|FHA Limits usually refer to the limitation on the maximum loan amount one can get in a particular location. These limits vary significantly from one state to another and from one county to another within a state.
This is because of the variation in home prices at different places. Apart from mortgage limits, FHA set limits for the income of the borrower, loan to value ratio, seller contribution towards down payment, high cost loan and multifamily loan limits.
FHA Income Limits
Talking about FHA Income Limits, one should note that there is no upper limit set under the HUD guidelines to qualify for an FHA-insured mortgage program. There is no lower minimum income limit either, but one has to make it sure that they will be able to meet the payment and other debt requirements with their current income.
There may be several down payment assistance or other secondary financing programs that are funded by the US Department of Housing and Urban Development (HUD). Certain income limits may be present to qualify for any of these programs.
Detailed information in this regard is available at the HUD website. Your income also determine the amount you may be eligible to borrow provided it does not exceed the maximum loan limits fixed for the geographic area you belong to.
FHA Loan Limits
FHA loan limits vary according to the location. It is easy to find this limit for your area. Just visit entp.hud.gov online to open the page for FHA mortgage limits. The user interface of the page will ask you enter your search criteria, for example the exact location of your area. You can also see results by state, county or by zip code. There are three types of limits – FHA Forward, HECM and Fannie/Freddie.
The FHA loan limits for a single family home in some of the states are being listed here: