NEW FHA Income Requirements 2024 - First Time Home Buyer - FHA Loan 2024
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- Опубликовано: 19 июн 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
✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral
⏩ Watch This Next ⏩ - FHA Loan Requirements 2023 - The Housing Market is Changing - • NEW FHA Loan Requireme...
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...
RESOURCES:
🏠 - 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...
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
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 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
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 
Развлечения
✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral
⏩ Watch This Next ⏩ - FHA Loan Requirements 2023 - The Housing Market is Changing - ruclips.net/video/dmuCCC0WCcg/видео.html
🏠 - First Time Home Buyer Course - www.becominghomewise.com
Can you do a video based on a example of a marry couple or two people on the mortgage loan?
This is the type of video that needs to go viral. My friends keep sharing it 😊
Thank you so much 😀
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!
Glad it was helpful! Appreciate the support.
Excellent video! Thank you!
You are welcome!
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?
What would cause a housing crisis where sellers would go out and sell and make themselves homeless? I don't understand the "housing crash bro" narrative. Stocks and homes aren't the same.
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.
Why you didn’t need to put a down payment?
How did you get around the down payment
Good to know 👍thanks!
Great information. And I shared it torly FB.
Thanks for sharing!!
Is it better to go through a bank or a mortgage broker?
This is why buying a home is impossible. 2 years of consistent work is not a thing. Even in big tech where salaries are high, because companies (especially Amazon - this is an actual policy with them) will either try to aggravate you to such a degree that you quit (preferred because that way they don’t have to pay unemployment insurance) or they’ll outright lay you off at the 2 year mark, just so they don’t have to pay out the stock options they promise to you when they hire you.
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…
💯
Thank you very much!
You're welcome!
@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.
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.
Thank you
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?
Thats a great plan. Yes with FHA you can use a non-occupant co-borrower
That's what I'm doing with my mom, brother, and sister when she turns 18. If your credit is high even better.
That's a smart move. Yes, your parents can co-sign the loan with you to help out. As for using projected rent from 3 of the units to qualify, it seems definitely possible to use 75% of that. But talk to your lender first to make sure they approve of your rent projections and that it's enough income according to the debt-to-income ratios.
Very concise and insightful, thank you 🙏🏽 how strict is the 2 year income history?
The 2-year income history is generally strict as it allows lenders to evaluate your stability and reliability as a borrower. However, certain circumstances like a job change in the same field, higher education, or being a recent graduate can be taken into consideration.
Can I file taxes for 2022 with a 1099 And then file taxes for 2023? So 2 years. Will this qualify me for an FHA?
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.
You need 2 years in the same line of work. Based on your question then you would have had to have 18 months and another job in the same line of work
That’s what I taught
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?
Some of these are hard to get, I could refer a one I got easily.
@@emilyjohn2617 that would be great! Thanks
@@emilyjohn2617 hey, do you mind sharing which down payment assistance program you used.
Great video. Can I buy a property and rent it out and use a FHA loan?
No, it has to be purchased as your primary home to start..............you can turn it into a rental later.
Hi Jeb, quick question. Down the line, can you get a HELOC with an FHA loan?
Yes, you could get a heloc behind an FHA loan assuming you had the equity.
@@JebSmiththanks
You're also paying unnecessary mortgage insurance on FHA, so you might want to get out of that first before you get a HELOC
Can two people who are planning on getting married combine their income to get approved?
Absolutely, no issue there.
Thanks Jeb! Do you think FHA will raise loan limits in 2024?
Yes, they should definitely go up a bit
@@LockedUpLarry depends on the whole picture. A 550 credit score will be a manual underwrite which is hard, your rate will be high, and there will be points associated with it.
@@LockedUpLarryJeb’s job is to give the FHA guidelines only. Additionally he mentioned the banks may not approve such a person as you mentioned in your comment!
Go the tax lien/ deed way no insurance just 10 % of the properties original price n property tax.
How about the interest rate?
The interest rate generally varies based on the type of loan, your credit score, and the current market conditions. It's best to consult with a mortgage lender for the most accurate information. They will be able to give you a quote based on your individual situation.
Thank you I have a question for you I am disability can I buy a home in texas
Assuming you qualify based on the guidelines then you should be fine. Also, is the disability permanent or temporary as that could be an issue?
Can I combine a FHA LOAN with a teacher down payment program
This is a great question
Yes!
Thank you...one more question but it's personal how can I message
Hi, can I share your video on my business page. I am a realtor. Thank you
Yes of course!
I just don't understand why there's a mortgage insurance, if i can't pay would they take over? If the house is destroyed by a natural disaster,, the traditional insurance will cover that. So what is the purpose for a mortgage insurance
Mortgage insurance is on the loan in case you default on the loan. It covers the lender if you decide not to make your payments and end up foreclosing
How can I get in direct contact with you
RUclips@jebsmith.net
FHA has been approving people with scores as low as 580… this is laughable. They really do want to repeat 2008-2011
That's been their guideline the whole time, nothing has changed. That said, most with a 580 won't get approved with the minimal down though.
Just say it - if you’re not an all-cash buyer, you’re screwed. You’re never owning a home.
💥💥💥💥💥💥🤯💥💥💥💥💥💥
"Don't call the kid in the call center..."
Shade approved! Seriously though...stay away from those lazy lenders
Dislike for all the ads..crazy!
Sorry about the ads..........YT is the one putting them in there.
Thank you
👍