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Video instructions and help with filling out and completing fha gift funds 2021
Hello this is ed Macias here with lender funnel and one of the questions we were recently asked that lender funnel is what are the FHA loan requirements and this is somebody who was ready to move forward they're ready to finance the home of their dreams and they were just wondering what do I need so let's answer that question when you're purchasing an f8 or when you're getting a FHA home loan the following things are required by FHA number one is you have to have a job ok now can I be self-employed absolutely so whether you're self-employed or whether you're what they call a wage earner working for a company you're going to need the following proof of two years worth of income so if you're a wage earner that basically means w-2s for the last two years so right now the lenders would be requiring 2021 and 2021 w-2s from your previous employer and now requirements regarding employment today where am i working of course are also needed so even if you switch jobs and you're currently working for a different employer as long as we have a two-year work history that is more than enough to still get you alone with FHA so how do we prove that we'll quite simple the last 30 days of pay stubs the lender does a verification of employment with your employer and voila your your your employment has been verified and that that hurdle has been been crossed hurdle number 2 is credit right so you have employment and now credit now with FHA credit is actually not very difficult to to get through or to qualify for they actually for first-time homebuyers with a 3.5% down payment they only they only request a 580 credit score now not all lenders will do those loans but here at lender funnel we have many lenders that will go down to a 3.5% down payment for an FHA loan now something very important to consider with your down payment is it actually doesn't have to be even your down payment down payments can actually be gifted by family members by a brother a father a mother you know as long as somebody can can show on paper that they had the ability to give you that gift that's something that we can use with an FHA loan as well so last thing is is basically that the third thing we just covered was actually downpayment so those are the three main requirements when you're getting a home loan is being able to prthe w-2s your pay stubs copy of bank statements to show where the down payment is coming from or a gift letter from a family member if that money is being gifted to you so it's not very difficult oftentimes people think that it's harder to get a home loan than what it really is but when you have a professional at your side that.