FHA Loan Limits – Calculator

FHA Loan Limits calculator

FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loan limits vary based on a very large variety of housing kinds and the state and county in which the property is located.

The Federal Housing Administration (FHA) sets limits on FHA mortgage loan amounts that HUD will insure. Limits are set for both FHA-insured traditional forward loans and FHA-insured Home Equity Conversion Mortgage (HECM) reverse loans.

The FHA mortgage limits lists– can help you find out accurately what are the limits in your exact location, where the house is bought.

FHA mortgage limits checklist

Before you apply for an FHA home loan, you need to find and gather these documentation to be sent to the FHA underwriter, who will review your details and either approve or decline your request.

  1. The addresses of all your residences over the past two years. As mentioned before, the location is a factor the FHA considers as it has some social ways affecting the financial possibilities.
  2. Your Social Security Number.
  3. The names of your employers over the past two years. This is to know your former income rates, job position, professional experience.
  4. Your current gross monthly salary. As this may count of your payback limits, income to mortgage ratio, principal at risk and more.
  5. Names, addresses, and account numbers with balances on all checking and savings accounts. This asset allocation is important as a safety net, like a financial X Ray over all picture.
  6. Addresses and loan information of any other real estate you owned. People who have owned property are probably in a different situation than those who are first time home-buyers.
  7. Estimated value of your furniture and personal property. Some people apply for FHA loan help while they own cars and jewelery which is part of their financial strength.
  8. W2’s for the past two years and current paycheck stubs.
  9. Certificate of Eligibility and DD-214 (Veterans only). A Report of Separation is generally issued when a service member performs active duty or at least 90 consecutive days of active duty training.
  10. Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business. Not similar to a salary worker who can show a last paycheck, self  employed have a roller coaster of income ups and downs.
  11. Students will need to provide evidence of enrollment. If you have student loans, you need to provide verification information

Know that your credit report is NOT needed. Even though, underwriters can make a more skilled decision about whether to approve you for an FHA Loan by looking at your credit score (FICO) to help them determine if you are in their eyes safe to be given government money, and evaluate whether you are likely to pay your FHA home loan on time

Here you can check your own FHA mortgage limit, The FHA Loan Limits calculator helps you calculate the size of the loan the FHA is willing to insure  when you apply for a home mortgage loan.

Also before applying, it is important to recognize whether or not you can make a 3% down payment on the house you are looking to buy.

The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.

FHA Loan Rates © ML

What is FHA Mortgage Insurance?

FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. The lenders bear less risk because FHA will pay a claim to the lender in the event of a homeowner’s default. Loans must meet certain requirements established by FHA to qualify for insurance. 

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