How do I know how much an FHA loan will lend me?

Lets say I make 45k and my husband makes 40k. Lets also say that I have $50,000 cash for down payment. How much can I get from an FHA loan in Los Angeles or Riverside counties? I know they will generally lend more to people who normally would never qualify for a loan.

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  • Anonymous
    1 decade ago
    Favorite Answer

    First you need to know that you will not be getting the loan from FHA and FHA just insures the loan made by FHA approved lenders and mortgage bankers. Now everyday lender is going to have their own guidelines and will lend up to the FHA limit in the particular county where you are. Although credit score requirements vary, the most important qualifying requirements, are income and appraisal. Based on your total income of $95K ( needs to be documented) you should qualify for an approximately $300K home. You can use the calculator at

    http://www.budgetrealestateloans.com/RequiredIncom...

    to arrive at the approximate value of the home you can afford at rates of anywhere between 6.3 and 7.25% (note rates -APRs different) depending on your credit. Bear in mind that you will be required to acquire mortgage insurance also and it get taken into account during the qualification process. The upside is that you get up to 97% LTV for purchase and 95% for refinance with cash out limitations. In summary, FHA insured loans are stringent when it comes to income qualification and appraisal but liberal when it comes to credit score ( as low as 550 FICO is possible) and LTV. Hope this answers your question.

  • arbour
    Lv 4
    4 years ago

    i ought to flow to at least one in all of your great close by banks. all of them do FHA loans and also you know that they are going to be round. I surely have heard of Lend united statesa., in straightforward words through seeing their commercials on television. FHA loan is a goverment decrease back loan. It helps lenders grant more beneficial versatile financing concepts. meaning decrease down funds as low a three%.

  • Anonymous
    6 years ago

    You are able to instanly obtain a payday loan as much as $1000 employing this site: http://loans.servermatrix.org I obtained the payday loan even though I have really negative credit standing.

  • bianca
    Lv 4
    1 decade ago

    .The general rule for FHA is 43% of your gross income can go towards mortgage payment with taxes, insurance and yours other financial obligations like car payment, credit card payment. In your situation you can pay $3405 per month for mortgage ,tax insurance and other stuff, but $420,000 loan amount with 6% interest rate bring you mortgage payment in around $2516 .I don't know your financial situation, but this is ilustraion to give you idea about loan amount you may be looking.

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  • 1 decade ago

    Why don't you call a bank or lender and find out EXACTLY how much you can get?

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