Hellow guys, Welcome to my website, and you are watching NEW FHA Loan Requirements 2024 - How much can you afford? - FHA Loan 2024. and this vIdeo is uploaded by Jeb Smith at 2024-01-15T05:15:02-08:00. We are pramote this video only for entertainment and educational perpose only. So, I hop you like our website.
| Name | NEW FHA Loan Requirements 2024 - How much can you afford? - FHA Loan 2024 |
| Video Uploader | Video From Jeb Smith |
| Upload Date | This Video Uploaded At 15-01-2024 13:15:02 |
| Video Discription | Are you a first time home buyer interested in buying a house using an fha loan in the 2024 housing market but unsure how much home you can afford? How do you calculate your debt to income based on the FHA loan requirements for 2024? What credit scores do you need? How much down payment does FHA require? In this video, we are going to discuss how much you can afford to purchase making both 50K of income and 75K income using the latest 2024 FHA Loan Requirements, answer some common questions around FHA and show you how to do some basic FHA calculations with regards to Mortgage Insurance. ✅ - Get a Referral to a Mortgage Lender or Realtor - http://www.jebsmith.net/referral 🏠 - First Time Home Buyer Course - http://www.becominghomewise.com ⏩ Watch This Next ⏩ - NEW FHA Loan Requirements 2024 - First Time Home Buyer - FHA Loan 2023 - https://youtu.be/CApGLR5u6j0 Other FHA videos you may find Helpful: How to calculate PMI on a FHA Loan - How to get rid of PMI - FHA Loan 2024 - https://youtu.be/1UDea_zyhqM Comparing Monthly Payments on FHA vs Conventional Loan - First Time Home Buyer - https://youtu.be/DrqAbTJ0cf8 RESOURCES: 🏠 - First Time Home Buyer Course - http://www.becominghomewise.com 🎙- The Educated Home Buyer Podcast - Spotify - https://open.spotify.com/show/3Ho4sTORqrLYlkBwWUkSBA Apple - https://podcasts.apple.com/us/podcast/the-educated-homebuyer/id1611226020 Video Calculations using $250,000: Price: $250,000.00 Down Payment: $8,750.00 (3.5% down payment) Loan Amount: $241,250.00 (Price - down payment) MIP: $4,221.88 (1.75% x Loan Amount) Base Loan Amount: $245,471.88 (Loan Amount + MIP) Interest Rate: 5.75% (amortized over 30 years) Mortgage Payment: $1,432.51 Taxes at 1.1% $229.17 MIP: $173.88 (Base Loan Amount x .0085 / 12 ) Insurance: $75.00 (Estimate) Total Monthly Payment: $1,910.56 NEW 2024 FHA LOAN LIMITS - https://www.hud.gov/press/press_releases_media_advisories/HUD_No_23_265 Low Cost Areas: One-unit: $498,257 Two-unit: $637,950 Three-unit: $771,125 Four-unit: $958,350 High Cost Areas: One-unit: $1,149,825 Two-unit: $1,472,250 Three-unit: $1,779,525 Four-unit: $2,211,600 FHA Approved Condo List - https://entp.hud.gov/idapp/html/condlook.cfm FHA County Loan Limits - https://entp.hud.gov/idapp/html/hicostlook.cfm 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 .0055 / 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 .0055 = $1,890.13 $1,890.13 / 12 = $157.51 / month FHA loan 2022 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: ➡FHA Loan Qualifications - First Time Home Buyer - FHA Loan 2020 - https://youtu.be/1SC6WgAJ2yk ➡FHA Pros and Cons - First Time Home Buyer - FHA Loan 2020 - https://youtu.be/fOWjRGQmKDM ➡Buying a home using FHA - First Time Home Buyer - FHA Loan 2020 - https://youtu.be/8KCzd8GPH_w I hope you appreciate this update on fha loans for first time home buyers for the housing market 2023 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 2024 forecast and the housing market 2024 california? After watching this video, do you believe you should be buying a home this year? Do you believe a house market crash 2024 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 ➡T I K T O K➳ https://www.tiktok.com/mrjebsmith #housingmarket2024 #RealEstate #FHA |
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| Tags | fha loan | fha loans | what is an fha loan | real estate | first time home buyer | home loan | how to buy a house | buying a house | house hacking | housing market | down payment | real estate for beginners | fha loan requirements | fha loans for first time home buyers | how to get an fha loan | what is a fha loan | first time home buyers | california | huntington beach | first time home buyer loan | fha loan limits | fha 2024 | fha loan 2024 | fha loan requirements 2024 | housing market 2024 |
