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)
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith
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