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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.

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June 23, 2017
FHA Rates for June 23, 2017
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FHA.com is a private company, is not a government agency, and does not make loans.

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.

NEXT:  Are There Any Fees on FHA Mortgages?

FHA Loan Articles and Mortgage News

Read About FHA Requirements, Updates, and Guidelines
When the Seller Wants to Help Pay Your FHA Closing Costs

June 12, 2017 - FHA loan rules in the FHA Handbook limit the contributions of an interested party, who may be the seller or any other person or party who wants to contribute to closing costs. These contributions are limited to a maximum of six percent of the sale price of the home.

Are FHA Loans Allowed When One Family Member Buys a Home From Another?

May 29, 2017 - FHA loan rules have special requirements for home loan transactions that may be termed “identity of interest”. These transactions, which are sometimes allowed, are between parties with an existing business relationship or between family members.

Is it Possible to Apply for Another FHA Mortgage?

May 22, 2017 - Some borrowers experience some confusion over the rules for FHA loans in cases where a homeowner wants to think about applying for an FHA mortgage to buy a second home. What are the FHA loan rules that apply in such circumstances? 

Verifying Alimony and/or Child Support for FHA Loans

May 16, 2017 - The FHA Loan Handbook states that a borrower may use alimony/child support income to qualify for an FHA home loan if it can be verified and meets FHA requirements. How does your FHA lender may consider alimony and child support as part of a borrower’s effective income? 

How FICO Scores Affect Your FHA Home Loan

May 12, 2017 - The FHA Handbook instructs lenders that a borrower is technically qualified for maximum financing  at the required minimum 3.5% down payment when the applicant has a FICO score at 580 or higher.