Looking to the Future, Loan from the past?
February 22nd, 2008 categories: Julie's Mortgage Tips
FHA loans will be used more and more in the following months to come. Conventional loans keep tightening their guidelines and are requiring larger down payments.
What is an FHA loan?
FHA stands for Federal Housing Authority. It is a government loan guaranteed 100% against default by the Federal Housing Authority.
What are the advantages of FHA?
- Low down payments
- More liberal on credit problems
- Low fee’s
- No income limits
Sales Price Limits:
- single family $218,500
- double $256,248
- tri-Plex $309,744
- four-Plex $384,936
Congress is presently trying to pass a bill that will raise the sales prices on FHA loan.
