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teachermom
LIF Adolescent
Member since 8/11 843 total posts
Name:
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FHA loan?
I'm looking into getting an FHA loan. I don't have the down payment I need to buy a house that we are in LOVE with. Credit worthiness is not an issue neither is being about to afford the new mortgage. I went to the credit union today and they said that 417,000 was the max *they* could do for an FHA loan. Do you have an FHA for more than that? My husband looked online and said the FHA limit on the Island is over 600,000.
Any BTDT advice would be great!
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Posted 5/21/15 4:33 PM  |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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FHA loan?
Nassau/Suffolk FHA loan limits are $625K.
I would go with another bank if your credit union is not familiar with FHA loan limits chances are they are not too familiar with how to process the loan.
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| Posted 5/21/15 4:48 PM |
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KGools
Happy
Member since 9/06 9532 total posts
Name:
Kim
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Re: FHA loan?
I didn't even realize there were caps on FHA loans. Either way, you still need at least a 3.5% down payment for an FHA.
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| Posted 5/21/15 5:12 PM |
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MrsM84
LIF Adult
Member since 2/13 2352 total posts
Name:
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FHA loan?
Just an FYI -- the rules for FHA loans changed not that long ago. I believe that you now have to pay PMI (mortgage insurance) for the life of the loan, which will add up to be quite a lot of $$$$. We went into contract right before the change went into effect and our PMI will come off after 5 years or once we have 20% equity in the house. You also might be able to get rid of it if you refinance with a non-FHA loan. I highly suggest working with a bank/broker that is family with FHA loans.
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| Posted 5/21/15 6:11 PM |
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