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

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. Do you still have questions about FHA Loan 2020 - FHA Loan Requirements - First Time Home Buyer -    • FHA Loan 2020 - FHA Loan Requirements...   RESOURCES: 🏠 - First Time Home Buyer Course - http://www.becominghomewise.com ✅ - Get a Referral to a Mortgage Lender or Realtor - http://www.jebsmith.net/referral 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. FHA Videos You May Find Helpful: ➡How to calcuate PMI on a FHA Loan - How to get rid of PMI - FHA Loan 2020 -    • How to calcuate PMI on a FHA Loan - H...   ➡FHA Loan Qualifications - First Time Home Buyer - FHA Loan 2020 -    • FHA Loan Qualifications - First Time ...   ➡FHA Loan 2020 - FHA Loan Requirements - First Time Home Buyer -    • FHA Loan 2020 - FHA Loan Requirements...   ➡FHA Pros and Cons - First Time Home Buyer - FHA Loan 2020 -    • FHA Pros and Cons - First Time Home B...   ➡Buying a home using FHA - First Time Home Buyer - FHA Loan 2020 -    • Buying a home using FHA - First Time ...   Home Buying Videos You May Find Helpful: ➡HOW TO GET APPROVED FOR A HOME LOAN - First Time Home Buyer -    • HOW TO GET APPROVED FOR A HOME LOAN -...   ➡5 Most IMPORTANT Steps to writing an offer on a house - First Time Home Buyer -    • 5 Most IMPORTANT Steps to writing an ...   ➡ Buying Real Estate in a CRAZY Market -    • Buying Real Estate in a CRAZY Market ...   ➡Step by Step Process of Buying a House in 2020 -    • First Time Home Buyer Tips - Step by ...   ➡Do I get my deposit back if I cancel escrow? -    • Do I get my deposit back if I cancel ...   ➡What Stays when buying or selling a house? -    • What STAYS when BUYING or SELLING a H...   ➡Appraisal vs Home Inspection -    • Appraisal vs Home Inspection - What's...   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 I N S T A G R A M ➳   / jebsmith   ➜➜➜ SUBSCRIBE FOR MORE VIDEOS ➜➜➜ To never miss a video about personal finance & real estate related topics, please subscribe to my channel & then hit the bell notification here ➜ https://goo.gl/NZB1S6 Other videos you might find helpful: ➜➜Why a Housing Crash Isn't Likely In 2021 - Housing Market Update -    • Why a Housing Crash Isn't Likely In 2...   ➜➜Foreclosures and Evictions Extended Again -    • Foreclosures and Evictions Extended A...   ➜➜HOUSING MARKET CRASH IN 2021 IS A JOKE - NEW HOUSING UPDATE -    • HOUSING MARKET CRASH IN 2021 IS A JOK...   ➜➜Mortgage Rates Update and Housing Market 2021 Forecast -    • Mortgage Rates Update and Housing Mar...   ➜➜What does a BIDEN Housing Market look like - Housing Market 2021 Forecast -    • What does a BIDEN Housing Market look...   ➜➜Buying Real Estate in a CRAZY Market - Housing Market 2020 Real Estate Market Update -    • Buying Real Estate in a CRAZY Market ...   #HousingMarket2021 #RealEstate #FHA