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Author: millerpim Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127677  
Subject: Re: First time home buyer Date: 10/23/2001 4:06 PM
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I think you are correct. There is a maximum amount of mortgage you can get under FHA. It's been increased so many times, I can't remember what the upper limit is anymore, but that doesn't matter because she's looking at houses under $120K, I think.

The problem with FHA is (the last time I got an FHA loan) the lender rolled some of the costs into the loan so I ended up owing more than the principal balance. It had something to do with the MMI, I believe. I don't do a lot of FHA loans; but they're cost effective for first-time homebuyers. I think this buyer can do a lot better with state/county fund programs since there are so many low-interest and no-down payment programs available outside of FHA.

elizabeth
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