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bakes1313

FHA Limits question

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Hi everyone, I am interested in an FHA loan. (I don't think that I will be able to qualify for conventional because of scores.) Here's my question, the loan that I want is about $215k, the FHA limit for that area is $208k. Could I pay the difference as a down payment and if so, would that count as my 3% down or would I have to pay 3% of the 208k in addition to $7,000 difference between $215 and $208k?

 

I was thinking that FHA would be a better option with interest rates than going sub-prime.

 

Any help is appreciated! Thanks!

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I might be able to help you out but, can you please give me some more information. Have you seen your credit lately? Do you know what your credit score is?

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Thanks! I'll take any help that I can get.

 

Yesterday I pulled MyFico scores for my husband and his were TU 582, EQ 599, and EX 508. I haven't checked my fico scores recently, but I am getting ready to. PG scores are TU 527, EQ 554, and EX of 578. I have some disputes in progress, but we all know how that goes. I have proof that at least 3 collections should be removed. (The letters from the original creditors stating they were placed in error.)

 

My husband is the primary wage earner making $52k per year. I make $35k per year and we have outstanding monthly debts of $800 per month. Once again, we are looking at a purchase price of about $210 to 215k.

 

Thanks again, I appreciate the help.

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Hi everyone,  I am interested in an FHA loan.  (I don't think that I will be able to qualify for conventional because of scores.)  Here's my question, the loan that I want is about $215k, the FHA limit for that area is $208k.  Could I pay the difference as a down payment and if so, would that count as my 3% down or would I have to pay 3% of the 208k in addition to $7,000 difference between $215 and $208k?

 

I was thinking that FHA would be a better option with interest rates than going sub-prime.  

 

Any help is appreciated!  Thanks!

 

bakes

 

Go to this web site and you can find out what the loan limits are for where you live: https://entp.hud.gov/idapp/html/hicostlook.cfm That is FHA's site for determining loan limits by county. And yes, you are allowed to pay the difference between FHA loan limits and what the loan amount you need. If the house you are looking for is 215K, the 3% downpayment would put you at $208,550. If the loan limit for your county is 208K, then you would need to pay an additional $550 to get within FHA loan limit and, if my memory serves me, that is allowable.

 

 

fla-tan

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Fla-tan is correct

 

You can buy ANY house that you want regardless of the loan limits.

 

FHA just won't make their loan bigger than their loan limits.

 

Note the the loan limit is for the Base Loan amount not including MIP. So if the Base loan limit is $208,000 then you will add 1.5% on top of that for your actual loan amount(providing that the loan is a 30yr fixed)

 

MIP is not added on if the loan is a 15 year with 10% down, Condo, or 203K.

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