Mortgage Minute

In today's video we will discuss the Income requirements to obtain an FHA loan.

In this video we discuss the property requirements for an FHA Loan. Use this to ensure you have a good understanding on what property types are accepted and what the LTV requirements are for FHA. FHA is a great program for first time home buyers

In today's video we will discuss FHA Qualifications and what banks and lenders are looking for in regards to Income, Property, Assets, & Credit.

In this video we will discuss USDA Qualifications and what banks are lenders are looking for in regards to your Income, Property, Assets, & Credit qualifications.

We will discuss what banks are looking for when it comes to asset qualifications for a mortgage application. Your assets can be your standard bank accounts, 401k, stocks, and even real estate owned. You can also use gift funds as assets.

The income lenders use is your gross monthly income. Meaning the amount of money you make before taxes are taken out. You can break this down regardless if you are an hourly employee, paid twice a month, every two weeks or monthly.

Your property requirements center around your Loan to Value Ratios. Banks also lend based on property type, so know what type of property you are buying for example Condo, single family, manufactured, duplex, etc. Some banks don't provide mortgages for all property types.

Most everyone knows your credit score or FICO drives your mortgage application. However there are more components involved when it comes to your credit for a mortgage application Public records can play a role in credit approval for a mortgage.

There are 4 key components to completing a mortgage application for your home loan: Income, property, assets or credit. In this video we breakdown what they are and what banks are looking for when evaluating your application