FHA Mortgage Loan
Maximum loan amount is $275,665 Hillsborough, Pinellas and Pasco (1.75% upfront MIP may be on top)
[Check your areas maximum mortgage amount]
Minimum is 3.5%. All or part of the down payment may be a gift.
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.
May pay up to 6% of buyer's closing costs.
29/41 In some cases ratios may be higher