FHA Loan Requirements For First Time Home Buyers (2023)

An FHA loan is something that can make a first time home buyers dream come true with less financial restrictions than a traditional mortgage. But what exactly is a FHA loan? And what are the requirements for one? Well in todays video we are going to take a deep dive into all things FHA.

Home Buyer Tools:

Work with Nicole in Arkansas:

Other stuff that's cool:
(As an Amazon Associate I earn from qualifying purchases)

Social Media Links:

Chapters:
00:00 - Intro
00:28 - What is an FHA loan?
01:00 - What Are The Requirements?
02:43 - How FHA loans work?
03:37 - Pros of FHA loans
07:12 - Cons of FHA loans
09:12 - Final Thoughts

— DISCLAIMER —
Nicole Nark is a licensed Realtor and the Principal Broker (PB00083374) of HomeWay Realty. HomeWay Realty is not a lender, does not issue loan qualifications, and does not extend credit of any kind. The topics discussed, and ideas presented are Nicole Nark's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.

[taintedaxeman]

credit score of 718 and improving, no current debts, only 24000 yearly income, currently 6000 saved and there are two properties close to work im looking into one 129, 000 the other is more a dream prop at 299900 but its 16 acres so i want it but know its unrealistic for my current standing

[sutpela]

I live in san diego and im currently learning ab the loans lol shout out!!

[TheVANITYKILLJOY]

I got approved for $155k today. Looks like I’ll be living at home for a while

[michelegrigg]

Fha requirements are unrealistic for lower income people. Lower income people only qualify for lower loan. The homes in their price range won't qualify for fha loans with the current requirements because the homes in this price range won't be perfecy. These requirements are ridiculous!

[bigtoiletbrown]

I have 539 fico...i want a 350, 000 loan. I make $22, 581 a year. I have $392 saved. Where is the fha loan people.

[MsLavelle]

Is this a video or link for Buyers who has low income. Like $30k annual income. Can we afford a home. thank you

[TheRateUpdatewithDanFrio]

Yet Another Amazing Video. Thank you so much for the breakdown on FHA requirements

[israelmenarealty]

Solid video. Solid info. Spectacular presentation! Thank you!! :)

[jonnysnipes]

I’ll put it this way if you’re looking at a house at the beginning of this video I guarantee you do not qualify for the grant. Your limit you can only make if you’re single is 75k to be eligible in the program and even if you make 74k you won’t be eligible for the full grant you’ll be eligible for like 1 percent.

[StarOasis]

Im filing my taxes for 2023 on a self-employed 1099. It's been a while since I filed. If I have this right, can I qualify for an FHA loan when I do my taxes for 2024? So 1 year out? Some people say I need 2 years. Thank you

[Avokeing]

Great information from
Such a pretty face thank you queen

[sauceygems]

I have everything but the 2 year work history. Im at the 1 1/2 year mark. Are they really that strict about it ?

[iplants]

Awww your in ARKANSAS too, shout out AR

[holisticfacegym]

Hello, can I buy the house 😊with FHA loan if I have the house that I am planning to rent out?

[arsalam]

Does the property have to be in your name. To get approved to put a house on it. Also Does this loan qualify you for mobile home

[griffinf]

I have to go talk to my bank next week. Just got a call from my landlord they have to sale the house the owner may not be around much longer amd kids are selling, but they want to sell to me because we been there almost 5 years. Dont have the best credit but my payments are always on time. And advise you have to help would be really appreciated.

[nycbankers]

So can I buy a multi family home live in one unit and rent out the rest even tho I’ll be using that as my primary residence?

[pvfd]

Will you do a updated USDA video soon for 2023

[lour]

What is the maximum one can earn on W2 to qualify? And can I buy a house out of state while living in another state with the immediate plan to move to the state where house is purchased? I live in CA and want to buy in ID with an FHA loan. Thanks!

[Summerbreeze]

I just got approved for an FHA loan monday for 200K.