Do I Make Too Much Money To Get An FHA Loanby Jenna Dixon, Associate Broker. DRA Homes on 02/21/16
Do I make too much money to get an FHA Loan?
The answer is NO! There are no minimum or maximum income limits for buyers looking for a new FHA mortgage loan.
The qualifying process for FHA loans focuses on the borrower's ability to repay the loan and there is not a minimum or maximum income scale.
However, there are LOAN LIMITS for FHA for each county across the country. This means that within each geographic area, there are maximum LOAN AMOUNTS that FHA will guarantee.
In the Atlanta Metropolitian Statiscal Area the FHA loan limit is $342,700 for a single family home.
In short, what this means is that buyers are limited to financing no more than $342,700 with an FHA mortgage. Check loan limits in your area here.
The required MINIMUM down payment for an FHA mortgage is 3.5% of the purchase price. (There are select exceptions to this rule that may apply when purchasing a foreclosed property owned by HUD)
Finding the right loan program to finance the purchase of your home is an important step.
For questions about financing your new home, I recommend Christensen Financial. Contact Rick Dixon, Branch Manager in Powder Springs, at 770-675-3610 or visit www.GeorgiaLoanConnection.com to get started today!