hey guys ty bryson here and how can you

possibly go out there and get a loan

for example if you don't have any

credits you're new to credit or for


you might even have bad credit in this

video i'm gonna break

everything down for example from a

mortgage to a car loan

or for example even a personal loan just

one thing though okay

once you learn how to do this stuff

please do not go out there and get into

massive debts that you cannot pay back


that's the only thing i ask and by the

way if you're new here

start the channel hit the bell so you

know if i post a new video and on top of

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every single day now without further ado


let's get right into the video now the

first thing is this okay

tell me how can i get a mortgage one of

the most expensive loans

ever without having any credits or for


bad credit or for example if i'm

actually new to credit is it possible

well the answer is yes if it wasn't i

would have making this video

right here now when it comes to

qualifying for a mortgage you want to

get a manual

underwrite and done on your entire

account and that way they can actually

qualify you based on your entire


and not just based on the criteria of

the entire system

in a way have you ever applied for a

credit card it rejects you even though

you know for a fact you can actually

qualify for it

and when you call in someone says hey

i'm a real human

let me review your account and then boom

you actually get accepted

and they overturn the entire decision

that's the entire deal with a manual

underwriting a real person

is gonna take a look at your financial

situation and basically say hey you

qualify or you don't qualify and here

exactly is the reason why not


through the entire system now whenever

you go ahead and try to get a manual

underwriting they're going to take a

look at three things and these three

things are basically your income for

example if you make for example

ten thousand dollars every single year

but you basically want to get a house

that costs for example

600k the answer is no there is no way

they're going to give you that money but

if you make for example 40k and you want

to get for example a 200k house

and you put down 20 the answer is it's a

lot more likely

they're actually going to qualify you

for that loan right there because


it's only 200k versus a 600 000

home okay so your income is also very

important and when you look at this

they want to see for example at least

two years sometimes one year

of having a steady job and having steady

paychecks actually coming

in now the second thing to look at is


your payment history now if you don't

have a credit score the idea is

they can't just look at your credit

score and say hey you pay on time

all the time that's great they can't do

that so when they actually do a manual

underwriting they actually basically hey

can i see for example your rent payment

statements can i see for example your

utility statements

your bills everything you actually pay

and with that information they basically

say like hey

you're actually a good person you

actually pay on time but that way

it's not based on your credit score but

it's based on what you actually pay for

in real life for example your rent

your bills and also your utilities and

that's the entirety of and the last

thing to take a look at is called

your debt to income ratio now here is


this right here is so important your

debt to income ratio basically means

how much money you owe versus how much

money you actually make and what is the

proportion to it okay

what is the ash percentage now when it

comes to a bank or a lender usually

they want to see a 43 ratio

that is the entire idea now tell me what

is a formula

and how do i calculate it well the first

thing is this guys okay

it's 20 20. so all you need to do is

just go on google and type in debt to

income ratio calculator

and that way everything is done for you

automatically but i'll do one example


that way you guys can actually

understand it also now the entire idea

is discussed okay

say for example you want to go out there

and you want to buy a house this house


380 000 however the mortgage itself with

interest and capital

is around 1300 every single month now

after taxes um for example insurance and

maybe the hoa feeds another fees

in reality it's going to cost you every

single month around 2

000 now how exactly do i find out my

to income ratio just using that number

right there now it's very simple you can

actually do it with your cell phone

right here

now the formula basically says you want

to grab basically

the amount of money you actually pay in

debt monthly divided the percentage and

then multiply by 12 to get the annual

income you actually need

to afford that debt right here don't

worry if it doesn't make sense

again everything is on google you have

calculators online and i'm going to do

it right here for you also

so say for example you're paying two

thousand dollars

every single month this property taxes

maintenance insurance the mortgage

everything is included right here okay

now you want to divide it by the 43 that

way you understand exactly how much

money you're actually required to

actually own this property right here

divided by point 43 and then you

multiply it by

12 12 months in a year it means that

every single year you have to earn


55 813

to be able to afford this property right

here now you might say tommy that's


i actually earned that much money by the

way this is after

a 20 down payment of around 70 000

okay so again it's very expensive it's

actually very hard to even get a house

that might cost for example

three hundred and eighty thousand

dollars now here's the other part guys

okay because debt to income ratio is not

just about the house

but also your student loan debt your

credit card debt

your personal loan debt your car loan

debt all that stuff right here

is going to be taken into account so say

for example

all your debt including the mortgage and

everything is going to add up to around

three thousand dollars every single year

same formula here okay three thousand


divided by point forty three multiplied

by twelve

that means you're gonna need to earn

around eighty three thousand

dollars meaning you need to earn a ton

of money and that's why it can be very

hard to actually qualify

for a house when you actually have a ton

of debt

so the answer is here okay whenever you

go apply for a loan make sure to ask for

a manual underwriting

and also make sure to calculate

everything for yourself that way you

find out hey

i'm actually going to qualify based on

my debt based on my income

and based on all the factors and on top

of that you can always save for a down


a large one and that we can also go

ahead and make a down payment

that means we're actually going to be

able to qualify for that house a lot


okay so always keep that in mind

hopefully this right here is helpful now

when it comes to the options for example

you have for example a loan broker

just tell them hey i'm looking for

someone that's going to do a manual


that way you're good to go on top but

you can always go to a big bank but ask

for manual underwriting or for example a

churchill mortgage which is a mortgage

company that basically

does underwriting also very well now

those are the options right there but by

the way if you don't know how to get a

loan broker

just call a lot of real estate agents or

look online and you're going to be able

to find

a lot of them because they're always

wanting to make money so in reality

there are a lot of loan brokers out


that are going to help you with your

entire specific situation

also oh and by the way guys whenever

you're actually applying for a mortgage

and you're like applying with one bank

here one bank here and you worry about

your credit score

in reality as long as it's within 14 to

45 days

all those hard increase are going to be

considered one

as long as it's for a mortgage okay so

between 14

to 45 days don't worry about the

inquiries because they're all going to

be lumped up together

just to one which will then you by

around two points for your credit score

and that's about it okay so don't worry

about like hey two points here

two points two or two points here the

answer is no that's not gonna happen

okay so keep that in mind also

now number two is basically tell me how

do i go out there and actually get a

personal loan if i'm either credit or

for example have a bad credit history

now this right here is a little bit more

easier and a little bit more complex

because basically

the price or basically the amount of

money you actually want to get can range

from 1 000 to

10 000 to 20 000 so in reality

it all depends on how much money you ask

you want but for example

if all you want is a thousand dollars or

ten thousand dollars and you're brand

new to credits

in reality they're going to take a look

at all the criteria

i mentioned before basically how much

money do you make

what's your income and how long have you

been earning that money for it also

how much money do you owe and on top of

that what is your payment history okay

so once take a look at that they'll say

hey you qualify or for example you don't

qualify and that is the entire

idea however most likely you'll qualify

for brand new and you're not asking for

a ton of money but if you do have bad

credits and want to get a personal loan

it's going to be a little bit more

difficult especially

if it is an unsecured personal loan if

you're secured by something else for

example an asset

and if you don't pay to take that the

answer is a lot more easier but for

example if it's unsecure

it's going to be a lot more harder and

they do basically approve you

it's going to be a very high interest

rate because you're taking a risk by

actually lending you

money so i recommend okay if you do have

bad credit score the idea is

you want to pull your credit score and

basically exactly what's affecting it

and then go ahead and try to fix that

because basically even if you do qualify

and they give you the money is going to

cost you a ton of money in

interest so also keep that in mind and

by the way personal loans

i would only get them under a very

strange condition

usually i would never ever get a

personal loan whatsoever because it


doesn't make any sense financially okay

so just keep that in mind

now the last loan is basically how can i

actually qualify

for a auto loan to actually buy a car

that actually wants

well the answer is well a car loan is

actually a secure loan because basically

once you buy that car

if you don't pay back they take the car

from you and that's why we have to show

my favorite show called repo where

people basically don't pay their loans

and they go ahead and take the car right

away from them while they're at work

or getting coffee at starbucks okay it's

crazy but i do like that show

although it is sad sometimes but

although it is very dramatic also which

is very entertaining also but

the idea is okay guys when it comes to

an auto loan it's a lot more easy to

actually qualify for

they're gonna take a look at the same

factors again but the idea is usually

they're going to need a small down

payment and that would let you go ahead

and qualify you for that loan also

but if you do have a bad credit score

the idea is

most likely they're going to try to even

approve you even then

for for example five-year loan you can

actually afford based on your income

but the interest rate is going to be a

lot higher for example

i know someone that has a bad credit


but has a car loan by the way i don't

know how he got it but again it's

because he had a job and his job pays

him very well

but the answer is he was paying around

16 in interest

and on top of that he also had an

accident with the cops

in his car and the idea is that


his insurance went up to around 500

every single month so that car right

there was costing them basically like a


in another state okay so the idea is

costing him a

ton of money but he loved the car he

still keeps the car

and he still pays a ton of money every

single month for that car so i recommend

this okay

if you have for example bad credit again

try to fix it and also

try to buy a used car for a decent price

and ride that car

until the wheels fall off okay but

overall guys

that's about it for this video and

overall if you notice here the entirety

is this if you have for example a bad

credit score

is going to be harder but once you

qualify it's going to be more expensive

if you're new to credits or for example

you kind of like don't have a credit

score the idea is they're going to

qualify you and everyone else basically

on your income

your payment history and also your debt

to income ratio

and those are the most important factors

when it comes to basically

manually underwriting your entire

situation to basically approve you or

qualify you for a loan and that's the

entire idea here guys okay

but comment down below and let me know

was this video helpful in any way

comment down below let me know any

questions though

just comment down below and let me know

and i'll get to it also okay i'll see

you guys tomorrow thanks for watching as


if you like this video right here well

like this video also subscribe and hit

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you guys tomorrow thanks for watching

and if you want to watch another video

basically on how to build your credit

score fast we'll watch this video right

here and click my face right now i'll

see you guys tomorrow thanks for

watching as always