|FHA finances more Single family real estate
homes than most of the other types of properties combined. The basic single family
FHA loan is called a FHA 203(B) mortgage loan.
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
- 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
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