Understanding FHA Mortgage Limits

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JamesNYC
Posts: 63
Joined: Wed Jul 15, 2015 1:26 pm

Understanding FHA Mortgage Limits

Post by JamesNYC » Sun Nov 03, 2019 11:38 am

Thank you in advance for your consideration,

I live in the NY Metropolitan area, and thus real estate is quite expensive. We are looking to make our first-time home purchase, and I would like to explore an FHA Loan for the purchase in order to gain more flexibility over the down payment required.

The FHA loan limit in the county we are looking is $726,525.

My question is - Does $726,525 limit represent:
1. The maximum home-price amount
2. The maximum loan amount - In other words, if we purchased an $800,000 house but put $75,000 down, we would still be able to go FHA for this purpose?
3. The maximum amount of a loan that could apply to FHA terms - In other words, If we purchased a $900,000 home, could we essentially take out two mortgages, one for $726,525 and the other for the remaining?

Thank you for helping me to understand,

James

Topic Author
JamesNYC
Posts: 63
Joined: Wed Jul 15, 2015 1:26 pm

Re: Understanding FHA Mortgage Limits

Post by JamesNYC » Thu Nov 07, 2019 1:00 pm

I appreciate all the views on this topic. Would anybody kindly let me know if the answer to this is simply not straight forward? Or, perhaps it's a simple answer that I have overlooked in my other research.

Thank you for your consideration.

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