Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Houston
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-17-2015, 11:43 AM
 
946 posts, read 1,136,872 times
Reputation: 412

Advertisements

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
Reply With Quote Quick reply to this message

 
Old 09-17-2015, 11:47 AM
 
Location: Non Extradition Country
2,165 posts, read 3,774,287 times
Reputation: 2261
$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.
Reply With Quote Quick reply to this message
 
Old 09-17-2015, 12:36 PM
 
1,501 posts, read 1,771,203 times
Reputation: 1320
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.
Reply With Quote Quick reply to this message
 
Old 09-17-2015, 12:57 PM
 
946 posts, read 1,136,872 times
Reputation: 412
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?
Reply With Quote Quick reply to this message
 
Old 09-17-2015, 12:59 PM
 
Location: Non Extradition Country
2,165 posts, read 3,774,287 times
Reputation: 2261
Yes, you can always refi. Just make sure you are getting a better rate and a lower term.
Reply With Quote Quick reply to this message
 
Old 09-17-2015, 01:05 PM
 
946 posts, read 1,136,872 times
Reputation: 412
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.
Reply With Quote Quick reply to this message
 
Old 09-17-2015, 01:29 PM
 
18,130 posts, read 25,291,852 times
Reputation: 16835
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.
Reply With Quote Quick reply to this message
 
Old 09-17-2015, 01:50 PM
 
26,191 posts, read 21,591,383 times
Reputation: 22772
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
Reply With Quote Quick reply to this message
 
Old 09-17-2015, 03:00 PM
 
Location: Houston, TX
1,659 posts, read 1,243,087 times
Reputation: 2731
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.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Houston

All times are GMT -6. The time now is 06:21 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top