FHA Loans For First Time Home Buyers 2024 / Everything You Need To Know in 5 Minutes!
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- เผยแพร่เมื่อ 18 มี.ค. 2024
- Here is a quick overview of the FHA loans for first time home buyers in 2024. Hint It isn't always the best option!
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What questions do you have about FHA loans?
Hi, thanks for asking . I’m wondering why the lender chose fha when my friend has a 745 credit score and plenty for a down payment. Maybe because the income is only $3,000 a month ? She said it would be only $5,000 for down pay and closing cost with a 3.5 interest rate
Hi, income could be a reason why the lender chose FHA. With an FHA loan you can qualify for a higher amount
@@baileyacres how do you avoid PMI on conventional loan and FHA loan?
@@Mr.Bathelus832 For conventional you need to get the loan to value ratio of lower than 80%. I don't believe you can avoid PMI on an FHA loan, you would have to refinance to get rid of it
Great video, THX
Glad you liked it!
Could the income be from three different people?
Speak with a mortgage lender to be sure, but I believe that if you use income from 3 people then all 3 people have to be on the mortgage. Otherwise yes you should be able to
Yes you can , I just did that with my husband and my brother. But three of you will be on the mortgage
I have bad credit, about a year and a half of credit history. No money saved where can I go for a mortgage
You can speak with any mortgage lender, such as the place you bank at, and they will be able to tell you specifically what you need in order to qualify for a mortgage
Rent until you get yourself together mate
FHA turned us down because we had too much debt
What’s too much? throw a ballpark range if you don’t want to disclose yours exactly