Are you a first time home buyer interested in buying a house using an fha loan in the 2023 housing market? What Is the good and bad of fha loans? Are FHA loans just for first time home buyers? What are the most recent FHA loan requirements for 2023? In this video, we are going to discuss the pros and cons of FHA Loan Requirements, answer some common questions around FHA and tell you what FHA is and what FHA is not.
⏩ - FHA Loan Requirements 2023 - youtu.be/dmuCCC0WCcg
⏩ - How much can you afford using FHA? - youtu.be/3Vhqiwabva0
⏩- Comparing Monthly Payments on FHA vs Conventional Loan - youtu.be/6N-mUJAKTak
✅ - Get a Referral to a Mortgage Lender or Realtor - jebsmith.net/referral
🏠 - First Time Home Buyer Course - becominghomewise.com
🎙- The Educated Home Buyer Podcast -
Spotify - open.spotify.com/show/3Ho4sTORqrLYlkBwWUkSBA
Apple - podcasts.apple.com/us/podcast/the-educated-homebuyer/id1611226020
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 - entp.hud.gov/idapp/html/condlook.cfm
FHA County Loan Limits - 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 .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 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 - youtu.be/1SC6WgAJ2yk
➡FHA Pros and Cons - First Time Home Buyer - FHA Loan 2020 - youtu.be/fOWjRGQmKDM
➡Buying a home using FHA - First Time Home Buyer - FHA Loan 2020 - 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 2023 forecast and the housing market 2023 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 2023 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 ➳ instagram.com/jebsmith
➡T I K T O K➳ tiktok.com/mrjebsmith
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