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FHA Mortgage Loan

Mortgage Amount

Maximum loan amount is $275,665 Hillsborough, Pinellas and Pasco (1.75% upfront MIP may be on top) [Check your areas maximum mortgage amount]

Down Payment

Minimum is 3.5%. All or part of the down payment may be a gift.

Mortgage Insurance

FHA charges a mortgage insurance Premium of 1.75% of the loan amount. This may be financed. There is also a monthly MIP of .0085 of the loan amount divided by 12. Mortgage insurance is always required with FHA loan.

Seller Contributions

May pay up to 6% of buyer's closing costs.

Qualifying Ratios

29/41 In some cases ratios may be higher