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FHA Mortgage Limits In Texas
Learn about FHA mortgage limits in Texas
FHA mortgage limits in Texas is categorized under four main types- single family, Duplex, Tri-plex and Four-Plex. Almost all the counties in Texas come under the lending limits for FHA mortgage loans. The process for obtaining FHA loans is simple and you need to submit the loan application.
It is essential to provide certain information like residential address, Social security number, Gross monthly salary, Name and address of your employer, Information about your savings account, approximate value of your property, personal tax returns etc to the loan officer.
In case, if you get income from your own business, then it is important to provide details about the business and you need to submit the current income statement. Sometimes, balance sheet for the financial year is also required. In addition to this information, you need to produce credit report and appraisal of the property.
Once you have submitted the loan application with all the above details, your loan application is processed by the concerned authority. The loan officials check the details and then decide the amount of loan.
The FHA mortgage limits in Texas are based upon the Freddie Mac/Fannie Mae on conventional mortgage loans. You can check the mortgage limits in all the counties in the FHA website. If you find FHA mortgage limits in a nearby county are more lenient, then it is possible to consider buying home in that area.
If you want to get loan for single-family home, then the FHA mortgage limits in Texas is $271,050 in almost all the counties. Some counties like Comal and Guadalupe have some higher limits of $332,500. For Duplex, the maximum limit is generally $347,000 and for Triplex, it is $419,400.
The Quadplex typically carries higher limit, which amounts to $521,250. The amount varies more for the County of Comal and the County of Guadalupe in San Antonio. The maximum mortgage limit for Duplex is $425,650, for Tri-plex $514,500 and for Four-plex it is $639,400.
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