Steps To Getting Approve For A Mortgage - From a Buyer Standpoint #HomeLoanApprovalProcess

Steps To Getting Approve For A Mortgage - From a Buyer Standpoint #HomeLoanApprovalProcess

Hello Youtube thank you for stopping by it's your 
girl Yandy please don't forget to subscribe like   comment and share this video for the support 
thank you for my subscribers and thank you for   the newcomers we welcome you on this channel if 
you have not subscribed yet here's your chance   to do it because every week we are dropping 
different videos on information that I think   is transformational I believe we'll just be able 
to transform your life um especially now we are   doing a series on um being a first-time homeowner 
I shared my experience when I was able to purchase   a home for like twenty five hundred dollars being 
qualified for a grant and there are different   brands out there that people just aren't aware 
of so every week we're dropping drills so please   press the notification button so you know when we 
are when we drop another video so based on what we   have been speaking on I dropped a video on how I 
was able to purchase my house for 2500 i also drop   a video on like the do's and don'ts of insurance 
claim but now i have gotten a lot of questions   regarding how do i get qualified for a mortgage 
so this video is really just going to go into that   how do you get qualified for more mortgage and 
this is based on my experience and my research I   was also able to help a couple of my friends to 
become first-time homeowners one last year and   one this year as well and I'm still working on 
a couple of other friends because I'm that type   of person i push people to be excellent because 
i know that's what we capable of so first thing   first when you are looking to purchase a house 
you want to look at your credit your credit is   really really important because it determine 
if you get qualified for the mortgage one   or it determine what type of interest rate you are 
going to pay once you get your mortgage i would   recommend looking at your credit and trying to see 
if it's at 640 or above if it's there you good but   if it's not there you want to make sure that you 
work on there and trying to build your credit   and push it to 640 or above once you work on your 
credit you want to then look at your work history   if you have been at a job for two years you are 
good if you have been in the same field for two   years you are good but if you just started a job 
that is totally different from what you used to do   it might be a challenge to get you qualified for a 
mortgage now there are some scenarios that look at   if you have been let's say you have been working 
as a customer service for like two three years but   you was going to nursing school and you finally 
finished nursing school and now you are working   in the field that you went to school and 
they may look at that differently so each   situation is different but i will tell you rule 
of thumb is two years two years at the same job   or two years in the same field now when it comes 
to these two years what they're going to look at   is your income tax for the past two years and 
they're gonna take the average income from your   income tax if three years ago when you filed for 
your income tax you made fifty thousand last year   when you filed for income tax you made 40 they're 
going to take the average and they're going to   say you make 45.

buying a house

That's how they're going to do it 
so i would tell you for those self-employed folks   and for the folks who does uber live who's who 
self-employed or who is 10.99 who use 10.99   when you are filing for your taxes and you 
know you are ready to purchase a home please   do not use all the expenses that we normally put 
in our income tax so we can get a higher um return   because you want to show them that you are making 
enough money to get qualified for this mortgage   remember if you're looking to purchase a 
home for two years of income tax they're   going to look at that two-year and i want you 
to make sure if you are planning on purchasing   purchasing a house next year be careful how you 
file for your income tax um in january february   or march and look at also your income tax that 
you filed this year to compare to make sure that   at least you can be qualified for a decent amount 
so how do they determine what you qualify for is   really based on your debt to income ratio and how 
to do it is this if you are making 5 000 a month   and your other bills that are on your credit it 
could be car it could be student loans it could be   um credit cards whatever bill that is on your 
credit that's what they're going to look at   so your debt to income ratio for typically 
for a mortgage cannot exceed 43 that means   what you pay now on a monthly basis that 
is on your credit and your potential new   mortgage together cannot exceed 43 of your monthly 
income so if you're making let's do this math if   you are making 5 000 a month you're going to times 
that by 43.43 that's 43 percent that is 2 150   so now let's say you have a card note you have 
a couple of credit cards and you have a student   loan that take that has a total of hundred and 
fifty dollars a month on your credit so what   they're going to do they're going to mine 
is that 550 and now that new total of 1 600   is what you'll what you will be qualified 
for as a mortgage so they'll tell you okay   you can qualify for whatever that amount 
is that's going to lead you to pay 1 600   and they're not going to budge so if you 
have a lot of stuff on your credit while   you're repairing your credit pay them off remove 
debt so if you have a lot of credit card debt   and all those minimum um minimum payment remove 
them because they're going to count against you   if you purchase a car and you're about to finish 
paying it off great you don't want to have nothing   on your credit because you do need credit you 
need at least three line of credit it could   be any three but they're going to actually for 
three so you don't have to pay everything off   but you know at least clean up your credit clean 
up your credit so you'll be qualified for the max   so now once you fix your credit 
once you figure out your job   and and figure out if you're going to be 
qualified based on your work experience   now saving you want to make sure you have enough 
savings now if this is your first time purchasing   a home you most likely can be qualified for fha 
that require a 3.5 down so let's just do the math   for fha loan three point five percent of 250 
000 that is eight thousand seven hundred and   fifty dollars that is going to be your down 
payment three point five percent now closing   costs can be anywhere from two to four percent 
of the total payment so two to four percent   so i'm going to push it up to four percent guys so two hundred and fifty thousand times 
four percent that's ten thousand dollars   so take that ten thousand plus eight seven that's 
eighteen thousand seven hundred and fifty dollars   for an fha with three point five percent down 
with an estimate of four percent closing costs so that means you you have to say you have to have 
some decent money however yes it's always good to   save you want to go in there thinking like i'm not 
gonna get qualified for nothing let me make sure   that i have this money available so when they say 
hey do you have it let me see your bank account   bam and you show it so however there are grants 
that you may be eligible for if this is your first   time purchasing a home you are first time home 
buyer grant they are purchase um assistant program   that's out there it's like city grants that 
are available for people to move into the city   into that particular city so once you meet with 
your realtor your broker and you show them all   of this you also want to inquire about grants 
to see if you can get qualified for immigrants   that can offset this amount that you have to 
come up with remind you when i said i bought   my house for two thousand five hundred dollars two 
thousand five hundred and thirty six to be exact   i did that because i was qualified for a grant 
and i also was able to get a seller credit   so there's different things that you can 
look into to see if you can lower that amount   so let's say now you meet with a mortgage broker 
and they look through everything through your   finances and everything and they tell you 
you are pre-approved for x amount of money   so when you are pre-approved this is like hey 
this is what you need to really start looking   like realtors don't really work with you until 
you really have a pre-approval letter because   how they're gonna know what properties to show 
you if they don't know what you're eligible for   or if you're even eligible period so when you get 
that pre-approval letter that's when you can reach   out to a realtor and let them know hey you ready 
to purchase some um you ready to start looking   and now i have to tell you guys right now 
especially in certain states the housing   market is very dry so please do not get mad at 
your realtor if they can't find you the house   of your dream it's because right now i think we're 
going through a drought season for houses because   it's different in the housing market now so 
i know you are excited because normally that   pre-approval letter is good for three months 90 
days you want to make sure you start that process   really quickly so you can find a house and close 
within 90 days if that's not the case let's say   you got pre-approved and you need to find a house 
they're gonna have to go do the process again   and you have to submit everything again and they 
have to get your pre-approval again and they   gonna do it for another 90 days and and it goes 
and it goes and it goes until you find a house   um i hope this information was helpful guys so 
i'm here to answer any questions that you have   i know this video is a little long but it's 
worth watching and i hope this information   that i give you is helpful and if you are ready to 
purchase a home please contact a mortgage broker   or a realtor to make sure that you are 
good to go and that you are qualified i   wish everybody that is looking to purchase 
the home get qualified and i hope we all   become home owners really soon if you have any 
questions please put them in the dropbox comment   like subscribe and share guys to help 
me boost up this channel your support   and love is truly truly appreciated i love you 
guys and i wish you guys have a great day bye

As found on YouTube

Looking to see what kind of mortgage you can get? Click here to see

Leave a reply

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