The Federal Housing Administration (FHA) was established to improve housing standards and conditions and to provide financing of homes by insuring mortgages. Families that would otherwise be excluded from the housing market were finally able to buy the homes of their dreams by the backing of FHA (HUD) insured mortgages.
Today FHA insures thousands of mortgages for 1st time and seasoned home buyers alike. FHA allows that you have only one FHA insured mortgage at a time. However, there are compensating factors that allow for more than one FHA insured mortgage. For example, if you currently live in Austin and are relocating to Dallas, you may be eligible to rent your current FHA insured home and purchase another FHA insured home in Dallas.
FHA also has maximum loan limits. The average loan limit far an FHA loan in Texas is $271,050. These limits are based on your county. In Travis county the maximum loan limit is $288,750. This is for the purchase of a single family home. Loan limits increase for duplexes, 3 unit and 4 unit dwellings. Check out the official HUD website for FHA information or give us a call at: 1-888-619-7770.
has written 63 articles on Builders Preferred Mortgage
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