FHA- On the Upswing

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FHA- On the Upswing

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 [email protected]

Thanks to Brenda Williams and City Bank Texas for sharing this information.

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