Are you a first time home buyer using an FHA Loan to buy a home? Do you have questions regarding FHA Loans? In this video, Huntington Beach Realtor, Jeb Smith discusses the 10 Most Frequently Asked Questions when it comes to FHA Loan 2020.

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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.

FHA Videos You May Find Helpful:

➡FHA Loan 2020 – FHA Loan Requirements – First Time Home Buyer – https://youtu.be/wp-2c_EdcrU
➡FHA Pros and Cons – First Time Home Buyer – FHA Loan 2020 – https://youtu.be/fOWjRGQmKDM

1️⃣0️⃣ Most Frequently Asked Questions about FHA Loans

1. Are FHA just for First Time Home Buyers?
2. Is FHA for only for low income buyers?
3. Can FHA down payment be a gift?
4. How long do FHA loans they take to close?
5. Can seller pay closing costs when using FHA Financing?
6. Is FHA easier to qualify than conventional?
7. Is there a minimum credit score when using FHA Loans?
8. Is FHA Mortgage Insurance really for the life of the loan?
9. Are FHA Interest Rates Better or Worse than Conventional Interest Rates?
10. Do you have to pay off collections when getting an FHA Loan?

FHA Loan Pros:

✅ 3.5% Down (Minimal Down Payment)
✅ More lenient credit scores
✅ More lenient DTI requirements
✅ Lower PMI Rates

FHA Loan Cons:

❌ PMI can’t be removed
❌ Condos need to be FHA approved
❌ Owner Occupied Purchases Only
❌ Loan Limits restrictions

FHA loan 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.

Connect with me 👇👇👇

Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

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Should you wait and buy? Will home prices be less in the future? In this real estate market update, I discuss the history of the supply of homes along with the history of the 30 year fixed rate mortgage average and how low supply and interest rates are the catalyst behind buyer’s pushing up home prices. We also take a look at housing affordability and how it’s changed in the last year or so and what to expect as we move into the next phase of this housing market.

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Articles Referenced in this real estate market update:

Monthly Supply of Houses in the United States – https://fred.stlouisfed.org/series/MSACSR

30 Year Fixed Rate Mortgage Average in the United States – https://fred.stlouisfed.org/graph/?g=NUh

Median Sales Price of Existing Homes in the United States – https://fred.stlouisfed.org/series/HOSMEDUSM052N

I hope you appreciate this update on the real estate market 2020 for the housing market 2020 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 2020 forecast and the housing market 2020 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 2020 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)
DRE #01407449
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

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Are you a first time home buyer interested in buying a house using an fha loan? What are the pros and cons of FHA Loans? In this video, Huntington Beach Realtor, Jeb Smith discusses fha loans and the pros and cons of using FHA financing when buying a home in 2020.

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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.

FHA Loan Pros:

✅ 3.5% Down (Minimal Down Payment)
✅ More lenient credit scores
✅ More lenient DTI requirements
✅ Lower PMI Rates

FHA Loan Cons:

❌ PMI can’t be removed
❌ Condos need to be FHA approved
❌ Owner Occupied Purchases Only
❌ Loan Limits restrictions

FHA loan 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.

I hope you appreciate this update on fha loans for first time home buyers for the housing market 2020 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 2020 forecast and the housing market 2020 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 2020 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?

Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

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Trump administration BANS most evictions through December, but there’s a catch. This moratorium extension is in addition to the one that FHFA and HUD released last week with regards to the foreclosure and eviction moratorium on Fannie, Freddie and FHA loans. What does this mean for tenants who could have been evicted in coming months? In this video, we discuss the qualifications to receive the extension as well as the document that you must provide to your landlord.

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Articles referenced in this video:

Temporary Halt in Residential Evictions to Prevent the
Further Spread of COVID-19 – https://s3.amazonaws.com/public-inspection.federalregister.gov/2020-19654.pdf

Trump administration bans most evictions through December, but there’s a catch – https://www.housingwire.com/articles/trump-administration-bans-most-evictions-through-december-but-theres-a-catch/

Language from the article from Housing Wire:

“To apply for the new moratorium, tenants must file a form with their landlord stating that they cannot pay rent, have lost substantial household income due to the pandemic, and will make their best effort to pay partial rent. Tenants also have to stipulate that eviction could push them into homelessness or to live with others in close quarters.

Tenants who make less than $99,000 per year (or 198,000 as joint filed) or have received a federal coronavirus aid check earlier this year are eligible.
The order lays out criminal penalties for violating the mandate, but does not relieve tenants of their obligation to pay their rent.”

I hope this housing market update provides you with insight on foreclosure and eviction and what you should do if you need if you are behind on your payments and haven’t filed for mortgage forbearance.

Please let me know your thoughts below: what are your predictions for the housing market 2020 forecast and the housing market 2020 california? Do you believe there is a foreclosure wave coming after the moratorium ends? After watching this video, do you believe there is a real estate bubble or a housing market crash 2020 coming?

Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

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To never miss a video about personal finance & real estate related topics, please subscribe to my channel & then hit the bell notification here ➜ https://goo.gl/NZB1S6

Are we in a housing bubble or is the real estate market really on fire? What is happening in the real estate market 2020 since my Real Estate Market Update: August 2020? In this NEW Report Released: Housing Market 2020 Update we discuss the new pending home sales data, existing home sales data and why housing prices continue to go up even in the face of a pandemic with record unemployment and mortgage forbearance. We are also going to take a look at the market statistics for the Orange County California housing market as well as Los Angeles housing market.

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Articles Referenced in this real estate market update:

Existing Home Sales Data for July 2020 https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales

Pending Homes Sales Data for July 2020
https://www.nar.realtor/research-and-statistics/housing-statistics/pending-home-sales

I hope you appreciate this update on the real estate market 2020 for the housing market 2020 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 2020 forecast and the housing market 2020 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 2020 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?

Jeb Smith (huntington beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty

Connect with me:

B L O G ➳ http://www.jebsmith.net/blog
F A C E B O O K ➳ https://www.facebook.com/cbhbrealtor
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

➜➜➜ SUBSCRIBE FOR MORE VIDEOS ➜➜➜
To never miss a video about personal finance & real estate related topics, please subscribe to my channel & then hit the bell notification here ➜ https://goo.gl/NZB1S6

FHFA and HUD just released an extension to the foreclosure and eviction moratorium for the third time. What does this mean for homeowners who could potentially be foreclosed upon or tenants on the verge of being evicted? In this video, we review the press releases from the Federal Finance Housing Agency, Housing of Urban Development and also discuss the COVID-19 Tenant Relief Act.

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Articles referenced in this video:

FHFA Extends Foreclosure and REO Eviction Moratoriums – https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Extends-Foreclosure-and-REO-Eviction-Moratoriums.aspx

FHA EXTENDS FORECLOSURE AND EVICTION MORATORIUM FOR HOMEOWNERS THROUGH YEAR END –https://www.hud.gov/press/press_releases_media_advisories/HUD_No_20_134

COVID-19 Tenant Relief Act –
https://caanet.org/caa-negotiates-upcoming-covid-19-tenant-relief-act/

I hope this housing market update provides you with insight on foreclosure and eviction and what you should do if you need if you are behind on your payments and haven’t filed for mortgage forbearance.

Please let me know your thoughts below: what are your predictions for the housing market 2020 forecast and the housing market 2020 california? Do you believe there is a foreclosure wave coming after the moratorium ends? After watching this video, do you believe there is a real estate bubble or a housing market crash 2020 coming?

Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

➜➜➜ SUBSCRIBE FOR MORE VIDEOS ➜➜➜
To never miss a video about personal finance & real estate related topics, please subscribe to my channel & then hit the bell notification here ➜ https://goo.gl/NZB1S6

Are you sitting on the sidelines waiting for a wave of foreclosures to hit the market before you buy a home? Do you believe the current housing market is on the verge of a market crash? In this video, I discuss the latest data from the National Association of Realtors Existing Home Sales Report and pull up distressed properties in my local Orange County and Los Angeles Real estate market to give you an update of what is going on in Southern California.

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Articles Referenced in this real estate market update:
https://www.nar.realtor/newsroom/existing-home-sales-continue-record-pace-soar-24-7-in-july

Excerpts mentioned in the video from the above article

“Total existing-home sales,1 https://www.nar.realtor/existing-home-sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 24.7% from June to a seasonally-adjusted annual rate of 5.86 million in July. The previous record monthly increase in sales was 20.7% in June of this year. Sales as a whole rose year-over-year, up 8.7% from a year ago (5.39 million in July 2019).”

“The median existing-home price2 for all housing types in July was $304,100, up 8.5% from July 2019 ($280,400), as prices rose in every region. July’s national price increase marks 101 straight months of year-over-year gains. For the first time ever, national median home prices breached the $300,000 level.”

“Total housing inventory at the end of July totaled 1.50 million units, down from both 2.6% in June and 21.1% from one year ago (1.90 million). Unsold inventory sits at a 3.1-month supply at the current sales pace, down from 3.9 months in June and down from the 4.2-month figure recorded in July 2019.”

“July 2020 existing-home sales in the Northeast rocketed 30.6%, recording an annual rate of 640,000, a 5.9% decrease from a year ago. The median price in the Northeast was $317,800, up 4.0% from July 2019.

Existing-home sales jumped 27.5% in the Midwest to an annual rate of 1,390,000 in July, up 10.3% from a year ago. The median price in the Midwest was $244,500, an 8.0% increase from July 2019.

Existing-home sales in the South shot up 19.4% to an annual rate of 2.59 million in July, up 12.6% from the same time one year ago. The median price in the South was $268,500, a 9.9% increase from a year ago.

Existing-home sales in the West ascended 30.5% to an annual rate of 1,240,000 in July, a 7.8% increase from a year ago. The median price in the West was $453,800, up 11.3% from July 2019.”

I hope you appreciate this update on the real estate market 2020 for the housing market 2020 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 2020 forecast and the housing market 2020 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 2020 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)
DRE #01407449
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

➜➜➜ SUBSCRIBE FOR MORE VIDEOS ➜➜➜
To never miss a video about personal finance & real estate related topics, please subscribe to my channel & then hit the bell notification here ➜ https://goo.gl/NZB1S6

Are you a first time home buyer interested in buying a house ? What should you do to put yourself in the best position for our current housing market 2020 if you are a first time buyer? In this video, I discuss my top first time home buyer tips for the home buying process and what to expect as a buyer in our current housing market.

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Top Tips for First Time Home Buyers 👇🏻

✅ Get a full pre-approval from a qualified mortgage professional
✅ Work with a Full Time Professional Real Estate Agent
✅ Be Patient and don’t settle

FHA loan requirements – FHA loan 2020 👇🏻

✅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.

Are you a first time home buyer and having questions about how to buy a house or buying a house for the first time? If so and you want to chat in more detail, please reach out as I’m happy to chat and help guide you through the home buying process and provide you with home buying tips.

Connect with me 👇🏻 :

Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

Are you a first time home buyer buying a house for the first time? How much does it cost to buy a home? Are there hidden costs of buying a house? What are closing costs? In this video, I discuss the home buying process for a first time buyer and what you can expect to pay when buying a home.

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How much does it cost to buy a house? It all depends on a number of factors but typically you will need somewhere around 1-3% in addition to your down payment for closing costs.

What are closing costs? Closing costs are typically one time fees paid when buying a house that are due in addition to your down payment.

Who pays closing costs? Typically, both buyers and sellers pay closing costs, with buyers generally paying more than sellers.

Are there out of pocket expenses that I will be paying when buying a home? All costs are out of pocket but some require you to pay them before closing like the appraisal and home inspection.

Are you a first time home buyer and having questions about how to buy a house or buying a house for the first time? If so and you want to chat in more detail, please reach out as I’m happy to chat and help guide you through the home buying process and provide you with home buying tips.

Connect with me 👇🏻 :

Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

➜➜➜ SUBSCRIBE FOR MORE VIDEOS ➜➜➜
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Have you considered refinancing but waiting for interest rates to go lower? Fannie Mae announced this evening that they will now be adding a .500 fee to all refinances. How will this impact interest rates? In this video, Josh Lewis of Buywise Mortgage and I discuss the breaking news from Fannie Mae and detail what we know at this time.

With no warning, and with little reason or justification, Fannie Mae just announced a .500 loan level price adjustment for basically ALL refinance transactions. With interest rates already up about .125% this week, this will add another .125% in rate for refinance transactions.

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Should you refinance now or wait for interest rates to trend lower?

Have you refinanced already? What interest rate did you get? Do you think you’ll be able to refinance again in the future and get a lower interest rate? Please let me know your thoughts below.

What are your thoughts on the housing market 2020 california, do you think we are in a housing bubble? Do you expect a market crash? What are your predictions for the real estate market 2020? Are you buying a home this year?

Do you believe there is a foreclosure wave coming after the foreclosure and eviction moratorium ends? After watching this video, do you believe there is a real estate bubble or a housing market crash 2020 coming?

Connect with me 👇🏻 :

Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

➜➜➜ SUBSCRIBE FOR MORE VIDEOS ➜➜➜
To never miss a video about personal finance & real estate related topics, please subscribe to my channel & then hit the bell notification here ➜ https://goo.gl/NZB1S6