$417,000 is the maximum mortgage limit for a one unit Fannie Mae/Freddie Mac in all PA counties except Pike. You can check the maximum FHA mortgage amount on my web site. Go to the FHA tab, then click on the FHA Loan Limits link. HUD/FHA does not have a maximum sales price, but a maximum mortgage amount. The seller can pay up to 6% of the sales price for closing and prepaid costs. However, if the closing and prepaid costs turn out to be 5%, that additional 1% will revert back to the seller. You can run some scenarios on my web site. Make sure you choose the county that you're buying in. The program will set up the maximum FHA mortgage limit.

No that is not what I meant to say. What I meant to say is what I did say but I will put it in simplier terms. It has become more difficult for a home to appraise at SALES PRICE. Although every single one of my listings has appraised, there are many that are not. I was not saying this is a good or bad thing simply stating a fact. I have never advised a client to make an offer over the asking price in order to receive a seller's assist in return. However I do know it happened often and because the market was growing so quickly, here on the East Coast and as far as I know in all areas of the country, it was not difficult at that time for a home to be appraised at the Sales Price.

Thank you for doing the math on the 3.5% down. It was late when the answer was posted and I concluded that the buyer was able to calculate the % down payment. Let me clarify for the buyer that there are many other fees involved in closing costs other than the appraisal fee, however that is where a seller's assist would be helpful, if the sellers are willing, and with FHA you are able to obtain up to a 6% Sellers assist, again if the sellers are willing.

Jennifer Daywalt, Realtor
Re/Max Results Realty
Top Agent 2004, 2005, 2006, 2007, 2008
610-999-7693 Direct
610-489-7355 Main
Sellinghomesjenn@aol.com

Good Evening,

Actuallly with FHA you now need to have 3.5% of your own funds or a gift into the deal. Seller Assist is deducted from the offer price, not added to it especially in this market when appraising a home for value is much more difficult than it has been in the past.

I'd love to assist you in your search for a home and to be available to you for all of your questions. I know the area well.

Jennifer Daywalt, Realtor
Re/Max Results Realty
Top Realtor 2004, 2005, 2006, 2007, 2008
610-999-7693 - Direct
610-489-7355 Main Office
Sellinghomesjenn@aol.com

Hello Jdilella,
I just wanted to clarify that seller assist is added onto the mortgage amount and with FHA, you are correct, it cannot exceed $417,000. FHA requires that seller assist not exceed a certain amount. You must also put 3% down. I think the best thing for you to do is sit down with a lender and go over the figures. If you need a recommendation in the Royersford area, let me know. I would be glad to help.

Pam Bell, REALTOR
CENTURY 21 Alliance
322 N. Lewis Rd
Royersford, Pa 19468
Pambell@Century21.com
267-446-0654

Hello, Jdilella

It is the maximum loan amount. You can pay whatever you want and get whatever assistance, but the maximum loan amount is $417,00 and reflects a maximum of 96.5% of the sale price. You may put down more if you like

Carol Murray Cei
ReMax Millennium
carolcei@remax.net
215-643-9661

If your area limit is $417,000, you can only go to $417k (not including up front MI). The sellers assistance won't have anything to do with the $417,000 limit.