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Old 09-17-2015, 11:43 AM
 
931 posts, read 902,686 times
Reputation: 382

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I'm looking to purchase a house in Cypress for a family of three. I'm a first time home buyer

Not sure of what is the maximum amount according to this link.
https://entp.hud.gov/idapp/html/hicost1.cfm



The CY2015 basic standard mortgage limits for FHA insured loans are:
One-family Two-family Three-family Four-family
FHA Forward $271,050.00 $347,000.00 $419,425.00 $521,250.00
HECM $625,500.00
Fannie/Freddie $417,000.00 $533,850.00 $645,300.00 $801,950.00

High cost area limits are subject to a ceiling based on a percent of the Freddie Mac Loan limits
The ceilings for CY2015 are:
One-family Two-family Three-family Four-family
FHA Forward $625,500.00 $800,775.00 $967,950.00 $1,202,925.00
HECM $625,500.00
Fannie/Freddie $625,500.00 $800,775.00 $967,950.00 $1,202,925.00
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Old 09-17-2015, 11:47 AM
 
Location: Non Extradition Country
2,165 posts, read 3,431,163 times
Reputation: 2254
$326,600

Do everything you can to NOT go an FHA loan. PMI is on the loan for the life of the loan.

Try to go conventional.
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Old 09-17-2015, 12:36 PM
 
1,471 posts, read 1,508,358 times
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DSL is correct Harris county was recently raised to $326,000. If you are looking FHA for lower down payment requirements you may be able to get a conventional with a 3% down payment. This would have credit score requirments of course and the DTI and other factors would still have to qualify.
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Old 09-17-2015, 12:57 PM
 
931 posts, read 902,686 times
Reputation: 382
Quote:
Originally Posted by DSL_PWR View Post
$326,600

Do everything you can to NOT go an FHA loan. PMI is on the loan for the life of the loan.

Try to go conventional.
Is the option to refinance the loan into a conventional loan available?
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Old 09-17-2015, 12:59 PM
 
Location: Non Extradition Country
2,165 posts, read 3,431,163 times
Reputation: 2254
Yes, you can always refi. Just make sure you are getting a better rate and a lower term.
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Old 09-17-2015, 01:05 PM
 
931 posts, read 902,686 times
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Quote:
Originally Posted by DSL_PWR View Post
Yes, you can always refi. Just make sure you are getting a better rate and a lower term.
Ok thanks I will look at conventional loans before FHA.
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Old 09-17-2015, 01:29 PM
 
16,604 posts, read 22,695,382 times
Reputation: 14829
Quote:
Originally Posted by DSL_PWR View Post
$326,600

Do everything you can to NOT go an FHA loan. PMI is on the loan for the life of the loan.

Try to go conventional.
When you've paid, I think 20% of your principal, you can refinance and get out of the FHA loan.
I took an FHA loan, and I saved almost $10,000 on down payment.
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Old 09-17-2015, 01:50 PM
 
23,998 posts, read 18,146,057 times
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Quote:
Originally Posted by Dopo View Post
When you've paid, I think 20% of your principal, you can refinance and get out of the FHA loan.
I took an FHA loan, and I saved almost $10,000 on down payment.


Saving 10k on the downpayment probably is a misnomer. Your required funds to close for an FHA are a slim down payment, prepay mip and what not. With conventional and a larger down payment your loan might actually be less therefore you might not have "saved"

Also you don't need to pay down princ 20% you simply need to have the equity when you refi
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Old 09-17-2015, 03:00 PM
 
Location: Houston, TX
1,074 posts, read 811,927 times
Reputation: 1972
Quote:
Originally Posted by DSL_PWR View Post
$326,600

Do everything you can to NOT go an FHA loan. PMI is on the loan for the life of the loan.

Try to go conventional.
That number to me means that you need to pay that much or else you run the risk of your neighborhood going down.
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