FHA Loan Guidelines & Loan Limits
An FHA Home Loan is a loan that is insured and backed by the Federal Housing Administration. It is generally reserved for first time home buyers or people who have trouble qualifying for a traditional mortgage, but anybody may apply for an FHA Loan.
In order to qualify for an FHA Home Loan, you must first complete the application process. In order to apply, you will be required to accrue all the necessary information, including your residences over the past two years, your social security number, the names of your employers over the past two years, your current gross monthly salary and your W2's from the past two years. There may be more information required, but these are the basic documents that will be needed. You will need to send the documents to the FHA Loan underwriter, who will review your statements and will decide if you are approved, denied or if your application is suspended. You will want to work with a professional lender as well to learn your FHA Loan limit. Limits were updated in 2008, so double check to make sure you are getting the full benefit of your home loan.
If you would like to get started on the path towards receiving an FHA Home Loan, fill out our form today and speak with a licensed professional who can help you find the rates, limit and loan that is perfect for your home buying needs.