FHA Loan Limits

The FHA home loan program has been helping American families afford homes for over seventy years. They have done this by insuring privately issued loans for these families. As a Federally-insured borrower, you get to take advantage of really great benefits that you would not otherwise get with a conventional loan. Benefits include low down payments, low interest rates, easy approval and streamline refinancing.

Limits

It’s important to realize that the FHA is only willing to insure loans up to a certain amount, and this amount varies depending on the county you live in, what type of mortgage you want and how many units the property is. Right now the standard limit for a single-family home is $217,050. In high cost counties, the limit goes all the way up to $938,250 for a single-family home. Be sure to check out the website for the US Department of Housing and Urban Development (HUD) to learn more about the limits in your county.

Qualifying

Once you have found a house you want to buy that is within the county limits, you are free to get started on the loan process. The lender you go through can be any institution as long as they are approved by the FHA and participate in the FHA home loan program. To qualify, you will need to submit all the necessary financial documents which can include credit scores, debt-to-income ratio, bank balances and tax forms. You will also need to have the property appraised by an FHA-approve inspector. Although you will have to qualify for the loan based on your financial security and credit scores, keep in mind that the FHA is much more lenient than conventional loans. Even if you’ve had some financial difficulties in your past, you might still be able to qualify for a loan.

Pre-approval

Getting pre-approved for an FHA loan is a great way to start on the road to homeownership. By getting pre-qualified for the loan, you will be able to see if you meet all the lender’s requirements. It will also give you an indication of how big of a loan you’ll be able to afford when it comes time to buying a house. To get started today, simply fill out our secure online form and we’ll have one of our specialists contact you. It’s completely free with no obligations.

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