"Inspection standards: To qualify as an FHA-eligible property, a home must go through a property standards inspection. This may limit your choices of available homes and can also make it difficult or impossible to get an FHA loan for a fixer-upper."
"Specifically, you'll pay 1.75% of the loan amount at closing as your upfront MIP. Then, you'll pay MIPs of 0.15% to 0.75% of the loan amount every year."
"An extra cost – an upfront mortgage insurance premium (MIP) of 2.25% of the loan's value. The MIP must either be paid in cash when you get the loan or rolled into the life of the loan. Home price qualifying maximums are set by FHA."
"The salary to afford a 500K house ranges between $101,040 and $180,429, assuming a 30 year mortgage, a 7.48% interest rate, and down payment between zero and $15,000."