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
August 9, 2019 - What are the FHA home loan rules for first-time home buyers? If that seems like a trick question to you, you’re on the right track. There are NO FHA home loan rules that pertain exclusively to first-time home buyers.
August 8, 2019 - If you are in the planning stages for an FHA home loan, it’s important to begin budgeting for your home loan-related expenses including appraisal fees, home inspection fees, any required pest control, hazard insurance, and other costs.
August 6, 2019 - FHA requirements say that borrowers with FICO scores between 500 and 579 are technically eligible for an FHA mortgage but would be required to put a higher amount of money down. The down payment requirements from the FHA (not the lender) in these cases is 10%.
August 5, 2019 - If you have monthly financial responsibilities that include paying alimony or child support, there are FHA loan rules your lender will use to determine how such payments affect your debt ratio. How do these factors affect an FHA home loan approval?
August 4, 2019 - FHA Streamline Refinances have no FHA-required credit check, appraisal, or job verification in most cases. But there IS a credit-qualifying version of the FHA Streamline, and some lenders may only offer that version while others may provide both.
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!
