoKong]

What was your interest rate?

[@reynoldscf95]

@@MakoKong I did a buy down to 5%. :)

[@MakoKong]

@@reynoldscf95 thanks. I don't know what a buy down is but I'm curious on what kind of rates are available nowadays

[@reynoldscf95]

@@MakoKong yeah so the current rate was almost 7% so I purchased out of pocket for my rate to be brought down to 5%. I used FHA so I can have less down payment so I can buy down the interest rate.

[@josephchin3815]

does FHA beat conventional if i put 20% down instead of 3% down??

[@kiwi-stop-motion]

We purchased rural land in Missouri worth about $200k and we own less than $40k on it. We will be buildiing a home on it in a few months. We are a family of 4 and income of about $103k before taxes, insurance etc. etc. The house we are building will cost between $300-$325k. We have enough for the 20% required of a construction loan and I have an excellent credit rating. Unforunately, the income I make doesn't go very far these days and yet I probably won't be able to benefit from the perks for those who make less money and who have worse credit scores. I am not even sure if we would qualify for a first home buyer perks. Any tips how we can get the best loan but within our income level?

[@gianttwinkie]

I am a contractor but have enough retirement money to pay for the house outright. But then I wouldn't have the income from the retirement funds. I am old enough that my Social Security check is enough to pay the mortgage payment but is basically 100% on the debt-to-income scale. Can I use the retirement accounts as collateral to get the loan?

[@mikeanderson9613]

Im a first time home buyer and im looking for my first home to buy and my credit score is in the mid 600's. How will i know how much to save up for a down payment? And how will i know if I qualify for first time home buyers program?

[@StarOasis26]

Thanks can you work a DoorDash or Ubereats job and apply for the FHA loan?

[@nagireddy225]

Thank you so much for the video. If you are putting 20% down then FHA doesn’t make sense right.

[@user-nn7uy3ri3j]

Intrest on loan for 30 years , 20 percent down you better do 15 year in sake of intrest!

[@dorsonhess4805]

Hello, can you get a fha loan to build a barndominium?

[@andrewalvarez8]

What generally happens when one of the two co-borrowers only has 2 credit scores? Could this be an issue. Assuming all other boxes are checked.

[@RyanWheelerMortgagePro]

They’ll use the lower of those two instead of the middle.

[@spf_500]

If I live in one state but want to buy my first home in another state would I be able to qualify for home ready or down payment assistance for the state I want to live in? This is a NYC to NJ move I want to make.

[@peacebeteal]

He said the FHA is used for your primary dwelling. So if you live out of state I don’t think so. Maybe if you buy the house first then move into it once the process is done. This is a good question.

[@jakobrassi9816]

Crazy how FHA solution to the housing problem is not building more houses, but giving people 28x leverage buying power...

[@WinTheHouseYouLove]

FHA doesn't have legal/federal authority to build homes. Changing its mission to solve housing problems would require legislation

[@nickfetrow5692]

If I have a current VA loan in a house I'm living in, would I be able to get an FHA loan while keeping my va loan on my first house? I plan to buy a duplex and rent out the first VA loan house.

[@vegascarlos]

Yes, you can absolutely get an FHA loan for a new property while still having your current VA loan. The VA loan doesn't need to be paid off to qualify you for the FHA loan.

[@marcossolorzano7191]

I’m looking to buy a New Build in Arizona. If my credit is above 720 what do you recommend I go with? FHA or conventional? Want to put down least as possible for down payment. Looking at 450k loan. Thanks

[@user-nn7uy3ri3j]

Rent and use disposable income on better return on investment then long term ownership of property, intest is against you!

[@SCSC-qz7rr]

QUESTION: Is it better to get an FHA loan if you have a high FICO score of 800 but you want to put a 3 or 3.5 down payment? Or is a conventional better? Thank you.

[@WinTheHouseYouLove]

It really depends. In a lot of cases, FHA is better. But it can also depend on if you qualify for a type of Conventional called HomeReady/HomePossible. Every situation is different and I got tired of running the math for each loan so I built the software in the loan comparison calc: www.winthehouseyoulove.com/tools/advisor You can use the code KYLE for 20% off. The other tools online that do what this does cost $100/mo. I only charge $20 one time.

[@SCSC-qz7rr]

@@WinTheHouseYouLove thank you!

[@thebulgarianguy8461]

Check your credit union as well. I got a conventional loan with zero down and no pmi through mine. Also, do your own research and do not listen to loan officers. There is plenty of information online to help you get educated. I was at 827 with 20% revolving debt. According to my first loan officer, it wasn’t good enough for a conventional loan and she kept pushing for a fha. It turns out that the commission they collect on a FHA is A LOT more than on a conventional. Remember that the bank is not your friend and they’ll try to screw you as much as possible. You owe it to yourself to do your own research and learn what questions to ask. It’s all a huge scam and some knowledge will help you to minimize the damage.

[@WinTheHouseYouLove]

If a loan officer makes more on certain types of loans it's illegal and a violation of the LO Comp Rule. That loan officer should be reported to the CFPB.

[@t.a.d.m.a55]

Worked so hard to build credit, save up and qualify for fha only to be forced to put 20% down anwyas due to completive market where our agent discouraged us from putting anything less than 15% down so we looked competitive to sellers.

[@JoseJunior-nl9ku]

Hello hope you are well, are DACA recipients still able to obtain this loan like u mentioned in one of your older videos?

[@izaacf.2560]

yes,I got pre approved with chase

[@bensouza8591]

I can't remember what video it was, but I saw you walking us through a quote y'all had generated and in section A it showed no fees. How do y'all make money?

[@WinTheHouseYouLove]

The lender pays us! That's how every loan officer gets paid. Most lenders do not directly charge the borrower commission. The lender makes money from the loan (e.g. interest) and pays the loan officer up-front for originating the loan. Discount points do not go to the loan officer. Underwriting fees go to the lender, not the loan officer. In some cases we do charge a Section A origination fee, but then offset it with a credit from the lender which allows us to reduce the rate.

[@armandoleonard1800]

Any play apricacion thenkeu

[@brendacrawford303]

I have a 633 but loan officer says my score is not high enough why

[@misssue4043]

You need over 720

[@ms.budgetmom8472]

Great video… can I use my 401k money as a down payment?

[@WinTheHouseYouLove]

Yes. A 401k withdraw can be used or a 401k loan can be used for the down payment and/or closing costs. A 401k loan payment does not have to be factored into the debt-to-income ratio.

[@candidoortega5381]

Lol conventional is better Rocket no PMI plus buy down rate with seller credit... Thank you sir

[@ShayWilliam341]

Good to know I need to check them out

[@KA-rt2vh]

Can you share what gear you use please?

[@WinTheHouseYouLove]

Shoot me an email and I'll send you the list: [e-mail]

[@marwabedair7043]

What if the investor is a non resident and has no credit score in the US? Can i qualify for the FHA loan in cas the rent covers the expenses, mortgage and everything ?

[@giselle_kvm]

Probably not. There's other loans that would be more applicable

[@vegascarlos]

If you don't live in the US yet or don't have a US credit score, getting approved for an FHA loan is really hard - usually won't work. The FHA wants to see 2 years of good US credit history before they'll provide a loan to someone. They use that history to judge if you'll be able to repay properly. No US credit = high chance of denial. Few options, maybe finding a co-signer in the US who takes responsibility if you can't pay. Getting a visa and establishing US residency could help start building credit too.

[@LaurelCanyonMojo]

My problem is that I want to move out of the state I am in now. My only guaranteed income is Social Security, which is below $1000 monthly. I will have a down payment, but it will be small. I have a score in the 725 range. I only want to spend max 50k so I can afford the mortgage. Am I dreaming thinking I could qualify?

[@judahwilliams4024]

Hey man you should turn down the intensity on your compressor or noise reduction. A lot of your words are getting cutoff a bit. 😊

[@WinTheHouseYouLove]

Thanks I’ll keep an eye on it!

[@joedoesmortgages]

The Gross-Up is guild line is 25%, not 15%. Otherwise great information.

[@WinTheHouseYouLove]

From the handbook last revised 10/31/23: "the Mortgagee may Gross Up the Nontaxable Income by 15 percent." 4000.1 II.A.4 (around page 249) Make sure to double-check the date of the handbook you're looking at :) 25% used to be a thing with FHA until 2015 when it was reduced to 15%.

[@cesarq6011]

Kyle’s right

[@joedoesmortgages]

@@WinTheHouseYouLove your right it’s 15% for Ginnie Mae & 25% Conventional 👍

[@Homeschool4Christ]

If you pay undet 10% you pay pmi for whole loan though right?

[@WinTheHouseYouLove]

9:16

[@sharonsmith1505]

3.5%depending on price of the home.

[@WinTheHouseYouLove]

The price of the home does not change the minimum down payment requirement of 3.5% on FHA

[@Activist-model-actor]

Hi question... Can this be used for apartments?

[@WinTheHouseYouLove]

Like a condo/townhouse? Yes

[@jimmiesmith5590]

Can refinance out a conventional loan for a FHA?

[@WinTheHouseYouLove]

Yep

[@StarOasis26]

Can I qualify for a FHA loan with 1040 tax returns? If so can I do 2023 and next year 2024, will that add up to two years?

[@WinTheHouseYouLove]

Yes you can

[@StarOasis26]

I did my taxes for 2023 and just waiting to make payment from the IRS.

[@StarOasis26]

@@WinTheHouseYouLove quick question, what's the average minimum you have to make yearly ( gross income) to get approved for a 250k home? I'm just looking for an average so I know where to target. A family member is giving 10 to 15K as a money gift. 700 credit score. Thank you

[@keyweezy5655]

Can you get a FHA loan on disability

[@WinTheHouseYouLove]

Yes, you can qualify for an FHA loan while on disability, as long as you meet the standard loan requirements. - Kyle Get pre-qualified at www.winthehouseyoulove.com/

[@venicemitchell1407]

@@WinTheHouseYouLove I’m on SSD I am interested on more info/thoughts on people trying to buy property on SSD. I want a two family home for myself and my daughter. Rents are over 1000 where we are for some of the worst areas. And unfortunately the mngmt./owners. are HORRIBLE!!!

[@user-nn7uy3ri3j]

What you can afford and get approved for they won't tell you😮

[@Cakewalk.]

Does the new FHA loan has to be owner occupied.

[@WinTheHouseYouLove]

18:34

[@Cakewalk.]

@@WinTheHouseYouLovethank you for the response