There are two factors that must be met when determining the eligibility of a property for an FHA loan. The first of these two is the construction type. An FHA guaranteed home loan is only eligible at an FHA approved lending institution when the construction is a one to four unit structure. The structure can be a single family home, FHA approved condo or townhome, or a manufactured or mobile home meeting FHA standard requirements.
The second of these two eligibility standards is based on the appraisal value of the property. In 2013 the FHA has published national floor and ceiling loan standards as a guideline for state and county governments. It is in many cases that the county in which the home is located will impose its own FHA standards when considering home values to loan amounts.
In 2013 the minimum FHA loan is set at $271,050 for single unit homes on the low end and $729,750 for single unit homes on the high end. The availability of FHA loan limits is dependent on the housing market in the area in which the home is being purchased or refinanced. The special exception limit for single unit homes is $1,094,625 for 2013.
It’s important to realize that although the FHA publishes these general guidelines that your particular state and county does have some bearing on the FHA loan limits. FHA approved lenders take all rules into consideration when approving any FHA loan and will only make FHA loans available if they are eligible based on the property requirements as outlined by the FHA.
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