NEW FHA Loan Requirements — The Ultimate Guide For First Time Buyers

If you're thinking about applying for an FHA loan in 2023, you're in the right place. In this video, I'm breaking down all the new FHA loan requirements you need to know about. From credit scores to debt-to-income ratios, I've got you covered. So if you're planning to buy a home in the next year, make sure you watch this video to get all the details on what it takes to qualify for an FHA loan.

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TIMETAGS
0:00 NEW 2023 FHA Loan Requirements: Everything You Need To Know
0:27 FHA Highlights
2:12 Quick Pros/ Cons
4:01 Big Changes
5:53 What is FHA?
7:54 Who is Kyle Seagraves?
8:24 Down Payment
9:06 Down Payment Assistance
11:46 Closing Costs
12:33 Loan Estimate Walkthrough
15:21 Proof of Funds
19:34 Seller Credits
21:38 Home & Money
21:53 Credit Score
25:37 ScoreMaster
26:09 Big Lender Problem
26:22 Overlays
27:29 Credit Events
29:09 Biden's Admin CAIVRS wipe
30:04 Credit Events
30:55 FHA Rates
32:54 Mortgage Insurance
35:53 Property Requirements
38:23 Condos
41:02 House Hacking
44:25 Property Condition
47:42 Appraisal Highlights
51:58 Example Homes
54:59 Loan Limits
57:09 Income & Affordability
1:03:47 Co-Signers & Co-Borrowers
1:06:43 Max Purchase Price Calculator
1:08:12 FHA vs. other loans
1:10:06 Student Loans
1:11:34 IDR Allowed
1:13:14 Student Loan IDR Help
1:13:49 Automated and Manual Underwriting
1:20:41 Special Requirements
1:21:45 Refinancing
1:23:21 Rehab Options
1:23:54 FHA Bridge Strategy
1:25:45 Success Rate & Seller Perception
1:26:31 Clip from Javier Vidana
1:28:55 Make Your FHA Offer Stand out
1:30:31 How to get one

— DISCLAIMER —
Kyle Andrew Seagraves is Federal Mortgage Loan Originator (NMLS 1701021) licensed in all 50 states with the Dan Frio Team at Allied First Bank (NMLS 203463), an Equal Housing Lender. Separately, Kyle owns Win The House You Love LLC, an education company. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This video is only for educational usage. All calculations should be verified independently. This video is not an offer to lend and should not be used directly to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. Allied First Bank is not affiliated with the VA, FHA, or any other government agency. This video has not been approved by any government agency.

[MzLaylah]

Kinda getting emotional right now. I don’t have a single person to teach me anything about home ownership/loans fees etc. I’ve learned so much and this is my second video I’m watching. Thank you! May God bless you ten fold 🎉

[songbird]

I'm at 740 score but we went FHA. I prefer their standards for a home appraisal. The FHA also had a lower interest rate and right now, that matters. We got seller to cover closing costs. We should be closing by the end of the month.

[Leonardo-tjup]

Going through the homebuying process has been very stressful, and this man has explained everything more clearly than I could’ve ever imagined
I feel a lot more comfortable and confident after watching his videos. Thank you so much for all your help. 😉

[humblemotions]

I’m 24 looking for a home this year or next. Tired of giving apartments 20k a year. This video gave lots of info & you seem well knowledged on the subject. Subscribed.

[carynrg]

You really do have the heart of a teacher. I stumbled on your videos looking for something else, and I'm so glad I did. Good job! Thank you for the education.

[WinTheHouseYouLove]

Additions from the comments:
- If you increase the purchase price to ask for seller credits, the home has to appraisal at the higher value. If it doesn't, you risk not being able to get the credits.
- You can use money from the sale of a home, marriage settlement, etc for your source of funds. As long as it can be documented.
- You can buy a foreclosure, but it has to meet FHA appraisal guidelines.
- 90 day flip rule
- Seller may be hesitant of FHA since repairs may be required
- $100 down FHA

[CleanLuxuryCosmetics]

This video is pure gold. Absolutely everything I was looking for all in one video. Thank you!

[dre]

I used the FHA loan to buy my home at 22 back in 2011. It was very helpful but the mortgage insurance was a pain. I get that they are worried about defaults but paying more makes it harder to pay it. I refinanced and got rid of it and lowered the interest rate before it was too late.

[chaimaeelhourani]

As of 03/20/23, the monthly insurance premium will be reduced from 0.85% to 0.55% for loans with an effective case number on or after 03/20/23 only. The one-time upfront mortgage insurance premium of 1.75% will remain the same. Kyle, thank you so much for this very informative video about FHA that I might have repeated 50+ times, and every time I've learned something new.

[manaarbroxton]

This guy is so informative. I could listen to these videos all day. Learned so much going through my lending process. I reached out to his company after I had a set close date. I was emailed back and had my closing details reviewed and was told that I’m looking good. That was so honest and helpful as I was working with another lender. This will be my go to when I refinance out FHA. Customer service is spot on!

[shahida]

Literally obsessed with this channel!!! This is the BEST MORTGAGE CHANNEL ON Thank you much for this information this has been extremely helpful.

You said we

[soulfulexpansions]

I really like the sound of your voice. It's very soothing . U could talk about anything and ide enjoy listening to you talk lol. 😊

[damahom]

Kyle, you truly have a heart of a teacher! Thank you for all that you do. Wifey and I are much more comfortable with the wisdom you and the team have provided us. We are intending on buying a single 6-12 months and hoping we get a realtor with your attributes. You provided so much! Like, Subscribed and Sharing with friends and family. Definitely going to be a Lifer on this channel lol Keep up the hard work Kyle. Happy holidays and have a great new year!

[taneishareed]

I had to stop in the middle of this video to say “THANK YOU” this is so good and holding my attention. Great job!

[RileyJohnson-brwh]

🤯 So much information in this video. This must have taken days to organize this information to deliver in an hour and a half. Thank you for putting this together!

[charlietroy]

Thank you so much for making this video I grew up poor and no one in my family owns their own home. This made it way less intimidating.

[lex]

Taking a loan is not a problem. Problem to pay it. 425000 house, you have to pay almost 3k in a month. plus feed your family. GL with it. In California 425000 is a chicken house in getto. At least you need 550000, then you have to pay 4k a month. To pay it you have to have a minimum 130k salary. It doesn't matter what loan are you taking if you can't eat solar energy. Overall very informative, thank you for the work!

[marymagdalene]

This is the most informative FHA loan video I have ever watched. Thank you, Kyle!

[ObedCEsquivel]

I already bought a house but I still listen to you, in the background lol. You're amazing at explaining very complex stuff ☺

[joaniemeiman]

You’re a natural teacher, Kyle. Thanks for posting this detailed explanation. Really helpful!!