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FHA Loan over limit?

am looking to get an FHA loan. The loan limit in my county is $287,500. I know you have to put 3.5% (10,500) down so would that mean I could technically get a house that is $298,000? by mikos785325 from Sarasota, Florida. 9 days ago Reply


Correct. You can purchase any dollar amount bud you can not get anymore than $287,500 from the lender. You'd have to come out of pocket for any overages.

9 days ago
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Yes you are correct. The end loan amount can not exceed 287500. If you have any further questions please contact me

9 days ago
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Larry Gray (lgray_312_247)
#2 ranked lender in California - 1,087 contributions

Of course you can increase the amount you have to come in with for a property costing more. You are allowed to use gift money towards down payment so if that is possible, then you can increase the price with whatever money you have to add to that. Gift money...sounds so good! But I have done so many FHA and other first time homebuyer loans wherein some relative...father, mother, aunt, uncle and even a cousin contributes towards buying a home. When it goes directly to the bank or escrow they feel they truly are contributing to help you get that special home.Otherwise there are great first time buyer products with as little as 3% down and lower rates than standard conventional loans...even for modest credit scores.You really ought to locate a mortgage broker licensed in Florida who has many loans at his/her disposal but particularly Home Possible, Home Ready and maybe even a State or local down payment assistance program. Typically you can go up to a $424,100 loan amount then.

9 days ago
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Are you working with a lender? If not please give me a call and ask for Ray. 305-417-6012. Www.teamrayrod.com

9 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,641 contributions

Yes.. the LOAN limit is $287,500.. you could technically buy a home for $1,287,500, put $1,000,000 down and go FHA financing.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

8 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,342 contributions

Yes, that is correct. Your FHA LOAN AMOUNT must be no higher than the local loan limit, and you must put at least 3.50% down. But, you can still buy a home over the limit, your down payment just needs to get you to no higher than the limit. So in your example, a $298,000 home with a 3.50% down payment would be a loan of $287,500 (your local limit). To find the local limit in your area, go to http://joemetzler.com/fhaloans.htm

7 days ago
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