NEW FHA Income Requirements 2024 - First Time Home Buyer - FHA Loan 2024

Are you a first time home buyer interested in buying a house using an fha loan in the 2024 housing market? What are the most recent FHA loan requirements for 2024? What credit scores do you need? How long do you need to be employed? How much downpayment does FHA require? What are the pros vs cons of FHA Loans? In this video, we are going to discuss the 2024 FHA Loan Requirements, answer some common questions around FHA and show you how to do some basic FHA calculations with regards to Mortgage Insurance

Other FHA videos you may find Helpful:

RESOURCES:

🎙- The Educated Home Buyer Podcast -

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

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 .0055 / 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 .0055 = $1,890.13
$1,890.13 / 12 = $157.51/ month

FHA loan 2024 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:

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 2024 forecast and the housing market 2024 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 2024 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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#HousingMarket2024 #RealEstate #FHA

[TR-vhfi]

This is the type of video that needs to go viral. My friends keep sharing it 😊

[ewojcik]

When I got my FHA loan I didn’t have to put a down payment down I got money back. I did refinance 5 years later to get rid of my private mortgage insurance. They said I had to have the pmi for at least 5 years.

[Meclinasilva]

Although Im not anywhere near ready to buy a house (18 and college sophomore haha ) this was a really good video to see and really good information to start thinking about so that I don't feel as unprepared when it comes time!
Immediately subscribed!

[nicolasbenson]

I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2024. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?

[jaxbeach]

Fabulous video!!! Additionally, you give the official FHA guidelines so it’s completely irrelevant if people don’t agree with those guidelines concerning debt to income etc…

[michaelohoro]

I’m a college student and this summer I want to use an FHA loan to buy four Plex (live in 1 unit - rent out the other 3) - I do not have the two-year minimum work requirement, but would my parents be able to cosign as well as me use 75% of the projected rent to qualify?

[PsalmsA]

Thanks informative & helpful. Will share soon.

[gwenrobinson]

I was an imdependetn contractor for two years and then switched over to an employee but it is with the same company. Thank you for replying. How would higher education help me get approve for a FHA loan. Thank you for replying.

[jessicabishop]

Is it better to go through a bank or a mortgage broker?

[abyssuspuella]

So I when applied for a home loan in 2022, I only had to have six months of employment at the current job to qualify.

[SusanMoore-gp]

Someone mentioned about the two-year employment. That's for my problem lies too as I really haven't been able to live in one place to have a consistent job for two years. I was laid off a 17 year old job in 2014 and haven't been able to find Steady work since been doing a lot of retail but nothing long-term since 2017. I am literally almost homeless and I'm trying to find some way to make 15K stretch if I can you use part of it as a down payment in a loan that is something

[riverchaser]

Are there any qualifications you need to meet for the fha $17, 000 down payment assistance grant? Is it a true grant or does it need to be payed back if you refinance or sell?

[hunterhughes]

Can two people who are planning on getting married combine their income to get approved?

[dlite]

Great information. And I shared it torly FB.

[tranghuynh]

I have a question. So im planning to buy my first house for me and my wife. Can i also add my mom social security payment as gross income for the whole family

[treborz]

do you have recommendation for premium home insurance? for new build home will be under FHA loan

[Dipper]

thanks boss. I have an airbnb, so I have the experience, but how soon can I rent it on airbnb after getting approved for an FHA multifamily? Also, can I use my earnings from airbnb, as well as my personal income and potential rental income for the multifam approval? (it's been 3 years since I purchase my first home, so I should qualify?)

[MiguelColon-ie]

Very concise and insightful, thank you 🙏🏽 how strict is the 2 year income history?

[annemosley]

Can I combine a FHA LOAN with a teacher down payment program

[KLHull]

@JebSmith So, I currently work 2 full time jobs one is salary the other is hourly. Between both jobs I make about 114, 600 gross a year. Now This year (2024) will be 1 year on the job for both. Prior to working both jobs I went to school for a year. My question for you is. Will a lender pre-approve me for an FHA loan with this information. Also, my credit is almost at a 580 and should be there this month. Just really curious on if this is good or not or if I need to do other things. Thanks.