If you would like to buy a low- to mid-priced home, carefully consider the FHA 203(b) program. In this context, the meaning of "mid-priced" depends on where you live because FHA sets specific loan limits for each locale around the country. In high-priced cities such as Los Angeles, San Diego, Washington, D.C., and Boston, the FHA maximum loan currently tops out (for single-family houses, condos, and town homes) at $362,790. In the lowest-priced areas of the country, the maximum FHA home loan comes in at $200,160. Because FHA limits vary, consult with a mortgage loan advisor in the area where you would like to own. Compare these limits to home prices to see if the FHA 203(b) can work for you. (You also can check limits by locale at www.hud.gov.)
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