FHA Loan Limits

FHA Loan Limits
Learn More About the FHA Mortgage.

Karen Jones Introduces FHA Loan Limits

Need to know the FHA Loan Limits? Follow this link and you will be directed to the official FHA site.
FHA Loan Limits

How Can FHA help you buy your home….Learn More About the FHA Mortgage.

FHA is a great loan program to assist you with the purchase of your new home. FHA only requires 3.5% down payment and this down payment can be gifted to you by family. You can even borrow from your 401K loan for your down payment and the 401k loan will not be included in your debt-to-income ratios.

FHA normally allows one FHA Home Loan per borrower, however there are exceptions to the rule. Lenders set their own minimum credit score requirements, and most lenders normally require a credit score of 640 or higher. With that being said, the FHA Mortgage is the most forgiving home loan on the market at this time. If you do have credit challenges on your record, a detailed letter of explanation explaining the circumstances normally will suffice. Do remember that having your credit score at 620 or higher most likely will be required.

As of this writing, most sellers are very open to paying for a portion of the buyers closing costs. The average seller paid closing cost is usually 3% of the purchase price of the home. Your realtor will be able to guide you in the negotiation process of having the seller pay for your closing costs. When interviewing your realtor, be sure to bring this subject up, as you want to work with someone that has a strong history of success in this negation area.

Obtaining a pre-approval review for your FHA Mortgage purchase is an extremely smart move. When you take the process of completing the pre-approval review,  then you can shop with confidence, knowing you have a home loan and now you just need to find your home.

Now that you have learned more about the FHA Mortgage, if you would like assistance in preparing for this exciting event,
I invite you to contact Karen Jones from AmeriFirst Financial.
With over 30 years in the banking industry, Karen will be sure to educate you and prepare you for one of the largest purchases you will make.
Much success in your home ownership goals!

Home Loans by Karen Jones
Offers FHA, VA, Conventional, Jumbo loans.
Looking forward to serving you!Karen Jones Banner with Disclosure

 

AmeriFirst Financial, Inc., 1550 E. McKellips Road, Suite 117, Mesa, AZ 85203 (NMLS # 145368). 1­877­276­1974. Copyright 2017. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. AZ: Arizona Mortgage Banker License No. BK0013635; CA: Licensed by The Department of Business Oversight under the California Residential Mortgage Lending Act; CO: Regulated by the Division of Real Estate; WA: Washington Consumer Loan Company License No. CL­145368. AmeriFirst Financial, Inc. is an independent mortgage lender and is not affiliated with the Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA). Karen Jones is a licensed loan originator at AmeriFirst Financial.,Inc. Karen Jones complies with all regulations and rules of all government agencies and regulators including the Real Estate Settlement and Procedures Act. The services provided by Karen Jones are not a condition, nor do they create any obligation for any form of remuneration for any real estate settlement service related to any referral.

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