| 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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