Hi guys, Welcome to the Advanced Video Search Engine, and you are watching FHA Loan vs Conventional Loan - Which Loan Is Best?. That video is uploaded by Jeb Smith at 2023-07-14T05:15:07-07:00. We are promoting this video only for entertainment and educational purpose only. So, I hope you like & enjoy it. [y20DwaOje6M]
| Name | FHA Loan vs Conventional Loan - Which Loan Is Best? |
| Video Uploader | Video From Jeb Smith |
| Upload Date | This Video Uploaded At 14-07-2023 12:15:07 |
| Video Discription | Are you a first time home buyer interested in buying a house but wondering which loan is best for you? Are you trying to decide between an FHA Loan Vs Conventional Loan? What are the most recent FHA loan requirements for 2023? What are the most recent conventional loan requirements? What credit scores do you need? How much downpayment does FHA require vs Conventional? What are the pros vs cons of FHA vs conventional? In this video, we are going to discuss the 2023 FHA Loan Requirements and the 2023 Conventional Loan Requirements, answer some common questions around FHA Loans vs Conventional Loans as well as compare the monthly payments at 5% and 10% down. โ - Get a Referral to a Mortgage Lender or Realtor - http://www.jebsmith.net/referral ๐ - First Time Home Buyer Course - http://www.becominghomewise.com โฉ Watch This Next โฉ - NEW FHA Loan Requirements 2023 - https://youtu.be/dmuCCC0WCcg Other FHA videos you may find Helpful: How to calcuate PMI on a FHA Loan - How to get rid of PMI - FHA Loan 2022 - https://youtu.be/1UDea_zyhqM Comparing Monthly Payments on FHA vs Conventional Loan - First Time Home Buyer - https://youtu.be/DrqAbTJ0cf8 RESOURCES: ๐- The Educated Home Buyer Podcast - Spotify - https://open.spotify.com/show/3Ho4sTORqrLYlkBwWUkSBA Apple - https://podcasts.apple.com/us/podcast/the-educated-homebuyer/id1611226020 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 - https://entp.hud.gov/idapp/html/condlook.cfm FHA County Loan Limits - https://entp.hud.gov/idapp/html/hicostlook.cfm 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. โก 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. โก 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. โก How do you calculate the monthly mortgage insurance premium for an fha loan? Purchase Price x Percent of Amount Financed x 1.0175 x .0085 / 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 .0085 = $2,921.11 $2921.11 / 12 = $243.43 / month FHA loan 2022 requirements โ FICOยฎ score at least 580 = 3.5% down payment. โ FICOยฎ score between 500 and 579 = 10% down payment. โ MIP (Mortgage Insurance Premium ) is required. โ Debt-to-Income Ratio less than 57%. (Actually you can go much higher than this) โ The home must be the borrower's primary residence. โ Borrower must have steady income and proof of employment. FHA Videos You May Find Helpful: โกFHA Loan Qualifications - First Time Home Buyer - FHA Loan 2020 - https://youtu.be/1SC6WgAJ2yk โกFHA Pros and Cons - First Time Home Buyer - FHA Loan 2020 - https://youtu.be/fOWjRGQmKDM โกBuying a home using FHA - First Time Home Buyer - FHA Loan 2020 - https://youtu.be/8KCzd8GPH_w 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 2023 forecast and the housing market 2023 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 2023 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 โณ https://www.instagram.com/jebsmith โกT I K T O Kโณ https://www.tiktok.com/mrjebsmith โโโ SUBSCRIBE FOR MORE VIDEOS โโโ To never miss a video about personal finance & real estate related topics, please subscribe to my channel & then hit the bell notification here โ https://goo.gl/NZB1S6 #HousingMarket2023 #RealEstate #FHA y20DwaOje6M |
| Category | Entertainment |
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