Boca Raton FHA loans maximum loan limits is $373,750 for owner occupied single family homes, PUD's, condominium projects, land contracts and manufactured homes (minimum doublewide).
Boca Raton FHA loans have been helping people become homeowners since 1934. A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to get an FHA loan than a conventional loan.
FHA announced a set of policy changes
to strengthen the FHA. The changes announced are the latest in a series
of changes enacted in order to better position the FHA to manage its
risk while continuing to support the nation’s housing market recovery.
FHA requires a minimum credit score of 500. There are no income limits like you may find with first time home buyer programs. However, there are limits on how much you can borrow.
Boca Raton FHA allows a home buyer to make a down payment of 3.50% and a seller contribution of up to 6% for closing costs with only a 580 minimum credit score. First time home buyer with credit scores below 580 must make a minimum 10.0% down payment of the purchase price and a seller concession of up to 6% to pay for closing cost is allowed.
Boca Raton FHA requires a minimum down payment of 3.50% of the purchase price. The funds may be the borrower's own funds, a gift from a family member, rent credit or borrowed. FHA regulates some of the closing costs associated with a FHA loan.
Palm Beach County 2020 FHA loan limits.
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