Are you a primary time residence purchaser curious about shopping for a home utilizing an fha mortgage within the 2024 housing market? What are the latest FHA mortgage necessities for 2024? What credit score scores do you want? How lengthy do it’s essential be employed? How a lot downpayment does FHA require? What are the professionals vs cons of FHA Loans? In this video, we’re going to focus on the 2024 FHA Loan Requirements, reply some widespread questions round FHA and present you tips on how to do some fundamental FHA calculations almost about Mortgage Insurance
✅ – Get a Referral to a Mortgage Lender or Realtor –
⏩ Watch This Next ⏩ – NEW FHA Income Requirements 2024 – First Time Home Buyer – FHA Loan 2024 –
Other FHA movies you could discover Helpful:
How to calcuate PMI on a FHA Loan – How to do away with PMI – FHA Loan 2024 –
Comparing Monthly Payments on FHA vs Conventional Loan – First Time Home Buyer –
RESOURCES:
🏠 – First Time Home Buyer Course –
🎙- The Educated Home Buyer Podcast – @TheEducatedHomepurchaser
Spotify –
Apple –
NEW 2024 FHA LOAN LIMITS –
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 –
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 consequence 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 present 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 .0055 / 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 .0055 = $1,890.13
$1,890.13 / 12 = $157.51 / month
FHA mortgage 2024 necessities
✅FICO® rating at the very 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 may go a lot greater than this)
✅The residence have to be the borrower’s major residence.
✅Borrower should have regular earnings 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 2024 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 under: what are your predictions for the housing market 2024 forecast and the housing market 2024 california? After watching this video, do you consider you ought to be shopping for a house this yr or if now could be the very best time to promote a home?
Do you consider a home market crash 2024 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
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