The Federal Housing Administration offers government-backed, low-interest loans to families and individuals looking for mortgage cash. For example, qualifying borrowers may borrow up to $2 million on a single house, but one caveat of these loans is that they are offered based on the lending office’s ability to hold that amount of inventory.
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Mortgage Basics
Mortgage Basics There are many options available when it comes to mortgages, but one of the most popular is the FHA loan. This type of loan has specific limits that must be met in order to qualify. Let’s take a closer look at these limits and see if you may be eligible for a FHA loan. If you’re looking to buy a home in Miami-Dade County, you may be eligible for a mortgage from the Federal Housing Administration (FHA). Here are some key things to know about the FHA loan limits in Miami-Dade County. First, the maximum Loan Limit for a single-family dwelling purchase with an FHA loan is $417,000. Second, for condominiums and cooperative housing, the maximum Loan Limit is $424,100. And finally, for multi-unit properties such as apartments, the maximum Loan Limit is $625,000. If you’re interested in borrowing more than these limits, please contact our office and we can help you explore your options.
FHA Loan Limits
There is no set limit on the total loan amount a person can receive from the FHA home loan program. However, in order to qualify for a mortgage from the FHA, you must meet certain financial requirements. For instance, your monthly debt-to-income (D/I) ratio cannot exceed 44%. Additionally, your down payment percentage must be at least 3%. And finally, your History of Bankruptcy or Foreclosure cannot exceed 50% of your current mortgage. The FHA loan limits in Miami-Dade County are $453,000.
This means that if you are looking to purchase a home with a mortgage from a lender approved by the FHA, your maximum borrowing limit will be $453,000. Keep in mind that the amount you can borrow is based on your income and other qualifying factors. If you have any questions about your VA, FHA or other mortgage eligibility, we would be happy to help. Simply give us a call at (305) 877-9013 or email us at info@americanway.net.How to compare loan limits for different areas
In order to find the best loan limit for your needs, it is important to compare loan limits for different areas. This will help you identify whether a loan limit in one area is higher than another, and whether moving will allow you to get a loan with a lower limit. The following are examples of loan limits for Miami-Dade County: Single Family Home Loans: $294,100 Decreased Limits If Purchasing or Building a New Home: $275,000 When you are deciding on how much money you can afford to borrow from a title transfer loan, it’s important to compare your limit in the different counties where you live. The Florida Housing Association (FHA) limits Loans in Miami-Dade County to $417,500 while Loans in Broward County are capped at $424,100. The main difference between these two counties is that Miami-Dade is home to a larger population of affluent people and offers a wider range of housing choices. Residents of Broward County often live in more suburban areas and have less expensive housing options. If you’re not sure which county you reside in or if you’re looking to borrow money beyond the FHA loan limits, consult with a banker or mortgage broker who can help you crunch the numbers and find a loan that fits within your budget.
Pros and Cons of using an independent mortgage broker or lender
There are pros and cons to using either an independent mortgage broker or lender when pursuing a mortgage. On the positive side, using an independent lender can help you to gain more access to more affordable loans, as they are not affiliated with any one bank or lending institution. Moreover, using an independent mortgage broker can increase your chances of finding a loan that best suits your individual needs and budget. However, there is also the potential for greater fees and higher interest rates when dealing with an independent mortgage broker versus a lender affiliated with a major financial institution. undefined
