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Started By
Message
Is there a cap to how much an FHA loan can be?
Posted on 5/10/16 at 5:30 pm
Posted on 5/10/16 at 5:30 pm
Cliffs: is there a cap to how much an FHA loan can be?
Tl;dr version
I stumbled across a house that just got out up for sale that is pretty much my dream home. Wasn't looking or planning on moving (yet), but there it was.
If I listed and sold my current home, I would have a very sizable down payment and would have no problems being approved to purchase this home. Problem is, I don't think it would last that long. Contingent offers aren't worth a bucket of spit in our market right now. In my limited research, I saw that you can put down a much smaller amount of money. I could probably swing a 4/5% down payment now.
So the question is, how big of an FHA loan can you get?
I would like to snatch this home before its long gone, but I can't figure out if I have any options without selling my current house, and I would hate to list, get under contract and before I can do anything about it have to settle for a lesser home than I wanted
Tl;dr version
I stumbled across a house that just got out up for sale that is pretty much my dream home. Wasn't looking or planning on moving (yet), but there it was.
If I listed and sold my current home, I would have a very sizable down payment and would have no problems being approved to purchase this home. Problem is, I don't think it would last that long. Contingent offers aren't worth a bucket of spit in our market right now. In my limited research, I saw that you can put down a much smaller amount of money. I could probably swing a 4/5% down payment now.
So the question is, how big of an FHA loan can you get?
I would like to snatch this home before its long gone, but I can't figure out if I have any options without selling my current house, and I would hate to list, get under contract and before I can do anything about it have to settle for a lesser home than I wanted
This post was edited on 5/11/16 at 6:54 am
9
Posted on 5/10/16 at 5:32 pm to bee Rye
quote:before George Washington transitioned into Martha this was his Questioning name
Marthage
Posted on 5/10/16 at 5:34 pm to Kafka
There Once was a lady named Marthage,
As Beastly as Brienne of Tarthage,
But old George didn't care,
So he stripped her arse bare,
And plowed her like salt into Carthage.
As Beastly as Brienne of Tarthage,
But old George didn't care,
So he stripped her arse bare,
And plowed her like salt into Carthage.
This post was edited on 5/10/16 at 5:37 pm
Posted on 5/10/16 at 5:36 pm to bee Rye
A few things:
- how quickly could your house sell?
- is your dream home FSBO or listed with an agent?
- Contingencies could be allowed, but you'd have to make it worth their while. (e.g. $5000 deposit forfeited if closing does not occur within X days.)
- how quickly could your house sell?
- is your dream home FSBO or listed with an agent?
- Contingencies could be allowed, but you'd have to make it worth their while. (e.g. $5000 deposit forfeited if closing does not occur within X days.)
Posted on 5/10/16 at 5:44 pm to Golfer
quote:
- how quickly could your house sell?
Comps sold between 15-45 days
quote:
is your dream home FSBO or listed with an agent?
Agent
quote:
- Contingencies could be allowed, but you'd have to make it worth their while. (e.g. $5000 deposit forfeited if closing does not occur within X days.)
I know they are allowed, I just worry that this house will go REALLY quick, and that my contingent offer will likely end up against a non contingent offer
Posted on 5/10/16 at 5:51 pm to bee Rye
This seems like an incredibly impulsive decision, and when buying and selling real estate that an easy way to get screwed. Sell your house first, get the best loan you can, and then negotiate on another home from a strong position instead of giving someone too much to take your contingent offer and then taking to little for yours to move it fast.
Posted on 5/10/16 at 5:53 pm to bee Rye
Call the agent that has the house you want listed tonight. Explain the situation and perhaps suggest that this agent could also list your house for you. Perhaps with a strong offer and this agent wrapping you twice you may be in a better position than you think.
I normally don't suggest having the same agent on both sides of the transaction but in this case it may be your best bargaining chip.
I normally don't suggest having the same agent on both sides of the transaction but in this case it may be your best bargaining chip.
Posted on 5/10/16 at 5:53 pm to bee Rye
FHA limit is 417k in Louisiana I think, same as a traditional mortgage
You can get a traditional with as little as 5% down
You can get a traditional with as little as 5% down
Posted on 5/10/16 at 5:54 pm to ithad2bme
quote:
Sell your house first, get the best loan you can, and then negotiate on another home from a strong position instead of giving someone too much to take your contingent offer and then taking to little for yours to move it fast.
OP is in New Orleans most houses are selling within a week at full price if not more.
Posted on 5/10/16 at 5:56 pm to Golfer
Golfer, I have an agent close to me that would murder me if I didn't list with him
Posted on 5/10/16 at 5:57 pm to Croacka
quote:so theoretically, if I could get approved for that amount and be able to pay the difference down, it would be doable?
FHA limit is 417k in Louisiana I think, same as a traditional mortgage
Posted on 5/10/16 at 5:58 pm to bee Rye
I'd be on the phone with him right now.
Posted on 5/10/16 at 6:00 pm to bee Rye
I know for the grant the home has to be less than $180,000 and you have to make less than $49,000.
FHA is different though
Not sure if there is a price cap. I know with FHA you only need 3.5% down.
FHA is different though
Not sure if there is a price cap. I know with FHA you only need 3.5% down.
This post was edited on 5/10/16 at 6:02 pm
Posted on 5/10/16 at 6:00 pm to Golfer
I have been. Already preparing to list. Talking with the lender in the morning to review my options, but whenever making major life decisions, I find its always best to consult the ot first
Posted on 5/10/16 at 6:01 pm to Napoleon
Napolean, I don't think the tha loans are limited to first time buyers
Posted on 5/10/16 at 6:03 pm to bee Rye
They aren't I was thinking of something else.
My bad
My bad
Posted on 5/10/16 at 6:05 pm to bee Rye
Idk the limits (or if there are any) on FHA. I do know unless its in some kind of distressed area you will have to put up 4-6%. Also Id try NOT to do FHA. The PMI does not transition off like it used to at 2-% equity unless you refi to a conventional mortgage.
This post was edited on 5/10/16 at 6:06 pm
Posted on 5/10/16 at 6:07 pm to Golfer
quote:
OP is in New Orleans most houses are selling within a week at full price if not more.
People cant pay people to buy their houses in NOLA. Culcha.
Posted on 5/10/16 at 6:07 pm to tke857
quote:it would most certainly be a temporary loan. I would quickly refinance as I would be able to have almost 40% of the loan amount liquid within a few months
dk the limits (or if there are any) on FHA. I do know unless its in some kind of distressed area you will have to put up 4-6%. Also Id try NOT to do FHA. The PMI does not transition off unless you refi to a conventional mortgage.
Posted on 5/10/16 at 6:17 pm to bee Rye
I was in a similar situation a few years ago. I went with Regions mortgage. I talked over my situation with the mortgage lady and told her I hated to go thru with it because I would have to do the mortgage over after selling my house ( and pay fees again) to be able to apply the proceeds from the sale to the new mortgage. She told me that refi would not be necessary as the new mortgage allowed a one time application of money to " restructure" the loan. Wouldn't change loan period but would lower note. I didn't know that even existed. FWIW. I went through with purchase and ended up turning the other house into rent house.
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