Getting Your Second FHA Loan

Getting Your Second FHA Loan

Well hello everybody thank you for being here we are credit is life and first off we hope that you please like the video leave a comment and subscribe for those of you that don’t know i do make all these sounds so please leave a comment about it if you would like a particular sound it’s pretty easy i can go ahead and add that in but um today we’re going to be talking

About getting your second fha loan there’s a video we made about fha loans earlier that’s pretty good i encourage you to check out all the videos we have on this channel but i really do think you’re going to appreciate what we have on the idea of getting your second fsa loan so let’s go ahead and we’re going to dive into some of the content right here and when

It comes to getting your second fha loan there’s a few things you’re going to want to understand about the process so there are several important considerations when getting their second fha loan you’re going to need to meet the requirements provide documentation to show your family growth and have 25 equity in your current home if you meet these requirements

Your second fha loan may be right for you talk a little bit more about some of these topics at hand particularly the idea of qualifying so let’s go ahead and continue down with that so let’s go ahead and go right into qualifying for an fha loan i’m going to go ahead and read a little bit of the information that i’ve taken notes on about qualifying for a second

Fha loan so that you don’t get tricked don’t fall for that and we want to make sure that you do all the right things that you are successful oh yeah so if you’re considering refinancing your existing mortgage and are considering an fha loan you should be aware that some important rules before applying for a second loan are that you must have at least 15 equity

You must meet strict that the income ratio requirements your mortgage should not be more than 29 of your gross monthly income so as we talked about earlier ideally you’d want to have 25 equity but it looks like you could actually have an opportunity with at least 15 equity so keep an eye on your equity and this will be helpful for you as you go ahead and make

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The right steps for your fha loan let’s go ahead and continue a little bit further the second fha loan is available for people who have outgrown their original home and need a bigger one if this is the case and you’ve proven that you’ve added another family member or your current home is too small for new members it’s important to note that you may not qualify if

You’re planning to stay in your current home for several years so it’s not necessarily too easy to get your second fha loan so make sure that you’re trying to meet some of these qualifications let’s go ahead and continue before applying for your second fha loan you must have a minimum credit score of at least 500. you want to make sure your debt to income ratio is

43 or less and you have no foreclosures in the last three years right we’re going to go ahead and continue on with the required bits and i like the graphics that we were able to throw on here they kind of have a little bit of uh optimistic look and hope for it that we hope that you do it do it so when you’re applying you really get into the spirit of it let’s

Go ahead and talk a little bit about what all this means so some of the requirements when it comes to your fha loan if you’re considering applying for a second fha loan you want to consider several important requirements your credit score your needs damn payment i have at least three percent if you’re in the uh military you could get the va loan for zero percent

And with any type of mortgage or a few things you need to know about applying besides the strict credit and income requirements you have to have enough of a credit score to qualify in addition no foreclosures so these are the basic requirements that you’re going to want to make sure you meet when you are in the market to trying to get your fha loan let’s go ahead

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And move on to our next task and here we’re going to head into the down payment and i like the little option for you to be approved there i think that’s a nice touch so let’s talk a little bit about the down payment for those who have outgrown their first home and would like to move into a bigger one and fha loan may be a viable option as long as you paid off your

Current mortgage or have at least two months worth of saving saved up you should be able to qualify for a second fha mortgage the most important part of getting approved for an fha mortgage is to have a good credit score credit’s really important we want to make sure that we stress that enough it’s really important for you to focus on having good credit and doing

The right things to make sure your credit is in line it’s almost more important than even a financial burden of having the income having good credit can really take you a long way the most important part of getting the approved this credit but that’s not the only part you need to make sure that you have enough income for the down payment and luckily with fha it’s

Usually lower than a conventional loan we had a video on conventional loans earlier so please check that video out so fha loans are great if you want to put it down less than 10 percent depending on your credit history fha loans can be really helpful in these circumstances so i highly highly suggest that you really take a deep look into fha loans and what they can

Do for you because they can be very helpful let’s go ahead and continue on when you have enough equity to repay the mortgage you can drop the mortgage insurance but morgan’s insurance is something that you’re going to want to make sure that you participate in however if you’re rolled into a loan amount morgan’s insurance can reduce the monthly payment compared to

A conventional mortgage okay let’s go ahead and continue on to our final slide and for a final slide we are going to be looking into credit score again we talked about this credit is extremely important it’s really important that you have a versatile credit score because this will be helpful for you with all of your equity-based type of projects including incomes

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So let’s go ahead and take a deep look into how important it is to have a good credit score when applying for an fha loan is cool should have good credit many lenders use more than one credit bureau to determine your eligibility but the fico score is probably the most popular among these options it allows you have the better chance to be in approved for a loan even

If your credit score is lower than average an fha mortgage is one option that makes buying a home a lot easier for low and moderate income people why this type of loan requires 3.5 percent down it does not penalize repeat home buyers and those with low credit scores you should take any steps to eliminate from existing credit issues before applying for instance if

You have a credit card balance pay them off this will help you with your credit score and your profitability to hopefully getting approved for a loan so that has been the bulk of the video i want to go ahead and again ask you to like the video leave a comment and subscribe that way we can be in communication with you and i want to also make sure i remind you again

This information is educational we are having a discussion this is not financial advice but please take key to the option to leave comments and feedback so that we can really have one-on-one with you as we continue to build and grow our community and get you information about how you could obtain an fha loan a conventional loan a second fha loan there’s a lot of

Buyers out there who are purchasing a home a home a week which is incredible but they know some of these tricks and tools to the trade so we’re going to be talking about them and discussing ways where you can particularly potentially excuse me do this as well so i hope it’s been great i will be back with more information for you very soon thank you for watching

Again we are credit is life and we will be back for more information

Transcribed from video
Getting Your Second FHA Loan By Credit is Life