- Income Limitations. There are no income limitations for those applying for an FHA loan.
- Loan Amount. An FHA loan can be for up to $793,750.
- Home Buyers. An FHA loan is not just for first time home buyers.
- Interest Rate. An FHA loan typically is more affordable than a conventional loan. Currently the interest rate for an FHA loan is hovering at around 3.5%.
- Assumable. FHA loans are fully assumable, which means that the loan and loan terms are transferable with the sale of a home, quite an attractive quality to a home buyer.
The most important factor in securing a mortgage for your new home is affordability. Once you determine what you can afford, an FHA loan could be the financing option you have been looking for. Click here to learn more about FHA