NEW FHA Loan Requirements 2024 - How much can you afford with 100K? - FHA Loan 2024

Are you a first time home buyer interested in buying a house using an fha loan in the 2024 housing market but unsure how much home you can afford with a 100K salary? How do you calculate your debt to income based on the FHA loan requirements for 2024? What credit scores do you need? How much down payment does FHA require? In this video, we are going to discuss how much you can afford to purchase making 100K income using the latest 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.

⏩ How much can you afford with 50-75K Salary? -    • NEW FHA Loan Requirements 2024 - How ...  

⏩ - NEW FHA Loan Requirements 2024 - First Time Home Buyer - FHA Loan 2023 -    • NEW FHA Loan Requirements 2024 - Firs...  

✅ - Work Directly with My Team (Mortgage and Real Estate Nationwide) - http://www.jebsmith.net/referral

🏠 - First Time Home Buyer Course - https://bit.ly/4clhsse

✅Subscribe to my local newsletter - https://bit.ly/48LJJp3

Other FHA videos you may find Helpful:

How to calculate PMI on a FHA Loan - How to get rid of PMI - FHA Loan 2024 -    • How to calcuate PMI on a FHA Loan - H...  

Comparing Monthly Payments on FHA vs Conventional Loan - First Time Home Buyer -    • Comparing Monthly Payments on FHA vs ...  

RESOURCES:
🏠 - First Time Home Buyer Course - http://www.becominghomewise.com

🎙- The Educated Home Buyer Podcast -
Spotify - https://open.spotify.com/show/3Ho4sTO...
Apple - https://podcasts.apple.com/us/podcast...

Video Calculations using $250,000:

Price: $250,000.00
Down Payment: $8,750.00 (3.5% down payment)
Loan Amount: $241,250.00 (Price - down payment)
MIP: $4,221.88 (1.75% x Loan Amount)
Base Loan Amount: $245,471.88 (Loan Amount + MIP)
Interest Rate: 5.75% (amortized over 30 years)
Mortgage Payment: $1,432.51
Taxes at 1.1% $229.17
MIP: $173.88 (Base Loan Amount x .0085 / 12 )
Insurance: $75.00 (Estimate)
Total Monthly Payment: $1,910.56

NEW 2024 FHA LOAN LIMITS - https://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 - https://entp.hud.gov/idapp/html/condl...
FHA County Loan Limits - https://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 2022 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 2020 -    • FHA Loan Qualifications - First Time ...  
➡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 ...  

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?

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➳ https://www.tiktok.com/mrjebsmith

#housingmarket2024 #RealEstate #FHA