How much does it cost to buy a house using an FHA Loan as a first time home buyer? How much are closing costs on FHA loans? What are the down payment and closing cost requirements when using FHA? How do you determine the total amount of money you will need when buying a house? In this video, we discuss FHA Loan Fees in more detail to help you get a better idea of how you will need to buy a home.
✅ – Get a Referral to a Mortgage Lender or Realtor – http://www.jebsmith.net/referral
Other FHA videos you may find Helpful:
NEW FHA Loan Requirements 2022 – https://youtu.be/lzxYpdLsW6c
How to calcuate PMI on a FHA Loan – How to get rid of PMI – FHA Loan 2022 – https://youtu.be/1UDea_zyhqM
Comparing Monthly Payments on FHA vs Conventional Loan – First Time Home Buyer – https://youtu.be/DrqAbTJ0cf8
🏠 – First Time Home Buyer Course – http://www.becominghomewise.com
NEW 2022 FHA LOAN LIMITS –
Low Cost Areas:
High Cost Areas:
What is an 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.
➡ How do you calculate the monthly mortgage insurance premium for an fha loan? Purchase Price x Percent of Amount Financed x 1.0175 x .0085 / 12
Example Below using a $350,000 purchase price putting 3.5% down:
$350,000 x 96.5 = $337,750
$337,750 x 1.0175 = $343,660
$343,660 x .0085 = $2,921.11
$2921.11 / 12 = $243.43 / month
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 57%. (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.
FHA Videos You May Find Helpful:
I hope you appreciate this update on fha loans for first time home buyers for the housing market 2022 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?
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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