FHA Mortgage Limits

Guest 0.10 Dollars($)

If the FHA mortgage limit for my area is $200160.00. Is that the maximum price of a home that could be purchased, or does that include the cost of the home + closing costs, sales tax, and all of the other fees.

Thanks
Ted

ckalvesmaki · Posted: Mon Sep 17, 2007 5:41 pm Post subject:

That is the maximum amount of the loan. You can put money down to bring the loan amoutn down to the max limit.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi TedN,

If the FHA loan limit is your area is $200160.00, it means that you can borrow loan upto the maximum amount of $200160.00 against your house. It does not include the closing costs or other taxes.

This statement is not correct. You can include closings costs in an FHA loan as long as the total loan including those costs do not exceed the FHA loan limit

Guest 0.10 Dollars($)

So if $200160 is the max loan amount, than the amount financed after closing can be no more than $200160? My appologies for being confused, I am new to the mortgage environment.

thx

ckalvesmaki · Posted: Wed Sep 19, 2007 6:57 am Post subject:

Yes that is correct your total loan amount including any financed closing cost can't exceed 200160

heavenhack7 · Joined: 05 Apr 2007 Posts: 73 0.78 Dollars($)

its ok dear .it happens in first time yes the amount u mentioned is the max amount .

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