With FHA mortgages (those insured by the Federal Housing Authority) becoming so popular again, I thought you would be interested to learn that the current loan limit on a single family home is $271,050.
The process is also much more user-friendly than in the past. They have eliminated the gift restriction on down payments. Now, a buyer’s entire down payment can be a gift from a family member, employer, charity, or local government entity. Also, a seller can contribute as much as 6% of the home’s price towards closing costs.
FHA has produced a brochure entitled “FHA Improvements Benefit You.” For a copy of this brochure, please email me at firstname.lastname@example.org
Thanks to Brenda Williams and City Bank Texas for sharing this information.