FHA Single Family Home Loan Program

FHA home loans has the following type of guidelines for single family homes:

• FHA is for owner occupied homes only meaning you intend on living in the property.

• Allowable Property Types are as follows:
  • Single Family Real Estate Homes (SFR)
  • Condo's - (approved condominium complexes less than 4 stories)*
  • PUD's - (Public Urban Developments)

• There is no maximum sales price but there is a maximum loan amount for this type of property.

• Any homebuyer may use the FHA loan (a common misconception is that FHA is for first time buyers only) as long as they do not currently have another FHA insured loan in their name, and if they do, it must be at a LTV of more than 75% of the current value of the home.

• You may own other rental property that is not financed by FHA   and still use a FHA loan to purchase a primary residence.

• *Condos and Townhomes must be in HUD approved projects.

FHA will finance up to 97% of the value or purchase price of any of this types of property for a mortgage refinace or when using the FHA loan program to buy a home. The actual maximum loan amount will depend what state and county the property is located.

FHA will do a purchase loan and also a mortgage refinance loan for these types of properties.

Now that you know about the basic FHA loan program that you may be using, learn more about. FHA Loan Qualifying