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What is the minimum mortgage amount for FHA

by james_lindberg821 from Las Vegas, Nevada. Oct 20th 2014 Reply

William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,369 contributions

FHA does not have a minimum however the lenders do. Current laws limit how much you can be charged for a loan, and with the lower amounts, it's near impossible for a lender to make it profitable. For this reason, many lenders have loan minimums.. for some it's $75K, others might go as low as $50K, with maybe a few going lower. Every lender I deal with has a minimum of $50K or higher, but we have an internal policy that even though our lenders allow for the lower amounts, we typically wont do a loan under $80K.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Oct 20th 2014
Larry Gray (lgray_312_247)
#586 ranked lender in California - 1,137 contributions

You have an excellent answer from William Acres. I will add that if you intend to get a small loan under $75,000 a larger bank may be the way to go. Even though Mr. Acres and other mortgage professionals at brokerages can often provide the "best deals" on most mortgage loans. For these smaller loans some big banks will pay their loan officers extra just for doing them. With many, many individuals having bank accounts, I believe they do not want any of their holders of bank accounts with them not to be able to do very small mortgage loans.

Oct 20th 2014
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