Hey, this is Chris trepanning, the mortgage pro. This video is going to teach you eight steps of what you need to do to buy a home using an FHA loan. It's going to give you guidelines and all kinds of information about what documentation you're going to need and how the whole home buying process works with an FHA loan. Step number one, FHA is not an actual loan. FHA stands for Federal Housing Administration and what it does is ensure the loan so that people with a small down payment can buy a home. Otherwise, without the insurance, the risk would be too great, and nobody can buy a home in that situation. Step number two, as low as a 500 FICO score, you can buy from 500 to 579 with 10 percent down. From 580 and above, we're looking at only 3.5 percent down. Gone are the myths of the 20 percent down payment to buy a house. You can buy your own house with as little as 3.5 percent down with an FHA loan. Step number three, here's a question people always ask me, "Chris, I have a bankruptcy." Well, with an FHA loan, two years must have elapsed from the time it was discharged until the time you can buy. "Chris, I have a foreclosure or a short sale." Three years must have elapsed from the day of the short sale or foreclosure, and you can buy your own home again. Step number four, here's the debt ratio. If you make $10,000 a month (and I'm not saying if you make 10 grand, but I'm just giving it to you for example purposes), you can go up to 47 percent of that ($4,700) for qualification purposes for the house. 57 percent will include your debt when we take the...
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Fha gift funds guidelines 2024 Form: What You Should Know
Also, for a primary home, the down payment is 5.5% of the home's price. FHA Loans For Non-Resident Buyers FHA Loans Under 80,000 Jan 31, 2024 — FHA does not require a down payment unless the home price is 80,000 or more. Lenders cannot require a down payment for any loan size under 25,000 or a home size under 2,500 square ft. FHA Loans Under 35,000: For loans where the home is under 35,000, the FHA loans are limited to loans of 20 per square foot which require a 5.75% down payment. FHA Loans Over 35,000: For loans over 35,000, they have the following minimum down payment requirements: For loans under 35,000, 1.5% of the home's price in cash FHA Loans Under 20,000: For loans under 20,000, there is no minimum down payment requirement at all, and the down payment does not have to be at least 3.5%. For a home between 2,500 and 35,000 square ft, 5.75% down is the first step that must be met in order to make the mortgage application for a mortgage through the FHA. FHA Loans Under 10,000: Lenders have the option to consider the FHA's minimum requirement of 1.75% as the down payment, up to a maximum of 1,000,000 per home, for a home where the loan amount is less than 10,000. FHA Loans Over 15,000: Lenders who are lending above 15,000 still have to meet all down payment requirements, even if the home price exceeds 15,000. FHA Loans For Cash Gifts From Non-residents FHA Loans To Non-Resident Buyers To Offer Gift Mar 1, 2024 — A non-resident buyer may make gift payments to help defray up to 50% of the required down payment toward the purchase price of a home at the time of application if the down payment would be less than the following: 500,000 (down payment) / 15,000,000 Non-Resident Buyer Guidelines Sep 13, 2024 — A person other than a U.S. citizen who is not affiliated with a U.S.
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