Check out our list of common questions related to FHA mortgages. Check out our list of common questions related to FHA mortgages.
What is the maximum loan amount for an FHA Loan?
- $314,827 is the new maximum loan amount for 2019!
What is the FHA?
- FHA stands for the Federal Housing Administration. It was created in 1934 to help Americans get into homes.
What makes a FHA insured mortgage beneficial?
- A FHA insured mortgage is easy to qualify for, can be obtained with less than perfect credit, costs less and requires a smaller down-payment.
Where can I find FHA forms and other literature?
What is the FHA loan limit in my area?
- The loan limit across the country is different. Click here to see limits in your area.
Can I pay an FHA loan off early?
- Yes, however be sure to check the pre-payment section of your contract before signing.
Is there a FHA program to help me refinance my loan?
- Yes! You can do a cash-out refinance to consolidate debt, do home improvement or combine and 1st and 2nd mortgage. You can refinance to lower your payment or shorten your term. Contact Tracy Flesch for details on the advantage of an FHA refinance
Can I refinance a fixed rate FHA loan?
- Yes. Talk to Tracy Flesch today to see if refinancing makes sense for you.
What is the recommended debt-to-income ratio for FHA loans?
- Debt-to-income (DTI) rations can go up to 54%, although it is not always the case! Credit scores can play a major factor in acceptable DTI limits..
Are FHA loans assumable?
- Absolutely, you can assume an existing FHA loan or allow a buyer to assume yours.
Can I get a "fixer-upper" of a home with a FHA mortgage?
- Yes, however you might be required to fix certain problems in the home before you can get the full loan. Speak with Tracy today for details on this.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.