I saw this on bankrate.com, and I thought it may be helpful for those buying a home. Instead of having to get a jumbo loan holding off a little may save on interest. Charlie http://www.bankrate.com/brm/news/mortgages/20021125a.asp
Im confused. how could anyone that could afford a mtg fro that much ever qualify for fha? I though fha had all kinds of restrictions. I assume because of my income I could never get an fha loan.
trout The article has nothing to do with FHA. It deals with the new limit on conforming mortgages. The current cap on conforming is $300,700. FHA caps are based on location and in most parts of the country the current cap for a qualified FHA mortgage is $146,000. You can, theoretically, actually buy a $1,000,000. house FHA as long as you put a large enough down payment to get the mortgage amount below 146K. Though why anybody would want to is beyeond me. fla-tan
Yes, here in SoCal, it's much higher than the 146K simply because you can't buy a house for that amount here. Can't remember exactly what my broker told me when we were looking into mortgages a few months back, but we were pre-approved for ~260K.
Try this link for FHA loan limit information. http://www.fhalibrary.com/fha_mortgages/fha_loan_limits/ For instance here in Boston the single family limit is $261,109. It's still tough to find a house in move in condition in this area for that money. EdG
Phew, after I saw that 140ish #, I was freaking out. Ours is 173,375 here in KC, Kansas and Missouri area. If we don't qualify for VA, we are planning on doing FHA but I know we need possibly more than the low 140s. WE are looking at close to 155-165 so I was freaking out for just a moment. Thanks for the link to that info.
EdG Thanks for posting the link. I forgot to do so. Yes each area has it's own limits and in high price areas it can go up into the mid to upper 200Ks. fla-tan
