NEW FHA Loan Fees 2022

How much does it cost to buy a house using an FHA Loan as a first time home buyer? How much are closing costs on FHA loans? What are the down payment and closing cost requirements when using FHA? How do you determine the total amount of money you will need when buying a house? In this video, we discuss FHA Loan Fees in more detail to help you get a better idea of how you will need to buy a home.

Other FHA videos you may find Helpful:

RESOURCES:

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

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 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 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 2022 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 2022 forecast and the housing market 2022 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 2022 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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#HousingMarket2022 #RealEstate #FHA

[strauqq]

Thank you so much for explaining this. Man, buying a home is like entering one giant scam of systems🤦‍♂️ so many fees

[angelicasosa]

Thanks for all the advice, you were my best friend for 2 years .. I would listen to you morning and night, you connect me with Russel .. it was best experience ever … I thought I would never be a home owner. Especially in this crazy market .. Thank you 🙏 you and Russ are amazing 🤩… sincerely your YouTube best friend .. Angie

[CraftedD_]

I am watching your videos on FHA and it certainly seem like Jeb you are not a fan of FHA loans lol. I love how you cover these topics and it is very helpful

[rickyandmarydesigns]

I was on On disability for over 7yers years For the grace of God my Health got better that I could go back to work I've been working for about a year and a 1/2 on the trucking industry do I qualify for FHA in Massachusetts???

[Jesse-twrr]

First time buyer here.. I’ve been trying to research what loan would be best for me in my unique position.
I flat out own 150k lot and need a construction loan. I have a 570 credit and 11%DTI and make 90k. It’s tough finding information on a loan for this type of situation.

[griselgarcia]

But where does the 3.5 down get applied to ? The sale of contract so if house was 227 you minus the 7000 to that loan ?

[js]

I am more depressed than ever.... Currently in a lease to own with a mere 17100 owned in principle and now you tell me I need
$ 5000 just for the privilege of getting a loan.

[theresahall]

When do the down payment grants come in?

[TOMMYBEETS]

I’ve never heard of 3% for Ernest money. I’ve only heard 1000, 2000, 3000, only a couple thousand. But isn’t the Ernest money also sent prior or right around the same time the contracts are being signed and all the pieces are starting to move into place?

EDIT: put my words before you finished your sentence 😂 Ernest money of 3%, at the table the remainder of the .5 off the 3.5% and closing cost is due

[tarshaturner]

Great video! Are you going to be doing any new videos for 2022 on FHA construction loans? That's my focus this year.

[clarissaperez]

Hello! I entered escrow today, yay! But I have a question. I am using an FHA loan for a 220k home, my down payment is $7, 700. But our realtor told us when we put the offer to go in with 10k guaranteed. So now I am confused what they were referring to. They said we need a total of $15k. So $7, 700 for the down payment & I am assuming the extra, $7, 300 is for closing cost? Please help, I am confused and sad thinking I might of gotten ripped off :(

[AnimeMusician]

Buying a house is too complicated I might just say forget it and not do it because I can't understand everything it's too much

[woods]

Conventional loan question if you put down 15% but with the equity in your home I would have more than 20% by the time I move in. Would I still have to pay pmi

[debrafrugal]

*Another* *awesome* *video* ❤️❤️*I* *just* *made* *my* *first* *$20, 000* *in* *cryptocurrency* *I'm* *so* *glad* *I'm* *gonna* *have* *a* *successful* *retirement.*

[justinlovato]

If I’m buying a $450k house and put down $50, 000 and get an FHA loan for $400k in 2022 do I still need to put down the 3.5% on top of that $50, 000?

[redciroc]

It's a lot of fees with home ownership

[nicholewade]

If you can get 20% of the lon paid off quickly, (my home is now worth more than I paid for it) can you refinance out of the pmi?

[TheAnonymous]

If I put 10% down on a conventional, and assuming my house appreciates 10% in a year, for a total of 20%, can I get rid of my PMI sooner? Or would it be based on the loan and not the appraised value?

[jamesbeshears]

You really have some informative video's. I am looking to purchase a mobile home within the next couple of months. Should I have assistance from a mortgage broker and does all the fha fees still apply?

[krassimirpetrov]

Why do they allow financing of mortgage insurance 😂 that seems like the most controversial thing ever