FHA Loan 2021 and VA Loan 2021 Update



Are you a first time home buyer using an fha loan or a va loan when a buying a house and having trouble getting your offer accepted? Are fha loans bad? Are va loans bad? Is there an advantage to using a conventional loan in this housing market? In this video, we discuss the misconceptions of fha and va and how the amendatory clause might actually be hurting you when trying to buy a home.


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What is a 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.


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.


FHA Videos You May Find Helpful:


➡NEW FHA Loan Requirements – First Time Home Buyer – FHA Loan 2021 – https://youtu.be/JwGB0CEZOww

➡How to calcuate PMI on a FHA Loan – How to get rid of PMI – FHA Loan 2020 – https://youtu.be/1UDea_zyhqM

➡FHA Loan Qualifications – First Time Home Buyer – FHA Loan 2020 – https://youtu.be/1SC6WgAJ2yk

➡FHA Pros and Cons – First Time Home Buyer – FHA Loan 2020 – https://youtu.be/fOWjRGQmKDM

➡Buying a home using FHA – First Time Home Buyer – FHA Loan 2020 – https://youtu.be/8KCzd8GPH_w


What is a VA loan? A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs


VA loan requirements


✅Active Duty or Served 90 Continuous Days/Met length of service requirements which is generally 90 days in wartime and 181 days in peacetime/completed 90 days of active duty or 6 creditable years in selected reserve or national guard/surviving spouse of a veteran who died while in service or from a service related disability and have not remarried.

✅ FICO® score at least 580 (there are exceptions but they come with a cost)

✅ No Down Payment Required

✅MIP (Mortgage Insurance Premium ) is NOT required on VA Loans.

✅Debt-to-Income Ratio less than 41%. (Actually you can go much higher than this)

✅Condos have to be VA approved

✅The home must be the borrower’s primary residence.

✅Borrower must have steady income and proof of employment.


The FHA/VA amendatory clause states that the buyer cannot be required by the seller to purchase the home if the appraisal is lower than the sales price listed on the sales contract. The fha amendatory clause also states that the appraisal will determine the maximum loan amount provided by the lender.


Do you need to be connected with a knowledgeable and professional Realtor or mortgage professional (lender) in your market? If so, please reach out to me directly.


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 ➳ https://www.instagram.com/jebsmith


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#firsttimehomebuyer #FHA #VA

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