[FHA] FHA loan | FHA loan process [HOME LOANS] FHA Mortgage Loan [MORTGAGE]


Hey this is Chris Trapani 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 down. 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 loa. 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 number
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 your net
income that’s what after you write everything off all your expenses and if
you just have a job and maybe your salary very simple but if you’re hourly,
we’re gonna calculate you hourly and we’re gonna average your overtime over
two years so we can look into things in a number of different ways. We’re experts
at figuring this out. Now once in a while people say to me, Chris I’ve only been
doing this six months and I ask did you get an education in this field maybe a
college degree maybe a certificate program maybe you went to a year of
training to become a radiologist or a radio technician that type of thing well
we can use that in lieu of the two years experience so there’s a lot of tech tips
tricks trades little things we can do but you need to show me what it is so I
can help you qualify for that loan. Step number six – Documentation. We must prove
everything must be forensically proven on paper – how much do you make – how much have
you made for the past two years. So the documentation I’m going to start with
I’m going to tell you we’re gonna need two years w-2s from your job we’re gonna
need two years federal taxes once in a while we won’t need them but we will
require getting them in case we’re going to need one month’s
pay stubs so if you’ve been on the job for 10 years or you’ve been on the job
for two months I need the last month’s pay stubs and this is for all borrowers
so if there’s a husband and wife both working need it for both we also need
two months bank statements for any accounts that you might have savings
account retirement account check an account all the different banks or
credit unions or whatever type of money accounts we need two months worth and we
need all pages. If a page says this page is intentionally left blank
I need that page. It sounds silly I know, but those are the guidelines also need
your driver’s license and social security card this is super important in
today’s day and age of you know what we have to deal with and the Patriot Act
but it’s federal law we have to get those documents now once in a while if
somebody’s had a bankruptcy in the past we need the bankruptcy papers if you’ve
been divorced we need the divorce papers we need some
extra documentation and that’s a case-by-case basis we’ll let you know
what they are based on your individual circumstance so the paperwork is super
important if we ask for 10 things and we get nine it’s kind of the same as having
zero we need them all. Step number seven I’m gonna teach you what the loan process is
and how that works what I like to do is get you first of all not pre-approved
most lenders out there – they do these pre- approvals and well they’re only worth
the paper that they’ve written on what I like to do is gather all documentation I
actually send it to the underwriter the underwriter is the person who approves
or denies the file I send all the paperwork as if we already have a
property we’re ready to go I send you a credit I send you bank statements I send
you everything that it takes and I let the underwriter say yes you’re approved
we need this additional documentation which is very common but when you make
an offer you’re gonna do it from a position of strength so we get you
pre-approved and now what’s gonna happen is you’re gonna go with a realtor if you
don’t have a realtor I know all the best most experienced realtors in the
industry I’ll give you a great realtor now you’re gonna go with the realtor in
your price range he’s gonna show you houses condominiums whatever you’re
looking for in your individual circumstance and if you find that one or
two properties that you say hey this is the one what happens is they the realtor
is gonna write an offer and submit it to the agent who did the listing and I’m
gonna assist them with helping to get your offer accepted in today’s day and
age there are seven to ten offers for every property on the market because
there’s a shortage of houses and this is driving the prices up so time is of the
essence you want to get this going now here’s what happens they’re gonna review
the offers they want to see which property and which offer is going to
make the most sense for them obviously they’re gonna look at which one’s gonna
pay us the most money they’re gonna look at which one is most likely to close
that’s super important because sometimes there are offers that are not very good
not very strong borrowers so they’re gonna evaluate all these things that’s
where I get involved I call them up and tell them this is Chris the mortgage pro
and I have a slam-dunk deal ready to go that is not pre-approved it’s already
approved that will raise your offer near the top of the list if not to the top so
that’s a very big deal once the offer is accepted what happens is we’re going to
start with the loan process there’s disclosures and paperwork we’re in a
very bureaucratic age in the mortgage industry and the whole mortgage industry
is are gonna require you to sign paper about this thing thankfully we can do it
electronically today you could just click on your computer or on your phone
and accept those disclosures the next thing we’re gonna do is we’re gonna
order title we’re gonna open escrow and we are going to order the appraisal we
handle all of that so you don’t have to and again the underwriter is going to
look at the appraisal they’re gonna look at the title they’re gonna look at
escrow see if everything is acceptable is there any additional paperwork that
we need from you the borrower has any changed and when we put all that
together and they issue what’s called a clear to close that’s when we start
doing the happy dance we’re excited everything’s going good we start the
closing proceedings there’s gonna be a paper that’s gonna be emailed to you
call the closing disclosure and that’s where it has the final numbers because
everything must match to the penny and you’re gonna sign this closing
disclosure and three days later you’re allowed to sign the loan documents and
usually either sometimes that day or usually the next day of the day after we
close the loan it funds the loan we wire the money to pay it off and then the
escrow and title company work together to record the loan the when’s once it’s
recorded the property is now finally a hundred percent it’s your property
you’re a homeowner and the next thing that happens is the realtor is gonna be
all excited to come and present you with the keys so you can open the door to
your own home at that point we have fired your landlord that’s a big deal
step number eight is really simple call me up
just call me text me email me whatever it takes
call one of my assistants We’ll get you the numbers really simple we sit
down we go through the process if you want
and you don’t have time and time is of the essence here’s what you can do you
go to my website www.FireYourLandlord.info We’re going to Fire Your Landlord!

100 comments on “[FHA] FHA loan | FHA loan process [HOME LOANS] FHA Mortgage Loan [MORTGAGE]”

  1. Sarkis Aleksanian says:

    The most informative FHA Home Ownership process video on YouTube. Hands down!! This is the video that made me realize I too can become an owner. I'd like to thank you for sharing your knowledge and expertise. I have forwarded your videos countless times to friends and family and hopefully they too can Fire Their Landlord. Thanks again!

  2. marie charles says:

    Where you located pls

  3. J C says:

    I didn't hear about student loan debt or collections on the credit report. Or is it just score based and collections do not matter?

  4. Frank Nizzy says:

    Good info Chris… I'm in Virginia and I'm a first time home buyer. Credit score 671 and same job for 5 years making around 50,000 a year. I have about 9,000 In savings account. What type of options do I have that will be affordable and do you help with Grants for down payments and closing costs? I'm totally new to this home buying and just want some honest information and not to be screwed over due to lack of knowledge. Thanks

  5. Play 838 says:

    Thank you so much, I was so lost!

  6. Zeezy Wazzy says:

    Is there anyway to get around job history?

  7. I like apples I like apples says:

    Gotta love this guy

  8. sharene myers says:

    Can you buy a house if your retired with income from a trust?

  9. Rychel Rychell says:

    His big ass eyes makes me not trust this dude. Lol

  10. Eduardo silva says:

    Excellent video very informative do you work in TX?

  11. albert rivera says:

    Chris can i still get approved if have 4 negative thins in my credit with 605 FICO

  12. FHA Condos says:

    Great info for FHA loan borrowers!

  13. Ivan Akinfiev says:

    I'm a 20 year old, (for now) uneducated Brit. I'd like to move to the US and start a property portfolio. What's the easiest way to get a property that me and my wife can live in and that we can also rent some of the rooms out so that it pays our mortgage off and pays us a little extra on top?

  14. Craig McDonald says:

    Hi i got a friend that wants to sell me his house now. Can you help me get a loan asap!

  15. Jane Jane says:

    I have 2 years of W-2’s and taxes but I messed up my 2017 taxes. I filed both my 2017 and 2018 this year but I mistakenly filed my 2017 taxes on a 2018 1040 form. I submitted a letter and myW-2s to the IRS but I was told it could take a long time before they get back to me. Can I get approved for a FHA loan before that is resolved? I shouldn’t owe any money to the IRS but I’m not sure what to do.

  16. F.A. H. says:

    What about getting home inspections?

  17. Baby Bubba says:

    Is the loan only for single family homes or can you acquire duplexes or multi family properties as well?

  18. Rasheka Tukes says:

    First thank you for such an informative video. I have received conflicting information regarding the home buying process for those of us in a Chapter 13. I’ve heard that you can qualify for a FHA loan as soon as 12 months into Chapter 13 bankruptcy with 12 months of on time payments and trustee approval or as soon as the Chapter 13 is fully paid and discharged. Is this correct?

  19. prioleau2012 says:

    Will it look bad to loaners if you have overdrafts on your bank statements but you paid it off when got paid

  20. Dawn Sok says:

    How long is a pre approval letter good for ?

  21. chatito bbq says:

    Wht do you mean taxes? I thought you need 2 years of you're w2 taxes from were?

  22. Evelyn C says:

    Would I be able to do this at age 18 I’m doing to start saving up till December because here where I rent they’re going to tear down and I want to buy a home ASAP and not be renting wasting my money

  23. Earl Thompson says:

    Great tips

  24. Faatimah Maddox says:

    Hey Chris can I get approved with 574 credit

  25. Edward Maduena says:

    Can the FHA loan be used to buy a piece of land and set it up with a well and power so it can be ready for the home and at the same time build it from scratch?
    Or does the house have to be already built?

  26. Carlos Charleston says:

    I like him 🤔

  27. Liz Gaby says:

    I have a question that's bothering and I'm scared to scare the loan officer lol
    My mom told me I could ask for a higher loan . If the house costs 100k i could ask for 130k to do repairs if needed, maybe get a new car and buy all new furniture. Is that possible? People that have bought homes around me seem to be mean about explaining how or who they went to, sometimes it feels like they dont want others to be blessed by owning a property, I can tell by their tone and body language which they can suck it cus either way I'm on it. My loan officer said I could do the fha loan with a 3.5% down equalling $4.500 but I saved up to $6000 and keep saving just in case and make 40k my husband 45k a yr but he will not be included due to status issues.
    Also I stop working for 18months..baby.. but i do have more than 2 years in the same line of work and started working back again in nov 2018 currently employed in the same place.. my w2 for the past 2 years are tied to him and obviously he was the one making all the income…is that going to be a problem?
    Btw I've subscribed!

  28. Fresh Reserve says:

    Is it possible being at your job for 14 months? Get fha loan

  29. Kaleb Rowland says:

    I’m a 19 year old with 2+ years proof of work experience. Only problem is that it’s me being independent contractor, not an employee. Will I still get approved for the FHA? I’m a model signed around the country, and i’d like to use this as leverage for getting a loan. Will it work?

  30. Ryan Allen Bell says:

    This guy looks like he related to Jordan Belfort! Lol

  31. SEC13 says:

    I’m on disability what options do I have?

  32. Geary Lynch says:

    I would like u to help me buy a house

  33. Loyalty and Respect says:

    Thank you for the information I’m currently saving for a house here in California, when I’m ready I really want to get in contact with you so you can help me with the process.

  34. Dewanna Terry says:

    This information and the way you delivered it was the best. Thank you. I'm trying as we speak to buy a home

  35. Tushi Deva says:

    What if i have one year income to show but its a decent income 70 grand a year ?

  36. RG says:

    Would we be able to get a loan for 200-250k with 60k income, and 10% down, with not too much debt?

  37. Catz Truck says:

    He sounds like he knows his stuff.

  38. Sweet Tee says:

    Thank you Chris!

  39. Tamara Reed says:

    New subbie. Great information and you got straight to the point!

  40. Bliss Limo Service says:

    Awesome video! Chris I have some clients that are looking for loans some have low ficos you said you can work with a 580 right? We are trying to increase their fico as we speak.

  41. Roland Cordero says:

    How much do you charge to do an FHA loan? What is the out of pocket cost by the borrower?

  42. Roland Cordero says:

    Thank you.

  43. XRP Messiah says:

    Oh man… I watch tons of videos, you touched all the points I needed to know___ I watch this video 5 times in roll with pen and paper in hand___ thank you pal

  44. Shawn Afshar says:

    Out of these areas where do see a better investment
    Denver
    San Diego
    Irvine

  45. THE Offical Page Of Joey Savage SERVE N OBEY says:

    This is bullsht I got to rely my life on someone picking me out of a bunch of other people no wonder it takes so long it's you vs 50 people on same property you're hoping you get picked God I see now why I been getting nos playing law of averages

  46. Andrea Decena says:

    Hi. I’m retired can I buy a house with that kind of income?

  47. Deja Vu says:

    Thanks for getting to the point with very accurate information!!!!!

  48. M M says:

    You are the best. Thank you..😁

  49. Dawson Guzik says:

    If we have a total house income of 55,000 a year between 2 of us and were looking at a house in the 150,000-175,000 range with a 6% down do you think we could get approved?

  50. Luis Fernandez says:

    Can i get approved woth 540 credit score 12k down ?

  51. Prod. AD says:

    Dope

  52. johnny perez says:

    Great video!!! Thank you so much for taking the time to share this information!!!

  53. Gabriel Sanchez says:

    Can you work with me? Im located in Washington state.

  54. Whyareyoumadbro says:

    I just started a job selling insurance making $90k+ per year, where as my previous job I made 22k. I’ve been with my employer going on a year in November. So currently 8 months, does this mean I cannot apply for a FHA loan or does this mean they will average last year with the year of my new job?

  55. ShesReady2Live says:

    Im going to miss out on the whole "handing over of the keys" moment because Im buying the place Ive been renting for years. So anticlimactic, lol

  56. W Wilson says:

    Outstanding breakdown

  57. Bruh says:

    I haven't been with my job for 2 years. So i dont qualify for an FHA?

  58. Manny Luna says:

    Could I use an FHA loan to buy a manufactured home? California

  59. Jany King says:

    Just wondering how much do I have to make yearly to qualify.?

  60. BlackDiamond 1333 says:

    Crazy eyes

  61. DJ STICKX B says:

    Can you do it with just your w2s or do you need w2s and tax returns? Im getting different stuff from different people..guy at my job said just his w2s was needed with the other stuff

  62. Kim Rosa says:

    Hi, so my fiancé an I plan to relocate in Florida and purchase a home with a FHA loan, how would us having new jobs out there affect our chances for the loan?

  63. Sans the spooky scary skeloton says:

    Thanks I needed this tryna navigate a few things and get ready to buy in next 6-8 months

  64. Daisy D says:

    Thank you Chris. This was very informative and straight to the point. My husband and I own a business but have been looking to get an FHA loan for a home that is on the market and have been eyeing for awhile now. I think we may have to wait for about another year unless i go back to Law school in lieu of the 2 year self employed requirement for qualification purposes. This was very helpful. Thank you

  65. Alaina Linda says:

    Thank you this was amazing!

  66. Playa BoN3 says:

    Do you work in Mississippi??

  67. Jesus Loves Me says:

    Hey will I get approved for a loan amount of $220,000 or higher in Florida??? I have a 610 credit score. I make $4200 a month. Paying about $1,965 a month in expenses (car note, credit card bill, rent) I been on my job for 5 years. I have 3.5% right now and live in Polk county Florida… but the houses here in the area I want is $230k or higher. Do I need to do something more to get approved for that much?

  68. billy3287480 says:

    I looked at a mobile home today and they said it wouldn’t be fha approved because it’s on a dirt pad and not a concrete pad. My lender says that it just has to be anchored to the ground. Doesn’t matter if it’s concrete or dirt as long as it’s anchored. Clayton says it has concrete. Who’s right?

  69. Tony Gordon says:

    He just made the process so easy. Very informative.

  70. Danielle Carr says:

    I heard with FHA your down payment can be as low as O%. Is this true?

  71. Yvonne Weinstock says:

    Do you work with anyone in Alabama? Thanks for this simple and informative breakdown video 👍

  72. The Scribe says:

    Damn. I never wanted to own a house but the rent rates in Chicago are INSANE!!! $1500 – $2000 for 600 sqft. Everyone tells me I could be in a house for the amount I pay for rent. I may have to look into those FHA loans. 3.5% down payment I could get something nice.

  73. Isidro Cortes says:

    Amazing video , very detailed oriented
    Thank you !!!

  74. V. Burdette says:

    This is one of the best videos on homebuying i have seen. Thank you.

  75. Laurie Borbon says:

    Wish I had seen this a month ago.

  76. Laurie Borbon says:

    An FHA loan means a higher monthly mortgage payment????

  77. Alex Rathert says:

    Hi! Thank you for the video! I have a quick question for you. My husband is paid a flat rate for his job, and he is the primary income. Is the flat rate averaged over the course of 2 months since it’s not technically salaried or hourly? Thanks!

  78. Bo Zi says:

    Noy sure how this appeared on my recc list but I learned about theae FHA loans a while back and almost made a mistake of selling my first house to an FHA buyer. Good thing I didn't. Since then, owned 4 homes. I always specified that I prefer a cash buyer or a traditional loan buyer.

  79. Daron Rock says:

    jordan beltfort knows his ish

  80. jahadah murphy says:

    Through FHA do have to buy homes in your area (state)?

  81. Quisha Shernese says:

    This was so helpful! I’m graduating college soon & starting a new career. I had heard about the “two year” rule for employment & was concerned. I’m so glad you cleared that up!

  82. joseph vallejo says:

    Very good

  83. Mar Sol says:

    Thanks

  84. Sarah S says:

    This was so helpful thank you!! Looking to move out of my parents house without paying obscene rent rates and didn’t think it was possible

  85. Nicholas Thompson says:

    I’m a truck driver (1 year) but I went to school for it ….would truck driving school be considered “schooling” in order to
    Bypass the 2 year in the same industry requirement?

  86. Felipe Priscilla says:

    I got approved for an FHA loan. If I purchase a home less than the amount I got approved for, can I use the remaining of the loan amount towards down payment?

  87. DPAD-FTW says:

    What's up with his eyes?

  88. J rageous says:

    If I only make 46k anually with a 584 credit score can I get approved for a 170k loan?

  89. Ryan C. says:

    Quick and to the point. After several videos in here, you got to the point and made it clear. Thanks

  90. april r says:

    I watched your video and it was very informative! But I have a few questions. My husband fico score is 580 on transunion and lower on Equifax. Is it still possible to qualify? Also we live in Florissant Missouri and have already found a house that's priced 89,000. The broker said we could purchase home through fha with 100 dollars down. Can you explain to me how that works?

  91. ja go says:

    I have no bills make 45000. A year $3,000 and collection of medical bills that are almost 4 years old. My credit score fluctuates when they reage those two debts, which is illegal. But my credit score fluctuates between 650 and 748, FICO score. I'm told by the bank ,
    having one credit card 3 1/2 years and paying it off every single month. I could not qualify for a loan. I do not have enough credit history.I need to show that I can pay
    I'm told I must have two three credit cards. maybe a personal loan or car loan to show that I can pay on time. so I have to be in debt ruin my life to prove that I can afford to buy a house. Even though I have $20,000 for down payment. so you can'
    get blood out of rock and it's still not good enough. so the problem is I don't need two or three credit cards I don't need a personal loan, and I certainly don't need a brand new truck. to prove that I can pay my bills on time.

  92. Andie Ross says:

    Hi! My husband and I are wanting to buy a house. We live in Texas, and there is three of us including my daughter. We currently live with my parents due to a hardship last year for my daughter's health. We have no money saved. We are running out of space at my parents. Should we just wait to save up some money, or is there a program for us? We have good credit..800…and my husband is salary. We currently only have one debt.

  93. lisalozano1408 says:

    😮 thank you

  94. Sorina Juganaru says:

    Do you have to be a federal worker to qualify for FHA? Or just anyone can apply for it ?

  95. carol kitteral says:

    I’m Tired Of Renting, When I Can Put That Money Into Buying A House, Don’t Make Much Sense.This Video Gives Me Hope.

  96. carol kitteral says:

    I Wonder How Much Down Payment I Would Need To Put Down On An FHA Loan.

  97. Raymia Hearren says:

    Question do you serve New Jersey? Also, what if your spouse does not have 2 years of employment in the same field?

  98. RICARDO RAMIREZ says:

    I just graduated as a Civil Engineer and started working immediately. I am on my 6th month as a civil engineer with about a 700 credit score. I have about a 30k student loan but have a wife and child and am tired of paying rent. Would my education count towards the two year of experience?

  99. AidaLight Truth-B-Told says:

    I wish you were in Tampa, Fl loved your video so authentic…

  100. Oswaldo Vela says:

    Great informative video! Subscribed to the channel. I have many clients in the Financial industry who I can refer them to this video for the proper education needed to go from dreaming to doing. Thank you!

Leave a Reply

Your email address will not be published. Required fields are marked *