First Step of the Home Buying Process

Опубликовано: 05 Октябрь 2024
на канале: Jeb Smith

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Are you a first time home buyer and new to the home buying process? Do you want to buy a house but not sure where to start? In this video, I discuss the first step of the home buying process for first time home buyers regardless of whether you are using fha, va or conventional financing.

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How to get approved for a house loan

✅ Gather the necessary documentation that we discussed in the video
✅Go into your local bank or call a mortgage broker to start the approval process

FHA loan 2020 requirements

✅FICO® score at least 580 = 3.5% down payment.
✅FICO® score between 500 and 579 = 10% down payment.
✅MIP (Mortgage Insurance Premium ) is required.
✅Debt-to-Income Ratio less than 43%. (Actually you can go much higher than this)
✅The home must be the borrower's primary residence.
✅Borrower must have steady income and proof of employment.

FHA Videos You May Find Helpful:

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#Shorts #FirstTimeHomeBuyer #FHA