Are you a primary time house purchaser excited about shopping for a home utilizing an fha mortgage within the 2022 housing market? What are the latest FHA mortgage necessities? In this video, Huntington Beach Realtor, Jeb Smith discusses fha loans and the fha mortgage necessities 2022 like downpayment, credit score scores, mortgage insurance coverage in addition to employment and earnings when shopping for a house.
Other FHA movies chances are you’ll discover Helpful:
How to calcuate PMI on a FHA Loan – How to do away with PMI – FHA Loan 2022 –
Comparing Monthly Payments on FHA vs Conventional Loan – First Time Home Buyer –
RESOURCES:
🏠 – First Time Home Buyer Course –
✅ – Get a Referral to a Mortgage Lender or Realtor –
NEW 2022 FHA LOAN LIMITS –
Low Cost Areas:
One-unit: $420,680
Two-unit: $538,650
Three-unit: $651,050
Four-unit: $809,150
High Cost Areas:
One-unit: $970,800
Two-unit: $1,243,050
Three-unit: $1,502,475
Four-unit: $1,867,275
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 house 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 .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 may go a lot greater than this)
✅The house have to be the borrower’s main 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 house patrons for the housing market 2022 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 2022 forecast and the housing market 2022 california? After watching this video, do you imagine you have to be shopping for a house this yr or if now could be the most effective time to promote a home?
Do you imagine a home market crash 2022 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 ➳
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