Do FHA Lending Limits Ever Change?
FHA Common Question #9
There has been a steady increase in the amount of FHA insured home loan money available to borrowers approved for loans on single-family home mortgages. This increase in availability means more borrowing power for those applying for FHA home loans, and lets more people than ever have the chance to own a home.
With only a 3.5% down payment and a higher single-family home mortgage limit, now may be the best time for you to apply for an FHA home loan. Take a good look at your finances before you proceed; your monthly housing costs should not take up more than 31% of your gross monthly income.
Some people make the mistake of calculating their housing budget using net income, which won't help you when it comes time to apply for an FHA loan.
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FHA Loan Articles and Mortgage News
October 7, 2017 - In general, FHA loan rules require the lender to determine that judgments are resolved or paid off prior to or at closing. Judgments of a non-borrowing spouse in a community property state must be resolved or paid in full, with the exception of obligations excluded by state law.
October 2, 2017 - The FHA Single-Family Home Loan program does not feature a no money down option. However, there are state and local programs that may offer assistance to home buyers, first-time home buyers, or home buyers who are in financial need.
September 25, 2017 - There are many common questions about FHA home loans, and more than a few uncommon ones. Income verification is one area where FHA loan applicants may experience the need for more information.
September 20, 2017 - When you apply for an FHA home loan, there's a list of documents and documentation needed to process an FHA loan application. These are the minimum needed to establish an accurate picture of a borrower's credit and payment history.
September 9, 2017 - FHA loan rules for new loans following a short sale may seem complex--the rules that apply to you often depend on the status of your mortgage loan prior to the short sale. But, when is a new FHA home loan possible following a short sale?
