Unlike qualifying for a VA Mortgage loan (where you must be a qualifying Veteran) or a USDA Home Loan (that requires that you meet income limits for your county and the property must fit within the USDA RD Loan Footprint) – FHA has far fewer restrictions! They do have Maximum Loan Amounts, which vary per county – but other than that, just about anyone who wants to purchase an Owner Occupied Home can do so!
- Maximum Loan Amounts: Maximum FHA Loan Limits Vary per County, and are subject to change each October. Congress has said that they will be lowering the High Cost Area FHA loans that are currently available in areas like Washington, DC and San Francisco in October of 2012. It looks like the maximum FHA Loan Limit for Homes in Raleigh will change at that time too. The FHA Maximum Loan limit for Wake County is $295,000 – (and although Congress did lower the the 2012 limit down to $271,050 for a few months… they moved it back to $295,000 shortly thereafter). [Read more...]