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Video instructions and help with filling out and completing fha gift funds guidelines 2021
Hey this is Chris trepanning the mortgage pro this video is gonna teach you eight steps of what you need to do to buy a home using an FHA loan it's gonna give you a guidelines it's gonna give you all kinds of things what documentation you're gonna 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 it ensures the loan so that people with a small of down payment can buy the home otherwise without the insurance the risk would be too great nobody can buy a home in that in that situation step number two as low as a five hundred FICO score you can buy from five hundred to five seventy nine ten percent down from five eighty and above we're looking at only three and a half percent gone are the myths of the twenty percent down to buy a house you can buy your own house with as little as three and a half percent down with an FHA 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 till the time you can buy Chris I have a foreclosure I had a short sale three years must have elapsed from the day of the short sale or foreclosure and you could buy your own home again step number four here's the debt ratio if you make ten thousand dollars a month and I'm not saying if you make 10 grand but I'm just giving it to you for even purposes you can go to forty seven percent of that forty seven hundred dollars for qualification purposes for the house fifty seven percent when we take the total house payment and the car payment and the student loans child support alimony credit cards all the debts put together fifty seven percent so take your monthly income before taxes fifty seven percent will include your debt forty seven percent will be the house payment it must require and here both those criteria step number five income requirements well in most cases you must have a two-year history of working in the same field in the same industry example if you just started a job working for Federal Express delivering packages and you started doing that today well if you don't have a history in delivery for the last two years you're gonna have to wait two years going forward if you worked for ups for the last two years or the post office or something in the same type of industry then as long as you have that two year history we're good even though you've just started the new job now if you're self-employed what we're probably gonna do is we're gonna average your income over two years that's.