Regulations and Fees
While the FHA loan is a federal program, the government generally does not make direct loans to applicants. Private lenders, including Mutual of Omaha Mortgage, finance the loan while the Federal Housing Administration with the Department of Housing and Urban Development (HUD) offer an insurance guaranty. This guaranty provides an incentive for private lenders to offer loans with better terms, and protects them in the event of a customer default.
The basic standard mortgage limit for FHA insured loans is $314,827 and the high cost area limit is $726,525 after the 3.5% or 5% minimum down payment. To find out the FHA Loan Limit in your area, reach out to a Mutual of Omaha Mortgage Banker today.