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Originally Posted by Veterans Day
depends on where you live FHA raised the max loan amount to 234,150 by me in chicago years ago, 580 minimums for FHA, Conventioanl is 620+ Dont get stuck with a subprime, unconventional lender with 2/28 or 3/27 loans. All those other assets dont mean anything. They will list them on the app but there nothing to talk about. How much you have in the bank and for how long is gonna be another stumbling block. Some other things to consider  |
Good point...FHA loan limits are based on your area....here they're 178K
But I'd guess that they're low in his area if that house is only 240K
Whatever you do, don't get an ARM....this has to be the worst time for one of those. Take the fixed rate.