FHA Loans - FHA Home Loan Programs Single Family Home
FHA loans are the most popular means of financing any single family home purchase. This basic single family home loan is called the FHA 203B mortgage loan.
You can qualify for this 203B FHA loan in the following situations:
- The property is intended for you to occupy as your place of residence.
- There are no restrictions on the total price of the property; however, the requested FHA loan amount cannot exceed the FHA loan limits for your area.
- Contrary to common belief, this FHA 203B program is not only for the first time home buyer. You can qualify for this loan if you do not have another property financed with an FHA loan under your name.
- As long as you do not have any other FHA loans under your name, the amount of properties you have will not affect your loan approval for the purchase of your primary home.
- You can use the FHA 203B program to purchase condominiums and Townhouses as long as they are HUD approved properties.
With this FHA 203B program, you can finance up to 97% of the purchase price of your property. Keep in mind, that this 97% cannot exceed your local FHA Loan Limits.
This FHA loan program can also be used to refinance your current home as long as you meet the FHA Loan Requirements of a new home purchase.
