NEW FHA Loan Requirements 2024 - First Time Home Buyer - FHA Loan 2024

Описание: Are you a first-time home buyer looking to understand the new FHA loan requirements for 2024? In this video, we break down everything you need to know about FHA loans and how to qualify as a first-time home buyer in 2024. Don't miss out on this important information for purchasing your dream home!

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NEW 2024 FHA LOAN LIMITS - https://www.hud.gov/press/press_relea...

FHA Approved Condo List - https://entp.hud.gov/idapp/html/condl...
FHA County Loan Limits - https://entp.hud.gov/idapp/html/hicos...

An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by an FHA-approved lender. Here are the FHA loan 2024 requirements:

1- Borrowers must have steady income and proof of employment.
2 - The home must be the borrower's primary residence. If Buying multiple units, borrower must live in one of the units.
3 - FICO® score at least 580 = 3.5% down payment.
4 - FICO® score between 500 and 579 = 10% down payment.
5 - MIP (Mortgage Insurance Premium ) is required.
6 - Debt-to-Income Ratio less than 57% on back end, 47% of front end.

FHA mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. You must pay for both upfront and annual Mortgage Insurance regardless of down payment. If you do a 10% downpayment, monthly mortgage insurance will fall off at year 11.

UPMIP stands for: upfront mortgage insurance premium. The UPMIP is currently at 1.75% of the base loan amount.

How to Calculate UPFRONT Mortgage Insurance: Purchase Price x Percent of Amount Financed x 1.0175 x .0055 / 12

How to Calculate the MONTHLY mortgage insurance premium for an
FHA loan: Purchase Price x Percent of Amount Financed x 1.0175 x .0055 / 12

Sarah Cook
Loan Officer with GFS Home Loans NMLS: 2527956
Realtor with RE/MAX SYNERGY in Colorado

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