FHA Loan

 

 

  • For reference to new updated FHA rules, please use the following link to review the updated "mortgagee letters"

FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.

FHA loans are an attractive option, especially for first-time homeowners:

  • Generally easier to qualify for than conventional loans.
  • Lower down payment requirements.
  • Cannot exceed statutory loan limits
http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee

***2014 Loan Limit Changes.  Effective on January 1st. Below are the effected counties in Michigan.

Metropolitan Area County Name 2013 Limits 1 Unit 2014 Limits 1 Unit Decrease Amount
Niles-Benton Harbor, MI Berrien $298,750 $271,050 ($27,700)
Kalamazoo-Portgage, MI Kalamazoo $286,250 $271,050 ($15,200)
Detroit-Warren-Dearborn, MI Lapeer $297,500 $271,050 ($26,450)
Adrian, MI Lenawee $297,500 $271,050 ($26,450)
Detroit-Warren-Dearborn, MI Livingston $297,500 $271,050 ($26,450)
Detroit-Warren-Dearborn, MI Macomb $297,500 $271,050 ($26,450)
Monroe, MI Monroe $297,500 $271,050 ($26,450)
Detroit-Warren-Dearborn, MI Oakland $297,500 $271,050 ($26,450)
Detroit-Warren-Dearborn, MI St. Clair $297,500 $271,050 ($26,450)
Kalamazoo-Portgage, MI Van Buren $286,250 $271,050 ($15,200)
Ann Arbor, MI Washtenaw $345,000 $271,050 ($73,950)
Detroit-Warren-Dearborn, MI Wayne $297,500 $271,050 ($26,450)