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FHA Mortgage Limits

Posted on: 17th Sep, 2007 03:36 pm
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
That is the maximum amount of the loan. You can put money down to bring the loan amoutn down to the max limit.
Posted on: 17th Sep, 2007 05:41 pm
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
Posted on: 17th Sep, 2007 08:27 pm
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
Posted on: 19th Sep, 2007 06:53 am
Yes that is correct your total loan amount including any financed closing cost can't exceed 200160
Posted on: 19th Sep, 2007 06:57 am
its ok dear .it happens in first time yes the amount u mentioned is the max amount .
Posted on: 19th Sep, 2007 11:53 am
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