Are you considering refinancing your fha loan and wondering whether or not it makes sense? Are you wanting to lower your monthly payment by getting rid of PMI or possibly do a cash out refinance to pay off debt? What questions should you ask yourself when considering a refinance? How do you refinance from an fha loan to a conventional loan? In this video, I discuss the idea of refinancing from an fha loan to an fha loan using an fha streamline as well as the idea of refinancing out of an fha loan into a conventional loan.

⏩Watch this video next for detailed info on the FHA Loan Requirements 2022 - [ Ссылка ]

Other FHA videos you may find Helpful:

How to calcuate PMI on a FHA Loan - How to get rid of PMI - FHA Loan 2022 - [ Ссылка ]

Comparing Monthly Payments on FHA vs Conventional Loan - First Time Home Buyer - [ Ссылка ]

RESOURCES:
🏠 - First Time Home Buyer Course - [ Ссылка ]
✅ - Get a Referral to a Mortgage Lender or Realtor - [ Ссылка ]

NEW 2022 FHA LOAN LIMITS -

Low Cost Areas:
One-unit: $420,680
Two-unit: $538,650
Three-unit: $651,050
Four-unit: $809,150

High Cost Areas:
One-unit: $970,800
Two-unit: $1,243,050
Three-unit: $1,502,475
Four-unit: $1,867,275

FHA Approved Condo List - [ Ссылка ]
FHA County Loan Limits - [ Ссылка ]

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 .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 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 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 - [ Ссылка ]
➡FHA Pros and Cons - First Time Home Buyer - FHA Loan 2020 - [ Ссылка ]
➡Buying a home using FHA - First Time Home Buyer - FHA Loan 2020 - [ Ссылка ]

I hope you appreciate this update on fha loans for first time home buyers for the housing market 2022 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 2022 forecast and the housing market 2022 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 2022 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 ➳ [ Ссылка ]

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#HousingMarket2022 #RealEstate #FHA

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