How Do I Apply for An FHA Loan? | FHA LOAN APPLICATIONS EXPLAINED 2022
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- เผยแพร่เมื่อ 7 ก.พ. 2022
- ➡️ Schedule a FREE Personalized Mortgage Consultation 📞 with a Kelly Zitlow Group team member today! ☎️ bit.ly/3wERfRV or 📞 call or text 480.725.0150
If you are in the market to purchase a home, refinance a home, OR a first-time homebuyer, you may have heard about FHA loans, but wondered what they were and how to apply for one?
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KELLY ZITLOW, NMLS 164330
Sr. Mortgage Advisor
EVP, Sales & Marketing
KellyZitlowGroup@houseloan.com
www.kellyzitlowgroup.com
480.725.0150
Kelly Zitlow is a Public Speaker, Sr. Mortgage Advisor & EVP of Sales & Marketing with Cornerstone Home Lending, a Division of Cornerstone Capital Bank, SSB. All information presented is for educational purposes only and is used to help you as the viewer in your home buying or selling process.
Cornerstone Home Lending, a Division of Cornerstone Capital Bank, SSB. Cornerstone Capital Bank, SSB. Member FDIC. NMLS ID# 2258 | Equal Housing Lender 14635 | N Kierland Blvd Ste 140, Scottsdale, AZ 85254
#MortgageAdvice #RealEstateAdvice #MortgageLender #FHALoans #Mortgage #Finance
This video was so helpful thank you so much!! 😊
You're so welcome! Thanks for watching Vivian! 😀
Very informative and easy to digest. Awesome. Thanks
Glad it was helpful!
Thank you so much for that wonderful video ❤️❤️❤️❤️❤️❤️
Glad you enjoyed it!
Thank you that was a excellent video 👍
Glad you enjoyed it Marcus!
Waoo that a great analysis thankyou.
Thank you! 😀
Hell yeah. 🔥
Thanks for your comment!
so beautiful and informative. i appreciate it
Thank you for your comment.
so where do you go to apply for an FHA? A bank, website, credit union, company? Which banks have the FHA loan program?
Most home lenders across the country offer FHA home loans. Give us a call or text us at 480-725-0150 with the state you want to buy a home in and we’ll let you know if it’s one of the 43 we lend in! If so, let’s get you started on your path to a FHA loan!
Question: in todays market, is it wise to shop around to get the best interest rate on a loan? It seems that interest rates are high in California, there is a home in Arizona that im interest in. More property on a bigger lot. 5 bedrooms 3 bathrooms 2 car garage and RV driveway.. price is up there but lower than California thats for sure but also i managed to negotiate & interest rates are very low in comparison to everywhere else. Should i keep looking around?
Thanks for your comment Ivan! Have you been pre-approved for a mortgage yet? There are a number of factors to take into consideration when choosing a lender! We'd love to connect with you for a no-obligation consultation CLICK HERE ➡bit.ly/3wERfRV to schedule with us and we can provide you with additional information to help you with your decision-making process.
@@MortgageHowDoI As of now, not yet.... I will connect with you now...
Hi Quick question if I’m in California and wanna purchase a house in Arizona do I have to go to that state or can I do it from here in California.
You can use a lender from California to buy a home in AZ as long as they are licensed in AZ. We are licensed in both CA and AZ and are happy to assist.
@@MortgageHowDoI How can I get a hold of your branch. In Arizona.
@@juangarcia9237 Our branch number is 480.725.0150. We are happy to assist 😃
What if I have to sell my current home first to get my down-payment and closing costs?
That is a great option, or you can try and buy and sell with a contingency.
Do I have to find a house I desire prior to getting the loan?
Best practice is to get pre-approved for your home loan prior to beginning your home search. This way you are crystal clear on your financing options. It also strengthens your offer in the eyes of the seller. Unless you’re a cash buyer, you’ll need the loan prior to closing on the home.
Do I find an FHA loan to apply to through a bank? I have no idea where to start
Most home loan lenders offer a variety of home loan programs including FHA. Text us at 480-725-0150 with the state you want to buy a home in, and we’ll let you know if we can assist.
I’m wanting to apply for an FHA loan to buy a Lennar home. However, Lennar keeps trying to pressure me into financing through them. Will I still be able to get an FHA loan and buy the Lennar home that way instead of through Lennar? I don’t have enough funds saved for down payment or closing costs. I am a single mom who just started a new fantastic job at a stock brokerage firm, but I do make under 80k.
It’s a common practice for a new home build lender to incentivize buyers to use their preferred home financing company. A buyer isn’t required to use a builder’s preferred lender but generally would give up any incentives by not doing so. These incentives can range from a closing cost credit, design center credit, etc. When talking with Lennar’s preferred lender be sure to ask what the incentive to use their company is and inquire about both 3.50% down FHA financing as well as 3% down conventional financing.
What about collections?
You are not excluded from being approved for an FHA loan when collection accounts are present on your credit report. 😊 Everyone’s circumstance varies as there are other items taken into account for an approval, such as debt to income ratio, assets, etc. Click here schedule an appointment to discuss your scenario bit.ly/3wERfRV
are you able to get a FHA loan to buy a house can you choose the house yourself and try and get it approved for FHA loan?
Great question. I recommend first talking to a lender that offers a variety of home loans including FHA to fully evaluate your financing options. From there, complete the home loan application, submit your documentation to get pre-approved. This part of the process will give you insight on the maximum loan amount you can qualify for, estimated payments and closing costs. Once you’re approved, you can start shopping and buy any home as long as it meets FHA’s property condition requirements. If you are interested in learning if you can prequalify, please schedule a quick 15-minute consultation with a Kelly Zitlow Group advisor bit.ly/3wERfRV
@@MortgageHowDoI if you have bad credit score do banks qualified the person for a loan to buy a house if you have a 60% down payment ?
Can you still get a mortgage with 2 recent 30 day lates?
It depends on the reason for the lates, the credit score, the overall credit profile, together with your debt-to-income ratio, assets and whether your loan can be approved through the automated underwriting engine (if one is needed for the loan you’re applying for).
@@MortgageHowDoI Thanks 🙏🏾
My credit score is very low and I want to apply, and I also file bankruptcy will I still get approved
Credit score and status of the bankruptcy will drive which loan program is best for you. Most home loan programs have waiting periods based on discharge or dismissal date of the bankruptcy. To fully evaluate your home financing options, I recommend applying for a home loan. Then the lender can review your specifics and give guidance based on your personal scenario.
What is maximum annual income that can get you qualified for fha?
I am the only one is the family who works and have wife and three kids.
Great question! Traditional FHA financing doesn't have an income limit! We lend in over 40 states, if you would like a no-obligation mortgage consultation to see if you qualify please schedule a call with us here: bit.ly/3wERfRV
Is amerisave a good company to get one with
I’m not familiar with them but can tell you there are many good mortgage lenders out there. I recommend talking to an experienced Loan Officer as they are the key to getting to the finish line.
Do i have to find the house prior to getting the loan?
Best practice is to get pre-approved for your home loan prior to beginning your home search. This way you are crystal clear on your financing options. It also strengthens your offer in the eyes of the seller. Unless you’re a cash buyer, you’ll need the loan prior to closing on the home.
What would make you not get approved for a fha lone
Hi Jason! There are a variety of circumstances that could lead to not being approved for any type of home loan. Those may include credit score/credit profile; being self-employed for less than 2 years; debt to income ratio exceeds program guidelines; available assets for down payment and closing costs. I recommend finding an experienced lender to talk with about your specific scenario for the best guidance.
Can I qualify for a FHA loan with 1040 tax returns?
If so, can I do 2023 and next year 2024 equating up to 2 years?
Yes, you can! Typically, tax returns are only needed if you are self-employed. If you are a straight W2 employee, no tax returns will be needed. Happy to chat through your scenario, click the link here bit.ly/3wERfRV
@@MortgageHowDoI Thanks for the info I don't want to waste your time, 😊 so I'll give you a brief profile.
I work in the wedding industry. I was told I wouldn't qualify for an FHA loan I'm not sure if I'm self employed and what the details are. So I want to qualify and not sure what to do. As an alternative my income is through Venmo which will roll over to a 1040 tax return In learning all this, I also registered my LLC last March 2024 . thank you.
Navigating mortgage qualification as a self-employed individual can be complex. Since you're transitioning Venmo statements to a Schedule C for tax purposes and have recently registered an LLC, it shows proactive steps toward meeting requirements. However, most lenders typically require two years of filed tax returns for self-employed individuals. Consulting with a CPA would be helpful as well. They can provide expert advice on tax matters.
@@MortgageHowDoI Yes I'm learning it has been complex lol. So, do you think I can do it?
Once you have 2 years filed tax returns, we would be happy to review and start next steps :)
Don’t you suppose to take a class why no one talks about this 🙄
Thank you for watching and leaving a comment!
25 years gurl did you start at 3
LOL--how did you guess?! 😀
Go ahead and just give your house to the FHA. If can't come up with the down payment and your credit scores sucks, you will default and FHA owns your home.
Thanks for watching and taking the time to leave a comment.
Before I continue. The fact that the video is exactly 8 minutes long is an indication that the content must be good.
Thanks for watching Suhaib!😀
Poor explaining, too generalized :(
Sorry you felt that way. Please feel free to call our office at 480-725-0150 if we can answer more specific questions for you.