Are you a first time home buyer interested in buying a house using an FHA loan in the 2021 housing market and wondering about the fha loan requirements? What are the most recent FHA loan requirements? In this video, we discuss first time home buyer frequently asked questions as it relates to fha as well as down payment, credit scores, mortgage insurance as well as employment and income when buying a home.
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.
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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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