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The Pros and Cons of FHA Loans. Loan Limits – All FHA loans have a “ceiling” amount of how much can be borrowed in a certain county. This ranges from $271,050 in lower cost areas, and all the way up to $625,500 in “high cost” areas, such as many counties in California, New York, and Hawaii.
Simply put the FHA loan is a government insured loan from the federal housing administration. When you take out a loan for this program, you have to do it through an FHA-approved lender. When you take out a loan for this program, you have to do it through an FHA-approved lender.
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· 5 Pros and Cons of FHA Loan. Jan 14, 2017 Oct 17, 2016 by Crystal Ayres. People looking out for mortgage loan will surely come across with the term FHA loan. According to many, this term may be better particularly when you are going to buy your first home. However, not all people understand the true meaning of this type of loan.
The major downside is the necessity of mortgage insurance on all FHA loans, and the need to refinance at a later date to remove it. FHA Maximum Financing Calculator. This calculator helps determine the minimum alllowable down payment and maximum FHA mortgage allowed on.
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FHA loans have something similar to PMI, which is referred to as MIP or a mortgage insurance premium. Nevertheless, the amount of 0.5 percent is the same when charged to buyers on a home regardless of the term used to describe it.
The most attractive features include: small down payment: FHA loans allow you to buy a home with a down payment as low as 3.5 percent. Other (conventional) loan programs may require a larger down payment, or they require high credit scores and high incomes to get approved with a small down payment.
FHA Loans vs. Conventional Loans. It may not always seem clear whether to apply for a FHA loan or conventional loan. FHA loans have typically been known as loans for first-time homebuyers, filled with extra paperwork and complexity since it’s a government-insured program. But borrowers can use multiple FHA loans for purchasing or refinancing a home loan.