NEW FHA Loan Requirements - First Time Home Buyer - FHA Loan 2021

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Are you a first time home buyer interested in buying a house using an fha loan in the 2021 housing market? What are the most recent FHA loan requirements? In this video, Huntington Beach Realtor, Jeb Smith discusses fha loans and the fha loan requirements 2021 like downpayment, credit scores, mortgage insurance as well as employment and income when buying a home.

RESOURCES:

What is a 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 2021 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 43%. (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.

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I hope you appreciate this update on fha loans for first time home buyers for the housing market 2020 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 2021 forecast and the housing market 2021 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 2021 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

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Other videos you might find helpful:

#HousingMarket2021 #RealEstate #FHA

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Комментарии

Joe Smith, I truly do appreciate your videos. I'm new to viewing your videos I love your subjects and the conversations that you're engaging in with us on these different types of loans, however, I'm sure you know there are people still trying to come up on the come up to purchase a home and are struggling. I'm a mature adult and would love to get into real estate. I'm in Southern California; I value your encouraging videos because you're educating people and people need this information. We all need to be encouraged and inspired. Thank you

drichardson

I realized that the secret to making a million is making better investment. I always tell myself you don't need that new car or that vacation just yet and that mindset helps me make more money investing.

susannicky

22 year old soon to be first time home buyer. Let me explain how helpful your videos are. For someone who grew up with single parents who never really had the funds to purchase homes, has lived in apartments for a majority of their lives and don’t have the guidance on topics such as this. It has really opened my eyes on some very useful information. Thank you for the amount of work and humbleness you provide. Very much appreciated

trevorgraham

19 and just bought my first house! Your videos have been of great help to me through this process

LHurst

My mans giving free value ! Preach it !!!!

Teo.

Keep being honest Jeb and your subscribers will grow greatly. Thank you for these updates.

timothyandrewnielsen

So I did bankruptcy back in 2019 and I was told by my lender that I would have to wait 2yrs. End of 2021 would make 2yrs the house I want is 330 I already put 40k down just to show I'm serious. My credit now 680. Just by going off your information I feel pretty good that everything will fall In to place in 2021 thank you for your knowledge

oisteenloken

I listen to a lot of Dave Ramsey and this is some better advice than what he give's.

CM-piet

This info: was explained so great sometimes l don't understand everything realestate people tell me but you really made it so clear thanks so much sir.

sharallmelton

New subscriber! My goal is to buy my 1st home 2022.

PrincesaMelao

I am so grateful for your videos. I've gone through the process and I still have some work to do but you definitely help me stay ahead and know what to be prepared for

cwomanwoman

I am using a fha loan for my first time. Credit score was 652 when applied. Took a year but got my credit up to 720. I got a loan by myself for 135 in Maryland. Just bought my first home for 102k.

Truckerjohn

Thank you for this! I work in the industry as an underwriter and everything you said was spot on! (Especially still qualifying with FHA with a DTI of 57%, I have had many of those)

EllyB