Conventional Loans FHA Loans Reverse Mortgages FAQ
   
FHA Loans

The National Housing Act of 1934 established the Federal Housing Administration (FHA) as a part of the Dept. of Housing & Urban Development. Low down payment requirements and liberal underwriting guidelines have made their loans attractive to many buyers.

MAXIMUM LOAN AMOUNT

Single Family $271,050
Duplex $347,000
Triplex $419,425
Four Plex $521,250

QUALIFYING RATIOS

  31% (housing) and 43% (total debt) of gross monthly income
  33% (housing) and 45% (total debt) for new homes

Mortgage insurance is financed.

Seller contribution is limited 6%.

VA Loans

For VA home loan purposes, a veteran is a person who has served in the military on active duty for at least 181 days (90 days wartime) or has six years of service in the reserves/national guard and has not been dishonorably discharged.

  VA funding fee is financed
  Total debt to income ratio is 41%, however, extenuating circumstances may allow Lender to exceed ratio
  Seller contribution is limited to 4%

 
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