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
April 15, 2019 - Some borrowers get confused over the differences in what the FHA home loan program will permit versus state or local laws that have a say in similar or identical areas. It’s easy to assume that FHA loan rules would override a local ordinance, but this is definitely not true.
April 13, 2019 - FHA condo loans allow financially qualified borrowers to apply for maximum financing of 96.5% and a 3.5% down payment. FHA loan minimums permit maximum financing and the lowest down payment for those with FICO scores 580 or higher.
April 12, 2019 - FHA One-Time Close construction loans are different than other FHA new purchase loans. There are some basic differences between new construction and existing construction FHA loans. Before we launch into those differences, it’s important to point out one very important aspect about this program.
April 11, 2019 - If you are buying your first home with an FHA mortgage, there are some questions you should ask about the property you want to buy. Sometimes it only takes a little bit of information to help make up a potential homeowner’s mind, but knowing the right questions to ask is key.
April 10, 2019 - FHA One-Time Close construction loans are designed for those who want to have a home built for them from the ground up. Construction loan mortgages, especially FHA One-Time Close loans, are unique among mortgage lending products and have some distinct advantages.
