How Much Loan & Home Do I Qualify For With An FHA Loan? (2018)
FHA loans are the simplest home loan to qualify for! How much loan and how much home can I qualify for with an FHA loan? FHA loans are among the most common FHA mortgage questions. With today's pretty generous FHA loan limits of $405,950 loan amount in the inland empire and up to $679,650 in Los Angeles and Orange Counties in California (you can look up our own county limit here https://entp.hud.gov/idapp/html/hicostlook.cfm ), for most first time homebuyers, the question is more how much can I qualify for on my income rather than is the loan limits high enough.
There are specific formulas to calculate income for different types of wage earners (hourly salary, salaried, commission, self-employed etc) that must be adhered to, but for the vast majority of FHA borrowers, the standards displayed in this video are accurate. If you have questions regarding income calculations, you can always feel free to reach out to Chris Trapani personally and he'll be happy to help.
FHA is also the easiest loan in regards to credit and Fico score requirements have the lowest standard for fico scores in the mortgage industry, but very low Fico scores will change the debt ratio that will be allowed for your FHA loan.
The down payments for FHA loans are also simple. Unlike the loan myth that almost 50% of the country believe, you do not need a 20% down payment to buy a home. With a credit score of 580 and higher, only a 3.5% down payment is required and from 579 and below, only a 10% down payment and you can buy a home with an FHA loan provided your debt ratio and job history is in line with the guidelines.
As a 27-year mortgage professional, Chris Trapani teaches in very basic and simple terms, how much loan you can qualify for. There are many variables that go into these calculations as each and every state and county in the US have different property tax rates that affect the monthly payment. Even homeowners insurance varies widely from state and counties throughout the country because of regulations that each state and county has as well as certain hazardous areas due to floods and hurricanes as examples.
With all of these variables, in this video, Chris teaches based on income and Credit score, what payment an FHA loan borrower will qualify for.
All loans are different though as every borrower has a scenario as different as fingerprints. No 2 fingerprints are the same and no two loans - even FHA loans are the same. Different borrowers have different credit scores, different time on the job, different salaries or rates of pay and the list of differences goes on and on.
As you can probably see, the ease of use and simple FHA loan can help make the American dream of homeownership come true for so many families who once thought homeownership was unachievable.
Isn't it time to talk to a professional and make it happen for your family? Chris proudly states, "It's time to Fire Your Landlord®"
Chris can be reached by phone or text at 310-350-2546 or you can visit www.FireYourLandlord.info and his YouTube Channel - Fire Your Landlord.
You can also visit
Facebook - https://www.facebook.com/IWANTYOUtoFireYourLandlord/
LinkedIn https://www.linkedin.com/in/christrapanithemortgagepro/
Instagram https://www.instagram.com/christhemortgagepro/
Twitter https://twitter.com/CHRISTOPHERTRAP
There are specific formulas to calculate income for different types of wage earners (hourly salary, salaried, commission, self-employed etc) that must be adhered to, but for the vast majority of FHA borrowers, the standards displayed in this video are accurate. If you have questions regarding income calculations, you can always feel free to reach out to Chris Trapani personally and he'll be happy to help.
FHA is also the easiest loan in regards to credit and Fico score requirements have the lowest standard for fico scores in the mortgage industry, but very low Fico scores will change the debt ratio that will be allowed for your FHA loan.
The down payments for FHA loans are also simple. Unlike the loan myth that almost 50% of the country believe, you do not need a 20% down payment to buy a home. With a credit score of 580 and higher, only a 3.5% down payment is required and from 579 and below, only a 10% down payment and you can buy a home with an FHA loan provided your debt ratio and job history is in line with the guidelines.
As a 27-year mortgage professional, Chris Trapani teaches in very basic and simple terms, how much loan you can qualify for. There are many variables that go into these calculations as each and every state and county in the US have different property tax rates that affect the monthly payment. Even homeowners insurance varies widely from state and counties throughout the country because of regulations that each state and county has as well as certain hazardous areas due to floods and hurricanes as examples.
With all of these variables, in this video, Chris teaches based on income and Credit score, what payment an FHA loan borrower will qualify for.
All loans are different though as every borrower has a scenario as different as fingerprints. No 2 fingerprints are the same and no two loans - even FHA loans are the same. Different borrowers have different credit scores, different time on the job, different salaries or rates of pay and the list of differences goes on and on.
As you can probably see, the ease of use and simple FHA loan can help make the American dream of homeownership come true for so many families who once thought homeownership was unachievable.
Isn't it time to talk to a professional and make it happen for your family? Chris proudly states, "It's time to Fire Your Landlord®"
Chris can be reached by phone or text at 310-350-2546 or you can visit www.FireYourLandlord.info and his YouTube Channel - Fire Your Landlord.
You can also visit
Facebook - https://www.facebook.com/IWANTYOUtoFireYourLandlord/
LinkedIn https://www.linkedin.com/in/christrapanithemortgagepro/
Instagram https://www.instagram.com/christhemortgagepro/
Twitter https://twitter.com/CHRISTOPHERTRAP
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