Are you a first time home buyer wondering if an FHA loan is right for you? In this video, we discuss the 2021 FHA Loan Requirements for Down Payment and Credit Score along with the reason that many home buyers have trouble qualifying for FHA Loans even when they meet the FHA Guidelines, in addition, to why it is better to focus on getting a higher credit score than working on more down payment.
Questions about FHA Loan 2021 – FHA Loan Requirements ⏩Watch this NEXT ⏩ https://youtu.be/JwGB0CEZOww
How to increase your credit score fast in 2020 – https://youtu.be/FhC3ZRcfRKc
🏡Want to become a Real Estate Agent – https://trk.realestateexpress.com/?a=…
FHA loan 2021 requirements
✅FICO® score at least 580 = 3.5% down payment.
✅FICO® score between 500 and 579 = 10% down payment.
✅MIP (Mortgage Insurance Premium ) is required.
✅Debt-to-Income Ratio less than 43%. (Actually you can go much higher than this)
✅The home must be the borrower’s primary residence.
✅Borrower must have steady income and proof of employment.
What is a fha loan? An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by an FHA-approved lender.
➡ What is fha mortgage insurance? Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA requires both upfront and annual mortgage insurance for all borrowers, regardless of the amount of down payment.
➡ What is the current upfront mortgage insurance premium for fha loans? The UPMIP is currently at 1.75% of the base loan amount. This applies regardless of the amortization term or LTV ratio.
I hope you appreciate this update on fha loans for first time home buyers for the housing market 2021 california as well as this real estate market update from your local Huntington Beach Real Estate Realtor, Jeb Smith.
Please let me know your thoughts below: what are your predictions for the housing market 2022 forecast and the housing market 2022 california? After watching this video, do you believe you should be buying a home this year or if now is the best time to sell a house?
Do you believe a house market crash 2022 or real estate bubble will happen? If so, why? What are your thoughts on the Orange County real estate market and the potential real estate crash for orange county real estate?
Connect with me 👇
Jeb Smith (huntington beach Realtor/orange county real estate)
Coldwell Banker Realty
➡I N S T A G R A M ➳ https://www.instagram.com/jebsmith