FHA loan rules do not specify an age limit or an income limit. FHA home loans are for any qualified borrower who meets the FHA loan program minimum FICO score standards as well as (possibly higher) lender FICO score standards.
There’s no minimum or maximum income requirement–instead, the borrower’s debt-to-income ratio is examined to see if she or he can afford the new loan.
This means that a borrower who seems to have a low income but can afford both existing monthly payments and the proposed new FHA home loan may be eligible for loan approval as long as they otherwise qualify with FICO scores, good loan repayment history, etc.
It’s assumed the reader question about the”dollar limit” for FHA home loans refers to FHA maximum loan guaranty amounts.
The amount of your FHA home loan is basically determined by the appraised value or sale price of the home, whichever is lower. Other factors could affect the loan amount including any add-ons, discount points or other expenses that are permitted to be included in your loan amount.
Borrowers are required to make a minimum 3.5% down payment on the FHA loan–this can also affect the final amount of your loan. Speak to a loan officer to learn more about these issues and how they might affect your loan amount.
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