FHA Mortgage Limits for 2018
The Federal Housing Administration (FHA) announced Thursday, December 6, 2017 that the maximum mortgage limits will be increased for loans across the country.
These new loan limits will take effect for FHA Case Numbers issued on or after January 1st, 2018.
State of Michigan FHA Mortgage Limits for 2018 are as follows:
Michigan falls under the FHA national low cost area mortgage limits, which are set at 65% of the national conforming/conventional limit (which represent mortgages issued by Fannie Mae and Freddie Mac) of $453,100 for a one unit property.
This change will allow more buyers an option to use FHA as their low down payment program. Some of the advantages of an FHA mortgage include:
- FiCO scores as low as 580
- Higher debt to income ratios than conventional alternatives
- Minimum investment of 3.5% of the sales price
- Maximum seller concession of 6% of the sales price
- More advantageous guidelines when a borrower has experienced a recent bankruptcy or foreclosure when compared to a conventional mortgage alternative.
If you are interested in determining whether an FHA mortgage is right for you, you can get a FREE instant mortgage preapproval by checking out our Mortgage in a SNAP. You can have an instant approval within 10 to 15 minutes. Or give me a call anytime to discuss.