If you’re shopping for a home – and you’ve done your homework – there’s a very good chance you’ve read about (or have already been pre-approved for) a mortgage loan. FHA (nicknamed “first-time home buyer”) loans are very popular loan types as they allow you to buy a home with very little money down.
The maximum amount you may borrow using an FHA loan depends on obvious things like your income or credit score, but it also varies widely depending on the county you live in.
FHA loan limits by county currently start a minimum of 314,827 in the lowest cost of living areas and as high as $726,525 in New York City.
Here in Williams County/Williston that maximum borrowing limit is $330,050.
For example: If you put 3.5% down on a $342,020 house ($11,970) that leaves a remaining amount due of…. $330,050.
This means that using an FHA loan your actual maximum home purchase price (unless you bring extra cash to the table) is actually higher – $342,000.
For more information and details on FHA (and other loan programs) contact Aaron Stoneberg with TCF Bank at 701-401-7416.
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