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
June 8, 2018 - Is an FHA manufactured home loan right for you? That is a question well worth asking, especially for those concerned that such loans may not be available in certain housing markets. Supply and demand plays an important role in how some lenders approach certain types of FHA loan transactions.
June 6, 2018 - How many FHA loan options to build or buy are out there for those who need a new home? The number and type of options may surprise you. FHA home loans can be used to buy condo units, mobile/manufactured homes, existing construction properties and also new construction.
June 5, 2018 - Regarding luxury items and features in a home, the first and most basic issue is the existence of the pool, barbecue pit, or other similar upgrades. FHA loan rules do not forbid the purchase of a home with these features, but they must meet FHA standards where applicable.
June 2, 2018 - Closing cost guidelines come into play regarding what expenses are considered part of the borrower’s required cash to close. Closing costs can include a lender’s origination fees, pre-paid items such as per diem interest, and discount points where applicable.
May 30, 2018 - What are the FHA loan rules for 203(h) mortgages for disaster victims? HUD 4000.1, the FHA Loan Handbook, has the basic rules and requirements for these loans which are made available to those recovering in federally-declared disaster areas.
FHA.com Reviews
FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!
