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.
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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
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