33%
Fha county limits determine the max amount allowed. On puchases you can only lend up to 96.5% of the appraised value or the sales price which ever is lesser. On refi's depends on what type of refinance it is.. Cashouts up 85% .
Backend Ratio, is a term used in home financing. It is the total of all the debts a borrower has as a percentage of their gross income. FNMA, FHLMC and FHA use this ration while VA uses only one percentage and that is determined by the borrower's stable income. (See Front End Ratio, which is the actual housing expense without the other debts included. Lenders will normally use the lower of the two numbers in qualifying although the borrower normally must qualify under both amounts.)
GROSS LIVING AREA - As desecribed by HUD/FHA Gross Living Area is the total area of finished, above-grade residential space. It is calculated by measuring the outside perimeter of the structure and includes only finished, habitable, above-grade living space. Finished basements and unfinished attic areas are not included in total gross living area. Areas below grade are not inluded in the area defined as living area but are noted seperately, as are other areas of the residence such as porches patios, garages (non-living areas).
The FHA loan qualifications are all listed on their website. They list loan limits, costs, allowable debt-ratios, as well as a loan checklist you can use.
Almost anybody can get an FHA loan. There are no income limits the FHA loan is a federal assistance mortgage loan in the United States insured by the Federal Housing Administration.
FHA stands for Federal Housing Authority. This is a department in the federal government that helps to insure affordable housing.
An FHA insured loan is a Federal Housing Administration mortgage insurance backed mortgage loan which are provided by FHA-approved lenders. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. To obtain mortgage insurance from the Federal Housing Administration, a mortgage insurance premium(MIP) equal to a percentage of the loan amount at closing is required, and is normally financed by the lender and paid to FHA on the borrower's behalf. Depending on the loan-to-value ratio, there may be a monthly premium as well.
An FHA loan is a loan for first time home buyers. HUD has a website where you can talk to FHA housing counselors who will be qualified to answer all your questions regarding an FHA loan (http://portal.hud.gov/hudportal/HUD?src=/i_want_to/talk_to_a_housing_counselor.
FHA stands for Federal Housing Administration. The FHA has several loan options which are mostly used for mortgages. The FHA loan makes it easier for people to qualify for a mortgage.
The benefits of a Federal Housing Adminstration (FHA) loan are the following: it is easier to qualify for a mortgage, it is insured against default by the FHA, they allow smaller down-payments as low as 3.5%.
FHA Federal Housing Administration
Guarnatee loan
You can get all the information you will ever need on the internet. Just go to FHA and search for the Federal Housing Administration/U.S. Department of Housing and Urban Development. Look for FHA loan requirements.
The first one is FHA mortgage insurance. There are lending limits depending on the housing and the state that you are in.You have to have a credit check.
FHA loan lending limits vary depending on the housing type as well as the state and county where the property is located. Full details can be found for each state/county on the FHA website.