What are the guidelines for a FHA loan? Income requirements? Be a first time buyer? Loan amount Limit?

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I have been approved for a home mortgage but we need to have 10% down due to the declining market area. What are the guidelines for a FHA loan? Do I need to meet income requirements? Is there a amount limit to what the FHA loan can be made? I want a fixed-30-year loan.

6 Comments
  1. Reply
    Lucille
    May 3, 2011 at 5:17 am

    Here are many first time home buyers programs available. You may start by calling the city Housing Office in your city or the county housing officemortgage brokers or institutions that are authorize to administer the program. These agencies are normally listed on a pamphlet.

  2. Reply
    golferwhoworks
    May 3, 2011 at 5:31 am

    FHA loan limits are state and county specific. Go To HUD.GOV for those answers
    If you are in TN or KY ican help you with your mortgage needs

  3. Reply
    Rich
    May 3, 2011 at 5:37 am

    Comprehensive FHA Loan Guide

    Below is a list of our ongoing FHA guide, designed to help you better understand the caveats of financing your home using and FHA Loan. With the recent problems suffered by subprime mortgage lenders, FHA loans are making a strong comeback as a useful alternative for first-time home buyers and home buyers with less than perfect credit. Please browse our professional articles below to learn more before applying for an FHA loan.

    If you are a first-time home buyer or have bought a home before and have less than perfect credit you have come to the right place. At Mortgage Loan Place our FHA home loan Specialists will take you through the loan process step-by-step and will even prepare a personal analysis for you. All you have to do is answer a few questions.

    Because it’s an FHA loan, lenders will offer you lower, more affordable rates. This is possible because the FHA insures lenders, so they have less risk by taking you on as a borrower.

    No matter what loan said, you still need to add the property tax and associate fee etc. and you shoun’t not pay more than 1/3 of your total income i mortagage, this is why happend many home were foreclosure, because many to meet the minimumt payment more than half of their income in mortage, when something happend like lay off from job, can’t keep up the high mortage result in foreclosure. 10% money down is less, ended you had to pay more per month, you should pay aleast 25% money down.

  4. Reply
    Bob B
    May 3, 2011 at 5:49 am

    the debt to income ratio for FHA is 31/43
    31% payment to income
    43% total debt to income
    There are slight exceptions to these ratios depending on the Underwriters descretion..(ask your Loan officer)
    The FHA loan limit will depend on where you live. It varies by state and county

  5. Reply
    Steve j
    May 3, 2011 at 6:46 am

    Guidelines depend in what area of your State. Every State has different ones. Two guidelines that will not change are
    1) 3% down (of the selling price)
    2) dept to income ratios 29 and 41%

  6. Reply
    i love my kids
    May 3, 2011 at 7:32 am

    If you are a 1st time home buyer you can qualify for an FHA or if you haven’t bought a home with in 3 years. FHA will still require 3% down, but if you don’t have that kind of cash on you, there are some programs to help. They are non profit organizations that will give you the money for your down payment and when you buy your home you can ask the sellers to pay your closing costs, and here in SC most of them already expect to. I hope that this helps!!! 😉

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