Home Buying in Philadelphia>Question Details

Chauncey  May, Other/Just Looking in Cheltenham, PA

FHA and 57k income

Asked by Chauncey May, Cheltenham, PA Thu Aug 25, 2011

Is my income too high for a FHA loan? I thought there was no income level with them.

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Answers

5
The first step you need to do is get pre qualified by a lender for a mortgage.My lender will do this for you free of charge.Call me and i will put you in touch with them


Michael Solomon
Realty Mark
215 376 4444 office 215 421 2121 cell
0 votes Thank Flag Link Thu Sep 1, 2011
Chauncey

Income - not limited.

FHA limits only a loan amount, which varies clounty by county. in montco, $ 417k

First time buyer programs are liminted by income, which has a sliding scale based on household size.

Glad to assist you further should you feel a need. call write text

John Leonard
Long & Foster Real Estate
610-742-9389
john.leonard@lnf.com
0 votes Thank Flag Link Fri Aug 26, 2011
Hello Chauncey,

FHA HAS no income limits. Montgomery count has a downpayment assistance profgram for up yo $10,000. That does have intcome limits which are 80% of the median family income of montgomery county.

Best Regards,
Alan Openshaw
Cornerstone Lending
267 992 7276
VOTED BEST OF BUCKS 2010
0 votes Thank Flag Link Fri Aug 26, 2011
you can still get an FHA Loan you just would not qualify for the first time home buyer program which I believe has an income cap of 55k. However going straight FHA does allow you to have a lower interest rate which means your payment will be lower. The first time home buyer incentive allows you to qualify for $3000 assistance with your closing cost. If your need further assistance don't hesitate to give me a call 2156689279 blanche
0 votes Thank Flag Link Thu Aug 25, 2011
Hello Chauncey, your income is not too high to qualify for an FHA loan. If you have any more questions, you can contact me directly on 3025214454. Have a good night. Bolanle
0 votes Thank Flag Link Thu Aug 25, 2011
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