NEW FHA Loan Requirements 2023 – How much can you afford? – FHA Loan 2023

Are you a primary time residence purchaser considering shopping for a home utilizing an fha mortgage within the 2023 housing market however not sure how much residence you can afford? How do you calculate your debt to revenue primarily based on the FHA mortgage necessities for 2023? What credit score scores do you want? How much down fee does FHA require? In this video, we’re going to focus on how much you can afford to buy making each 50K of revenue and 75K revenue utilizing the newest 2023 FHA Loan Requirements, reply some frequent questions round FHA and present you the way to do some fundamental FHA calculations almost about Mortgage Insurance.

✅ – Get a Referral to a Mortgage Lender or Realtor –

🏠 – First Time Home Buyer Course –

⏩ Watch This Next ⏩ – NEW FHA Loan Requirements 2023 – First Time Home Buyer – FHA Loan 2023 –

Other FHA movies you could discover Helpful:

How to calculate PMI on a FHA Loan – How to eliminate PMI – FHA Loan 2022 –

Comparing Monthly Payments on FHA vs Conventional Loan – First Time Home Buyer –

RESOURCES:
🏠 – First Time Home Buyer Course –

🎙- The Educated Home Buyer Podcast –
Spotify –
Apple –

Video Calculations utilizing $250,000:

Price: $250,000.00
Down Payment: $8,750.00 (3.5% down fee)
Loan Amount: $241,250.00 (Price – down fee)
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 2023 FHA LOAN LIMITS –

Low Cost Areas:
One-unit: $472,030
Two-unit: $604,402
Three-unit: $730,535
Four-unit: $907,920

High Cost Areas:
One-unit: $1,089,300
Two-unit: $1,394,775
Three-unit: $1,685,850
Four-unit: $2,095,200

FHA Approved Condo List –
FHA County Loan Limits –

What is an fha mortgage? An FHA insured mortgage is a US Federal Housing Administration mortgage insurance coverage backed mortgage mortgage that’s supplied by an FHA-approved lender.

➡ What is fha mortgage insurance coverage? Mortgage insurance coverage is a coverage that protects lenders in opposition to losses that end result from defaults on residence mortgages. FHA requires each upfront and annual mortgage insurance coverage for all debtors, whatever the quantity of down fee.

➡ What is the present upfront mortgage insurance coverage premium for fha loans? The UPMIP is at the moment at 1.75% of the bottom mortgage quantity. This applies whatever the amortization time period or LTV ratio.

➡ How do you calculate the month-to-month mortgage insurance coverage premium for an fha mortgage? Purchase Price x Percent of Amount Financed x 1.0175 x .0085 / 12

Example Below utilizing a $350,000 buy worth placing 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 mortgage 2022 necessities

✅FICO® rating at the least 580 = 3.5% down fee.
✅FICO® rating between 500 and 579 = 10% down fee.
✅MIP (Mortgage Insurance Premium ) is required.
✅Debt-to-Income Ratio lower than 57%. (Actually you can go much greater than this)
✅The residence have to be the borrower’s major residence.
✅Borrower will need to have regular revenue and proof of employment.

FHA Videos You May Find Helpful:

➡FHA Loan Qualifications – First Time Home Buyer – FHA Loan 2020 –
➡FHA Pros and Cons – First Time Home Buyer – FHA Loan 2020 –
➡Buying a house utilizing FHA – First Time Home Buyer – FHA Loan 2020 –

I hope you respect this replace on fha loans for first time residence consumers for the housing market 2023 california in addition to this actual property market replace out of your native Huntington Beach Real Estate Realtor, Jeb Smith.

Please let me know your ideas beneath: what are your predictions for the housing market 2023 forecast and the housing market 2023 california? After watching this video, do you consider you ought to be shopping for a house this yr?

Do you consider a home market crash 2023 or actual property bubble will occur? If so, why? What are your ideas on the Orange County actual property market and the potential actual property crash for orange county actual property?

Jeb Smith (Huntington Beach Realtor/orange county actual property)
DRE 01407449
Coldwell Banker Realty
I N S T A G R A M ➳
➡T I Ok T O Ok➳

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