NEW FHA Loan Requirements 2024 - Mortgage Insurance - 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 mortgage insurance when doing an FHA loan and show you how to do some basic FHA calculations to calculate your monthly payments.
⏩ - How much can you afford with an FHA Loan? - • NEW FHA Loan Requireme...
⏩ - NEW FHA Loan Requirements 2024 - • NEW FHA Loan Requireme...
RESOURCES:
✅ - Work Directly With My Lending Team or Realtor Referral Partners - www.jebsmith.net/referral
🏠 - First Time Home Buyer Course - www.becominghomewise.com
🎙- The Educated Home Buyer Podcast -
Spotify - open.spotify.com/show/3Ho4sTO...
Apple - podcasts.apple.com/us/podcast...
Other FHA videos you may find Helpful:
How to calcuate PMI on a FHA Loan - How to get rid of PMI - FHA Loan 2024 - • How to calcuate PMI on...
Comparing Monthly Payments on FHA vs Conventional Loan - First Time Home Buyer - • Comparing Monthly Paym...
NEW 2024 FHA LOAN LIMITS - www.hud.gov/press/press_relea...
Low Cost Areas:
One-unit: $498,257
Two-unit: $637,950
Three-unit: $771,125
Four-unit: $958,350
High Cost Areas:
One-unit: $1,149,825
Two-unit: $1,472,250
Three-unit: $1,779,525
Four-unit: $2,211,600
FHA Approved Condo List - entp.hud.gov/idapp/html/condl...
FHA County Loan Limits - entp.hud.gov/idapp/html/hicos...
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:
➡FHA Loan Qualifications - First Time Home Buyer - FHA Loan 2024 - • FHA Loan Qualification...
➡FHA Pros and Cons - First Time Home Buyer - FHA Loan 2024 - • FHA Pros and Cons - Fi...
➡Buying a home using FHA - First Time Home Buyer - FHA Loan 2024 - • Buying a home using FH...
I hope you appreciate this update on fha loans for first time home buyers for the housing market 2024 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
I N S T A G R A M ➳ / jebsmith
➡T I K T O K➳ www.tiktok.com/mrjebsmith
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#HousingMarket2024 #RealEstate #FHA

[@JebSmith]

✅ - Work Directly With My Lending Team or Realtor Referral Partners - www.jebsmith.net/referral
⏩ - How much can you afford with an FHA Loan? - ruclips.net/video/Y28z5i1aBeY/видео.html
⏩ - NEW FHA Loan Requirements 2024 - ruclips.net/video/CApGLR5u6j0/видео.html
🏠 - First Time Home Buyer Course - www.becominghomewise.com

[@GeryTeague]

Mortgage Insurance also offers another benefit. Many lenders don't require you to refinance if your house value appraises higher after a few years. You can return to your lender, pay to have it reappraised and if the loan to value is 75% or less, you can remove your mortgage insurance. To calculate this, you just need your loan amount divided by your new value. So, let's say you purchased a house for $550,000 and you paid $55,000 that would mean a loan of $495,000. If your new house value = $660,000 or more these lenders will remove your mortgage insurance. Something to look into after a few years if you want to keep your current rate and not pay to have a complete refi. Hope this helps!

[@GeryTeague]

And some easy numbers to achieve this are:
3% annual appreciation = just over 6yrs
4% annual appreciation = just over 4yrs
5-6% annual appreciation = just over 3yrs
7-9% annual appreciation = just over 2yrs
And if you look at the last 10yrs you'll see:
2013 = 9.64%
2014 = 5.04%
2015 = 5.98%
2016 = 6.00%
2017 = 6.74%
2018 = 5.11%
2019 = 4.39%
2020 = 11.46%
2021 = 18.04%
2022 = 4.77%
2023 = 2.88%
You have an average of 7.27% and if you removed the two highest and lowest values you'd still have 6.18%, so you're looking at only having mortgage insurance for 2-3yrs.

[@redtiger7268]

This video is based on FHA though. You MUST refi out of FHA to get rid of PMI. Now if you have a non-FHA loan you statements are correct.

[@acaciawilliams5098]

Thanks for all you do friend! 😊

[@JebSmith]

Thanks for the support.

[@youtubecarspottersguide1]

I used to send lil extra for principle took my house payment divide by 12 sent that each month ,the old days 1995 -99 ,we would look at the pay off balance divide it by 78% or 80% see the new apresheal is and request the pmi to be dropped or just refi to get rid of it

[@lovemykids993]

Got my home in 2008. Fha loan. Are you saying maybe switch to conventional loan? I only owe around 32,000. Any suggestions? Other questions. Have a son left. Want to keep out of hands of Medicare hands if go into nursing home. Also is there ins if i die tomorrow to pay hone off? I am on SSDI. How do i make things easier for my son because id like to leave him something. I do have life insurance but just enough to bury me with maybe a tiny bit left. Any suggestions id appreciate. Thought about selling and just go into government apartment? Pretty confused. Maybe go ahead and give him that money i make from hone or most of it. Not sure how to get around that. Thanks in advance. No will, at the moment.

[@Napskilla]

Jeb, do you recommend Real Brokerage for new agents?

[@JebSmith]

Yes as long as you have someone that you can learn under! Reach out if you have questions.

[@Napskilla]

@@JebSmith ok i will. I should be getting my license soon. Thanks Jeb.

[@redtiger7268]

Think about this for a second though, you are paying for someone else's insurance. Am I required to pay for your car insurance? The banks are taking on risk yet requiring you to pay the costs of that risk. This is a heads I win, tails you loose scenario.

[@JebSmith]

The other option is they don’t allow it, you don’t have to worry about paying the insurance and you come up with 20% down…..sounds like a lose lose right?

[@redtiger7268]

@@JebSmith You missed the point I was making. You're a realtor and see things from one perspective. I have been in the real estate industry for 20+ years now. Over that time I have seen the inner workings of the mortgage industry and know very well that everything is about screwing over the consumer.