FHA Loan Requirements and First Time Home Buyer Frequently Asked Questions
Are you a first time home buyer interested in buying a house using an FHA loan in the 2021 housing market and wondering about the fha loan requirements? What are the most recent FHA loan requirements? In this video, we discuss first time home buyer frequently asked questions as it relates to fha as well as down payment, credit scores, mortgage insurance as well as employment and income when buying a home.
RESOURCES:
🏠 - First Time Home Buyer Course - http://www.becominghomewise.com
✅ - Get a Referral to a Mortgage Lender or Realtor - http://www.jebsmith.net/referral
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.
Timestamps
0:00 - Intro
1:40 - What is the minimal down payment with an FHA Loan?
1:57 - Are FHA just for First Time Home Buyers?
2:10 - Can you use FHA loans for investment property?
2:50 - What's the maximum amount I can put down with a FHA loan?
3:10 - Is FHA Mortgage Insurance really for the life of the loan?
4:10 - What are the minimal credit scores for a FHA Loan
6:00 - Can FHA down payment be a gift?
6:46 - What is the max DTI with FHA?
7:25 - Is FHA easier to qualify than conventional?
7:45 - Are FHA Interest Rates Better or Worse than Conventional Interest Rates?
8:40 - What are the income and employment requirements for FHA?
10:30 - Do you have to pay off collections when getting an FHA Loan?
11:20 - How do you apply for a FHA loan?
11:30 - What documents are required with applying for an FHA loan?
Connect with me 👇
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
#HousingMarket2021 #FirstTimeHomeBuyer #FHA
