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Everything You Need to Know About FHA Loans in 2018

Everything about FHA Loans 2018

FHA (Federal Housing Authority) Loans are designed for first-time homebuyers and can help buyers with low or building credit to make homeownership a reality. FHA Loan limits are set by the U. S. Department of Housing and Urban Development, or HUD.

It is important to stay up-to-date on what these changes are if you are interested in signing an FHA Loan in 2018. And remember, these limits can vary by state and housing market, so be sure to check with your local mortgage lender to discuss the current rate.

The national FHA loan limit for high cost markets will increase to 679650.The national limit for FHA insured Home Equity C 1

What is a high-cost or low-cost market?

Locations within Virginia range from low-cost to high-cost. The central Virginia market, including Richmond, is currently set at $535,900.

FHA loan limits increase when the average price of homes rises. This means that the limit is considering the average home price over the past two years in Virginia. It is also expected that home prices will continue to rise and FHA loan limits may change again to correspond. This could mean that FHA Loans can work with your home buying budget and correspond with the market that you wish to buy in.

Copy of FHA3

FHA3 2

Lender requirements

Although an FHA Loan is insured through the Federal Housing Agency, the mortgage lender may have specific requirements that they set to qualify for an FHA Loan. It is important to discuss these requirements before deciding what type of loan that you would like, and it may be helpful to learn about other loan options as well. Remember, when looking for a mortgage, a priority should be the face-to-face contact only available from a local mortgage lender.

Want to learn more about other loan types? Check out What Mortgage Loan is Right For You?


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