Are you a first-time homebuyer looking to purchase a house with an FHA loan in the 2024 housing market? This episode provides detailed insights into how much home you can afford with an income ranging from $50K to $100K. We cover the latest FHA loan requirements for 2024, including how to calculate your debt-to-income ratio, necessary credit scores, and the required down payment.

Key Topics Covered:

• Understanding FHA loan requirements for 2024.
• Calculating debt-to-income ratios based on FHA guidelines.
• Credit score requirements for FHA loans.
• Details on mortgage insurance premiums (MIP) and how to calculate them.

Example Calculations:

For a $250,000 home purchase, with a 3.5% down payment:

• Down Payment: $8,750
• Loan Amount: $241,250
• MIP: $4,221.88
• Total Monthly Payment: $1,910.56

We also discuss the new 2024 FHA loan limits and provide resources for additional information on FHA-approved condos and county loan limits.

FHA Loan Requirements:

• FICO score of at least 580 for a 3.5% down payment.
• Debt-to-Income Ratio less than 57%.
• Steady income and proof of employment required.

Join us for an in-depth discussion on how these factors influence your home buying capacity and get expert advice on navigating the 2024 housing market.