10 Hidden FHA Loan Tips & Tricks

[@rolovibes4504]

Your vids and information is priceless. I closed on my 🏡 on 3/22. Entire process started February 8th lost on two previous offers. Third time was a charm..

[@WinTheHouseYouLove]

Congrats!!!

[@trevorolney1678]

That’s my birthday!

[@brittney8313]

Thank you for taking the time to make these videos. The information you break down is invaluable. I feel a lot less intimidated by the entire process after watching your channel. Again, I can't thank you enough!!!

[@WinTheHouseYouLove]

Glad it was helpful!

[@bennyschapero2049]

You do great videos. REALLY NICE

[@WinTheHouseYouLove]

Thank you very much!

[@MattTheMortgageGuy]

Yeah, KYLE is the GOAT of lender KZbinrs!

[@errybodygottachurce3859]

I’m a travel nurse and having trouble getting prequalified after the underwriters see my variations in hours or base pay. They approve me and then don’t seem to want the trouble to do the legwork and prequalify

[@WinTheHouseYouLove]

I'm sorry you're going through that! Feel free to text me at 937-358-6542 and I can connect you with a lender I trust

[@AlexisVictoria3]

I appreciate you for making these videos! I just graduated from nursing school and am currently in the ICU working towards financial freedom! Great content on FHA vs. Conventional loans. I always thought FHA was the best route because of the move in costs but am now realizing with my credit score I would most likely do better with a conventional loan! Love you genuinely. Please keep up the content!!

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@williamcathcart387]

Do you say that because of having a higher or lower score? Just curious

[@AlexisVictoria3]

@@williamcathcart387 for me it’s based on having a higher score.

[@danieldelikat6459]

im 25, 780 credit score. and i have roth ira with close to 40k now.save for the downpayment/ get my parents to get a loan or borrow from my ira. also i have a reliable job where i can pay back the ira almost gurantree

[@catherineg8820]

Thank you Kyle for the great info! I appreciate how thorough your videos are.

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@hawki171]

I love your videos - request though - in all the FHA videos I have watched, no one mentions the CAIVRS system for federal debt. Not even my lender mentioned it. Thankfully I found out about it before I made any offers and broke my heart - my situation - I have student loans from 12 years ago that are in default. It does not show on my credit report so I thought I was in the clear. I even got a pre-approval letter and started looking at houses. I learned about CAIVRS and my lender said I would flag on the process. I paid off a few other debts and I am now going conventional l, but it pushed my process back 2-3 months.

[@WinTheHouseYouLove]

Great suggestion, just added it to my video list!

[@geniaginevan6376]

Thank you so much. This is a well put together presentation. I am wanting to buy but unfortunately last year with getting the COVID-19. Kinda messed me up. It kills me every month to pay my rent. It is relatively 2450.00 a month. Ouch. How long does it take to recover. I have never been in this situation ever. I just want my own home

[@WinTheHouseYouLove]

Thank you so much for watching!! :) This market is so so tough and unfamiliar. Hopefully we will see it level out soon

[@shirleyfarmer7532]

If a person applied for a loan with a financial lending company and was told verbally they qualified for a FHA loan of $275,000.00, but never received a pre-approved letter, but then the person decides not to go with that company, and the company tells the person that they are going to withdraw the request and issue a denial letter, what affect will a denial letter have on the person's credit score? Can they do that of the person is looking at other lending companies?

[@WinTheHouseYouLove]

A denial will never touch your credit report and will not be stored and accessed by other lenders

[@Rednatasha21]

I have great credit (750ish) and low DTI but I'm going to be looking at duplex/triplex properties this fall/winter. I'm sure I'd qualify for conventional but I learned through some of your other videos/q&a streams that the downpayment for small multifamily is a minimum of 15% through conventional. I plan on applying for FHA because I won't have the required downpayment amount unless I push my house buying plans 1-2 years. I'll be able to do the 3.5% downpayment plus appraisal and the other smaller costs of FHA though. Is this correct? Are there any options outside of FHA that will qualify me for a smaller downpayment through conventional? Just want to make sure I'm understanding my options and making the best choice in my financial situation! Also thank you for all the education you're providing. It is seriously lowering my stress levels about house buying as I prep!

[@biancaclarke5825]

Same here. Going with the FHA because of the low down payment on a multi-family property. So far I have not seen anything better.

[@WinTheHouseYouLove]

Thanks for watching! It looks like you're asking questions that would be better suited for a loan officer who can help individually :)

[@kyllllllllle]

Really interesting info....I’m curious what type of loan you might recommend someone with a credit score of 750 but who doesn’t quite have much in the way of a down payment. Is conventional really the best option at that point or is there another option for a first time homebuyer?

[@WinTheHouseYouLove]

Conventional is 3% down minimum. You could also look at my USDA videos for 0% down.

[@johnyanez7243]

Hi, my goal is 10 % down fha or conventional. 30 yr, my credit score between 630-650c Only debt 25$/ month credit card.. which loan fha or conv. Looking to buy in 2 yes. Should I work pum my credit or more down? Thanks for your time and energy on these videos!

[@WinTheHouseYouLove]

FHA is likely better at that credit score range :)

[@lesson6317]

g👊🏽👊🏽d stuff fam’ !

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@tierralewis8899]

Can you do a video on gift funds? Nobody never goes over the in’s and out’s of gift funds?

[@WinTheHouseYouLove]

On my video list :)

[@jenniferlego4221]

@@WinTheHouseYouLove Aunt Janet approves! Haha

[@MissPrissKY]

Hi. Do you have any videos about paying your mortgage off quicker? I'm purchasing a new construction home in KY. I heard that I can double my principal amount? TIA

[@WinTheHouseYouLove]

kzbin.info/www/bejne/eGfHgaCBiJd5j80

[@tamararene5913]

That's exactly what I am doing now to pay my townhome off in 5 years. I went FHA and with the amount of money it would cost to refi, I would pretty much break even at 4.5 years in so it wasn't worth it for me. Good luck on your purchase and determination to pay off your home early!!

[@MissPrissKY]

@@tamararene5913 awesome!! Thank you and good luck to you too. I'm so excited for this chapter. (Sick of renting for 1,300. a month.)

[@mahmoudkeels3517]

Is it hard to find a lender nowadays to accept a 600 for fha loan - I have been hearing 640 was the score needed

[@dmass316]

Ive calls over 20 lenders and they all want a 620 and higher. All the overlayes. Best is to just keep getting the credit score higher.

[@WinTheHouseYouLove]

It is difficult. There are still a few who are lending below 640

[@cindymarchan7058]

Hi I have a 617 credit score what kind of loan I can get?

[@es9787]

yay. I needed this. its thundering outside and now I get my Kyle ASMR to finish off the day with.

[@WinTheHouseYouLove]

Haha thanks for watching!

[@johnnylee1098]

Hey Kyle can you do a video about cash out refinance

[@WinTheHouseYouLove]

On my video list :)

[@itsGabrielaCristina]

Someone told me that if I’m putting 3% down on a conventional, even if I have a 700+ score FHA is usually better. Is that accurate in your experience?

[@WinTheHouseYouLove]

The rate on FHA might be lower, but the total net cost will be higher

[@melodyn6419]

A few months unemployment benefits during pandemic, can these months be counted towards 2 year work history?

[@WinTheHouseYouLove]

It will be included in your history, yes

[@msjackson7395]

Do 401k loans count toward your dti ratio?

[@WinTheHouseYouLove]

Nope

[@cmtrigueros]

I enjoy watching your videos. They are very informative. Could you do a similar video for conventional loan credit brackets?

[@WinTheHouseYouLove]

Added to my list :)

[@dhaynes325]

If you’re a nurse the nurse next door is a great program. I am currently in escrow and using their services

[@WinTheHouseYouLove]

Thanks for the suggestion :)

[@angelfaye101]

Omg. Thank you so much. You have no idea how much I appreciate this!

[@dhaynes325]

@@angelfaye101 no problem. Good luck

[@JavyVidana]

Dat thumbnail tho 😍

[@WinTheHouseYouLove]

😊

[@lifeisbeautiful9455]

These video are so very helpful 🙏🏽🙏🏽🙏🏽 most people into real estate don’t talk about this!

[@WinTheHouseYouLove]

Glad you think so. Thanks for watching. :)

[@goldenj1981]

Does FHA count commission as income?

[@WinTheHouseYouLove]

Yes, averaged over the past 2 years

[@jellyrcw12]

Your channel and advice are fantastic.Thanks for all you do!

[@WinTheHouseYouLove]

Thank you!

[@mauriceperry2665]

Welcome back. Great video. Lots of information.

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@markpike1693]

Does unemployment count as fixed income

[@WinTheHouseYouLove]

Only if seasonal and received over the past 2 years

[@sd8023]

I always learn from you but still need help as no family and I am a senior

[@WinTheHouseYouLove]

You're always welcome to question with a comment

[@margehernandez9220]

Great information! Thank you!👍🏼

[@WinTheHouseYouLove]

Glad you enjoyed it!

[@PeacocknRose]

HUD link is missing in description tab

[@WinTheHouseYouLove]

Thanks, just updated it!

[@theoneyeardegree19]

Two things to keep in mind with GNND: 1) Even during the 2008 recession when FHA had way more REOs they were trying to get rid of, the GNND program was still extremely competitive. 2) If you somehow do manage to win the GNND lottery, it's not something where you can just AirBNB it or move somewhere else and let the property sit empty. If you do this, FHA will absolutely call in the underlying second (at best) or refer you to the OIG (at worst). People have gone to jail for abusing this program.

[@WinTheHouseYouLove]

Good tips!

[@kenj.carlton4432]

Hey Kyle, thanks for all your expertise! If I might add, it would be really helpful and meaningful if you disclose the credit scores that are used for mortgages. Fico 2 4 & 5. Otherwise, this can be very disappointing when applying.

[@WinTheHouseYouLove]

Great tip!

[@mariapianti6911]

Thank you have questionI know that FHA will use my debt on student loans which start paying and on the income repayment loan Ipay little bit more so my question is 80,000 loan the place Iwant to buy is where I live my landlord agreed for the house 85,000 it's townhouse .I owe 12,000 vehicle and my student loan payments 125,00 which will pay more just got 2 job Pt and Icome home with3,100 a month with the pt job would about to qulifie for FHA ?

[@WinTheHouseYouLove]

FHA requires you to be working 2 jobs for 2 years to be able to qualify with both incomes.

[@margehernandez9220]

I was told I could only get an fha loan bcz I had a Deed in leu foreclosure 4 years ago. How true is that? Would appreciate your input. TY👍🏼🙂

[@WinTheHouseYouLove]

Yeah FHA will be your best route there

[@TMAItalia]

Kyle, great to see you back, great info

[@WinTheHouseYouLove]

Thanks!!

[@davedesigns4667]

Hi I have a current FHA loan which I've had for many years at 5% interest rate I want to do an FHA streamline refinance but everytime I contact lenders they seem to be completely opposite from what the FHA streamline refinance program offers can you please do a segment on an FHA streamline refinance?

[@WinTheHouseYouLove]

I will add it to my video list :)

[@brooksdarla59]

I have a 655 score and only a car loan. As first time home buyer would FHA be a better fit for me?

[@WinTheHouseYouLove]

FHA is probably better for a 655 score

[@ID2011]

Hi, who do you recommend for FHA loans, a credible company??

[@WinTheHouseYouLove]

I have an apply button on my website that can help you connect to a lender I trust www.winthehouseyoulove.com/

[@clairemfralish6978]

How does the good neighbor deal work? I'm a new real estate agent and I had never heard of it before today. Thanks!

[@WinTheHouseYouLove]

Hi! They say you can save 50 % on the price of a home if you qualify and you'll put as low as $100 down if you use an FHA loan to buy a house.

[@msdiamondpiggy]

I wish, I can use an FHA. But with my student loans the Freddie Mae or Freddie Mac options is best, they use income-driven based monthly payment as the debt. instead of 1% like FHA. I hope FHA changes that 1% requirement rule.

[@WinTheHouseYouLove]

Yeah Conventional is usually best for student loans

[@cynthiamercado3745]

What if you buy a house with 20% plus in equity using a conventional loan would you still have to pay mortgage insurance?

[@WinTheHouseYouLove]

Nope. No MI for conventional loans w/ 20% down

[@ReneeW2024]

How does a person with a 680+ score get approved for a conventional loan when they don't have enough of a down payment and no other financial assistance is available (friends, fam etc)?

[@WinTheHouseYouLove]

3% is the down payment minimum. If they don't have that and can't get other assistance, then saving more money is the solution.

[@markpike1693]

Does the 100 dollars down work for hud multifamilys

[@WinTheHouseYouLove]

Yep, 2-4 units

[@Marketplacere]

Thank you Kyle for the great info! I appreciate how thorough your videos are.

[@WinTheHouseYouLove]

My pleasure!

[@madpennfoodchannel7501]

Thank You 🙏

[@WinTheHouseYouLove]

Thanks for watching. :)

[@nehemiahstewart]

Good to see you back.

[@WinTheHouseYouLove]

Thank you!

[@shaibaggs3639]

Hey Kyle quick question. I recently graduated from PTA school it took me 3 years and in those 3 years I worked as a truck driver in between semesters and the summers but everytime i was forced to quit and get re-hired. I'm now back with the same company and have a year consistent. Do I have to wait for 2 years consistency or could I get qualified for a loan now?

[@WinTheHouseYouLove]

If you're full time you should be fine to get a loan with that employment

[@janettsantiago2934]

excellent information! have to talk to you about future investments.

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@linda27189]

Welcome back Kyle.....missed all your knowledge and helpful lists/notes 🙌🏾🙌🏾

[@WinTheHouseYouLove]

Thank you!! I'm glad to see you here :)

[@SisterMaji]

wow this video was really helpful... constructing a loan for pre-qualification. Building a plan to purchase. Thank you for your help.

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@ashleyholmes28]

My husband and I are going to closing on our home April 28th. My father put my husband on his credit card as an authorized user in order to help us with our credit. This past weekend my father used his credit card to pay for repairs on his house. Could this affect us closing? He will more than likely pay it very soon in its entirety but i’m worried it won’t report to the credit bearu’s in time. How does the activity of my fathers credit card affect us?

[@WinTheHouseYouLove]

If he's going to pay it off, just ask him for a document showing the paid off balance. Then, you can show that to the lender :)

[@ashleyholmes28]

@@WinTheHouseYouLove Oh awesome. Thank you so much. I can not wait to get those keys. This process is so nerve wracking lol

[@kyleross5019]

I have good credit and no debt, but I’m getting an FHA loan for my first home because I simply don’t have $35,000. Is this a good idea? Also, after buying do you have any advice on how I can get rid of paying PMI asap?

[@WinTheHouseYouLove]

What's the $35k for? Conventional loans have a minimum down payment of 3%. Lower than FHA's 3.5% down. MIP (what FHA calls their mortgage insurance) will stay on for the life of the loan unless you put 10% down, then it falls off after 11 years. The only way to get rid of FHA MIP if putting less than 10% down is to refinance into a Conventional loan and have 20% equity.

[@kyleross5019]

@@WinTheHouseYouLove 35k is 20% of the price of the house i want to buy What does that mean have 20% equity?

[@matt13137]

Can you get pre approved for two loans at the same time (both FHA and Conv?)

[@WinTheHouseYouLove]

Yes

[@chicatita4753]

Great info! I'm looking to buy my first out of state rental property in a affordable market I have a 770 credit score so I would go conventional? I don't plan to live in the property so I would need a 20% down payment?

[@WinTheHouseYouLove]

Conventional sounds best there. 3% down is minimum

[@chicatita4753]

@@WinTheHouseYouLove Thank you!! I appreciate all the knowledge you provide. Keep making these videos!!!

[@violindalola]

I have the downpayment but I have 75000 in student loans :...( fml.

[@WinTheHouseYouLove]

I'm working on a big student loan video here soon. Conventional might be your best best if you're in IBR :)

[@violindalola]

@@WinTheHouseYouLove ok I have the option to be in ibr when in september the repayment delay due to covid is over. There is a 5% down conventional loan right? Lol because i dont have 20%

[@bougieminimalist]

You're amazing! Love your videos!

[@WinTheHouseYouLove]

Thank you so much!!

[@porclave9044]

Thank you for the information great work

[@WinTheHouseYouLove]

Glad it was helpful!

[@david_linares]

Again, thank you for the brief yet detailed video.

[@WinTheHouseYouLove]

Glad it was helpful!

[@TBoss3313]

Do retired law enforcement qualify for Good Neighbor loan? Do you write in Arkansas or who would you recommend?

[@WinTheHouseYouLove]

HUD's guidelines are: A person qualifies as a law enforcement officer for the purposes of the GNND Sales Program if the person is: - Employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government, or an Indian tribal government; - In carrying out such full-time employment, the person is sworn to uphold, and make arrests for violations of, federal, state, tribal, county, township, or municipal laws and - The full-time employment in paragraph (a) of this section must, in the normal course of business, directly serve the locality in which the home is located.

[@TBoss3313]

I swear I’m about to start looking for a house in Ohio just so I can have you as my mortgage broker!🤦‍♀️

[@heyevanletsgo3911]

Another awesome video!! I have a question if my dad gives me a few thousand dollars to help me with buying a house and he gives it to me by transferring it from his bank account to mine is that ok or should it stay in my account for 3-4 so the bank don’t ask to many questions? Thank you

[@WinTheHouseYouLove]

Yep that's fine, the lender will just need to document it as a gift

[@heyevanletsgo3911]

@@WinTheHouseYouLove thank you 🙏

[@martinezdelacruz1891]

If I get pre qualify for a loan how much time do I have to buy a house?THX

[@THEREALSHOTIME23]

90 days

[@WinTheHouseYouLove]

Usually a pre-qualification expires after 90 days

[@scorpinohoe116]

Is this All bureaus that need to be 640?

[@WinTheHouseYouLove]

Lenders will go off of the middle score

[@mjnorville1083]

I have a FHA loan. What can I do to get rid of the PMI?

[@WinTheHouseYouLove]

You'll need to refinance to Conventional and have 20% equity

[@mjnorville1083]

@@WinTheHouseYouLove thank you

[@stacey281]

Excellent presentation format !

[@WinTheHouseYouLove]

Thank you!!

[@jamaican2009ev]

Can you do a video on NACA pleae

[@WinTheHouseYouLove]

On my list :)

[@daniellebrignola1264]

#handsomesquidward

[@WinTheHouseYouLove]

🤣

[@sharonlynas6616]

Love your videos!! Do you know of a lender in the NJ area?

[@WinTheHouseYouLove]

Thanks! Yes, text #apply to 937-358-6542 and I can connect you

[@sharonlynas6616]

@@WinTheHouseYouLove great!! Thanks so much!

[@williamcathcart387]

​@WinTheHouseYouLove does this still apply? In NJ also looking to buy in 6 months.

[@summernights6779]

If my credit score is around 720, and my DTI is 51%, would that disqualify me from an FHA loan? Loan officer told me that I would have to pay off all of my revolving debt to qualify. Don’t sound quite right to me.

[@WinTheHouseYouLove]

There is no credit score maximum on FHA. I'm assuming they're needing your DTI lowered to get an approval

[@summernights6779]

@@WinTheHouseYouLove My DTI was 51%. But I don’t think I would have to pay it all off to lower it a few %.

[@HaywoodHomestead]

Awesome video!!

[@WinTheHouseYouLove]

Thanks!

[@REAL.OAKLAND.RAIDERS]

I fully own a triplex I want to buy another home should I use my equity or just get a mortgage from a bank

[@WinTheHouseYouLove]

I see your question on some videos, give me a few days to reply please :)

[@Silvio67]

Can i still do an fha loan if i have 750 score with little to no downpayment

[@WinTheHouseYouLove]

3.5% is the minimum

[@SAUlxxNxxSH3lDA]

Hello. I've been binging your videos lately. Would you possibly be up to answering some questions?

[@WinTheHouseYouLove]

You can text me at 937-358-6542