HOW TO GET APPROVED FOR A HOME LOAN - First Time Home Buyer
Are you considering buying a house but not sure where to start? Where do you apply for a loan? How do you qualify for a home loan? What documents are needed when applying for a home loan? Can you get a mortgage with low credit scores? In this video, we discuss how to get approved for a home loan from where to go to apply for the loan as well as what most lenders are looking at when approving you for a home loan.
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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.
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Are you in the process of buying a home? If so, how's it going? Are you finding success in today's real estate market or are you constantly being outbid by higher offers? What are you doing when writing an offer to purchase a home that is making your offer stand out? Please comment below.
Please let me know your thoughts below: what are your predictions for the housing market 2021 forecast and the housing market 2021 california? After watching this video, do you believe you should be buying a home this year or if now is the best time to sell a house?
Do you believe a house market crash 2021 or real estate bubble will happen? If so, why? What are your thoughts on the Orange County real estate market and the potential real estate crash for orange county real estate?
Connect with me 👇
Jeb Smith (huntington beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
➡I N S T A G R A M ➳ / jebsmith
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