FHA Loans For First Time Home Buyers 2024 / Everything You Need To Know in 5 Minutes! 

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

@baileyacres From what I though I understood, FHA would typically have the more preferred interest rate... is that not the case

Nice!

Yes I would! You can use the rental income from the 4 plex to save up money for your primary home while building equity in the 4 plex itself. You do have to save more money to buy a 4 plex however, so keep that in mind. Otherwise I think think its a great idea!

@@divyasasidharan2960 thanks!

Glad you liked it!

@@trindon9439 Sure, most lenders offer FHA loans for multi unit buildings up to 4 units. Try speaking with your bank, or you can try an online lender such as guaranteed rate

@@divyasasidharan2960 income before taxes

That depends on the lender. Not all lenders will go that high.

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

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

how do u even have the confidence to try and buy a house😂 im here with good credit 50k downpayment no debt and im struggling

Try NACA or try Direct USDA loan. Read and research to understand each. There are income limits to the Direct USDA loan as well as the Guaranteed USDA loan. I didn’t recommend the USDA guaranteed because they have a max 41% DTI right now and unless you are under it, depending on the lender it will not be approved. Just speak with a lender and let them look at your finances. If they aren’t pointing you in the right direction of what to do get another lender. There are several DPA down payment assistance programs on the state level and even city sometimes. You have to research it. Also if you or your spouse is a veteran you can possibly do VA. Just think of your options.

What’s too much? throw a ballpark range if you don’t want to disclose yours exactly

If you have debit it’s best to get a 4plex …then live in it…then get home later. You debt to income ratio is important.

@@Faisonboy13debt to income ratio must be

It’s 45% now