Today's featured FHA question

"What is the minimum down payment required to buy a home with an FHA Mortgage Loan?"

Maria & Dennis - Iowa City, Iowa

"In most cases, borrowers looking to buy a home with an FHA mortgage will only need 3.5% for a down payment..."

FHA Loan Limits

The maximum about of money you can borrow with an FHA lender is determined by the lending limits for properties set forth by the Federal Housing Administration (the Government agency that insures FHA lenders.)

FHA loan limits are primarily based on the following

The location of the property being mortgaged (usually by county)
The type of property being mortgaged (number of units)
If the property resides in a "High Cost" area

The overall amount of money you can borrow with an FHA loan is based on the FHA loan limits but will also be determined by your actual ability to qualify for an FHA loan as an applicant. You can read more about qualifying for an FHA loan here.

You can use HUD's FHA loan limit lookup engine to search for the maximum FHA loan limits in your area. Click here to use HUD's official Loan Limit Search Tool.

FHA Loan Update

August 2nd, 2011

FHA Loan Requirements

What will you need? Click the link below to read about FHA Loan Requirements, credit and income requirements, FHA lender guidelines and the documents that may be required by your FHA lender....

Using a Mortgage Broker?

As of April 1st, 2011, mortgage originators will no longer be allowed to collect Yield Spread Premium (YSP) - a fee charged by mortgage brokers that is normally paid for by the lender upon closing a purchase or refinance transaction. This can mean higher up front fees for [you] the consumer....

FHA Mortgage Insurance Increase

On February 14, the FHA announced a new premium for FHA single-family mortgages, increasing the annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30-year and 15-year loans.

How will this affect you? [click]

For Home Buyers

Everything you need for Buying a Home FHA

FHA loans allow you to buy a home at very affordable terms. With FHA's low down payment requirements, light qualification guidelines and competitive fixed rates, millions of American's have turned to an FHA loan for their home purchase...

More about FHA loans for buying a home

FHA Refinance

Refinancing With a FHA Loan

If you are thinking about a refinance, an FHA refinance might be the solution. FHA loans offer rates just as low as conventional loans and in many cases are easier to qualify for...