In the NYC area for 1-unit properties (condos, single family residences, PUD's) FHA's limit is $729,750. 2-units (such as a duplex) is $934,200, 3-units $1,129,250, and 4-units $1,403,400. This figure is usually revised around late November or early December in the year prior to the new change, giving about a month's notice.
FHA loans prefer that the percentage of your housing payment is no more than 31% of your qualifying income (housing ratio), and when you add in your other debt payments like a car payment, the minimum required payment amounts on your credit cards, student loans, etc. that it's no more than 43% of your qualifying income (total debt ratio). However for a majority of the people, those levels can be exceeded with the help of an automated underwriting system, called FHA TOTAL, which all lenders run your loan through initially. It evaluates all facets of your borrowing profile, credit, down payment amount, remaining money available after the down payment & your closing costs are considered, if you are self-employed or a wage earner, and even the property type. FHA TOTAL can approve housing ratios up to 44.99% & total debt ratio up to 56.99%. Not all lenders exceed 50-55% on the total debt ratio though, and then there are a few who will limit the housing ratio to no more than 40%. The housing payment consists of the principal, interest, taxes, all insurances, and FHA's monthly mortgage insurance.
Shane Milne | Lending in all 50 states | NMLS #81195
The minimum age allowed for a reverse mortgage/ borrower is 62.HECM stand for Home Equity Conversion Mortgage. Loan to Value ratios on Reverse Mortgages are based upon these three factors: Home Value or FHA Lending Limit (whichever is least), current expected interest rate, and the age of youngest borrower. HECM Reverse Mortgage Loans are insured by FHA. You cannot get a reverse mortgage on investment property.Reverse Mortgages may be used as purchase money loans on a primary residence.Proceeds from a reverse mortgage may be used to buy a vacation home.Once you have a reverse mortgage and you are taking monthly payments - if you wish to change the method of payment you must Request a Change and Recalculation and pay $20. Reverse Mortgage Counseling is Mandatory, provided by HUD Approved HECM counselors, and must be completed prior applying for a reverse mortgage.
To qualify for a FHA loan, regardless of the amount, the lender will review the following:
Debt (meaning minimum monthly payments not total debt, also taking into considering the price of the home you purpose to buy)
Credit history (a little different from the FICO score)
Regarding the DTI , third tier lenders such as mortgage brokers have more liberal ratios and maybe a little bit more flexible with the FICO score then the likes of Chase, Wells Fargo, Citibank
Hope that helps. Of Course you will need to sit down with an actual loan officer to see the specifics for you.