Are there home mortgage loan rate limits on these loans?
These types of loans are backed by the FHA. If the buyer defaults on a mortgage loan, then the FHA will pay the rest of it. It supports mortgage loans that finance single family commodes. Examples of these can be single family detached or attached homes, duplexes, condos, townhomes, etc.
There are mortgage limits for these types of loans, and they vary depending on the state that you are in. Please contact your local FHA office for the mortgage limits near you.
There are different types of FHA loans, and we will briefly go over some of the major ones below. However, always make sure that you contact your local FHA chapter to obtain the most updated laws and information governing these mortgages.
The FHA, of course, offers fixed rate mortgage loans. In addition, they also offer ARMs, however, they are limited to the quantity that they can offer in a year due to Congress and federal laws.
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Reference text: Mortgage Loans: What’s Right for You?, by James E. Bridges with Deborah J. Bridges. Copyright 1989, Published by Betterway Publications, Inc., Crozet, VA