- January 13, 2014
- Posted by: EWTAZ
- Category: Federal Programs
As we show you in this video, as of 2013, FHA loan limits vary throughout the country, from $115,200 in low-cost areas to $208,800 in high-cost areas. The loan maximums for multi-unit homes are higher than those for single units and also vary by area.
Because these maximums are linked to the conforming loan limit and average area home prices FHA loan limits are periodically subject to change.
There is no minimum income requirement for an FHA loan. But you must prove steady income for at least three years and demonstrate that you’ve consistently paid your bills on time. You can’t roll closing costs into your FHA loan, but you may be able to use the amount you pay for them to help satisfy the down payment requirement.
Ask your lender for details and confirmation of current limits.