As we show you in this video, as of 2013 , FHA loan limits varied throughout the country, from $115,200 in low-cost areas to $208,800 in high-cost areas; as of 2017, these figures increased to $275K and $636K. 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 youve consistently paid your bills on time.
You cant 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.
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