2012 FHA loan limits
A boost to your buying power?
FHA loan limits have increased in many places throughout the U.S., but what does that mean for you?
Higher FHA loan limits mean you may be able to finance a higher-priced home and take advantage of all the benefits these loans have to offer:
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Flexible qualification: FHA guidelines have more flexible requirements than conventional programs. More flexibility means more borrowers may obtain financing.
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Less than perfect credit: FHA loans are often more forgiving of a buyer's credit history. Approval is based on a variety of factors, including credit history, credit scores, employment history and income. You may still be able to qualify if you've had a bankruptcy as recently as two years ago.
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Low down payment: Homebuyers only need a 3.5% down payment, rather than the 10% or even 20% required for conventional loans. This money may be a gift from a family member or other source.
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Closing costs may be lower: The program allows for up to 6% in seller contributions to help cover customary closing costs.
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Term options: FHA loans are typically a fixed rate, but adjustable-rate loans are also available.
Click the link below to view a pdf of the loan limits in your area. You may find that that the home of your dreams is now within reach.
To learn more about the different types of loans available, get a free copy of our First-time Homebuyer Guide here or contact our affiliate, HomeAmerican Mortgage Corporation, at 866-400-7126. A Loan Officer will be glad to assist you.
Financing is provided by HomeAmerican Mortgage Corporation (NMLS Unique Identifier #130676). Arizona Mortgage Banker License #0009265. Licensed by the Department of Corporations under the California Residential Mortgage Lending Act. HomeAmerican Mortgage Corporation's principal offices are located at 4350 S. Monaco Street, Suite 100, Denver, CO 80237, 866-400-7126, Colorado Mortgage Loan Originator License #LMB100021093. Check the license status of your mortgage loan originator at http://www.dora.state.co.us/real-estate/index.htm. In Nevada, all advertised loans are offered and funded by HomeAmerican Mortgage Corporation, 5940 S. Rainbow Boulevard, Suite 4016, Las Vegas, NV 89118, 702-638-4450, License #2073. Licensed by the N.J. Department of Banking and Insurance, the Pennsylvania Department of Banking and the Virginia State Corporation Commission (VA License Number MC-358). Licensed by the Washington State Department of Financial Institutions (CL-130676). ©2012 Richmond American Homes. Handicapped access is available.