M,

I don't believe that there are income limits for FHA financing and you can actually put down as little as 3.5% OR as much as you want. There are loan limits. In San Francisco, it's $729,750 for a single family home or condo.

Where did you get this information? It sounds like you need the assistance of an experienced mortgage broker. If you need recommendations, check out my site or contact me offline.

Cheers,
Danielle

PS. I help many first time buyers who use FHA loans (especially great products for single family homes). You need a great team (Realtor and Mortgage Broker) to make the process successful and enjoyable here in San Francisco. Look me up if you're not already happily working with someone. And if you are, they should be able to answer these questions for you! :)

Danielle Lazier, San Francisco Realtor
Zephyr Real Estate
415.731.5000 x158 danielle(at)zephyrsf.com

What type of sales price are you looking at? If the loan would be 417k and under,you have good credit, and you're buying a single family residence (not a condo) you can get one loan for 95% of the sales price. The rate is obviously higher than a loan for 80% of the value, but it can be done!

Income limits for FHA loans. That is something I never heard of before.
There are income limits for the new $7500 repayable federal tax credit. There are income limits for many of the bond programs and and other FTHB ( first time home buyer ) programs. But the basic FHA loan itself...never had income limits before. Is this something new? M are you referring to an FTHB assistance that also utilizes FHA?

BTW (*By the Way ) FHA is not just for FTHB...

You can be a repeat homeowner and get an FHA loan for your next personal residence. No problem. I don't think you can have more than one FHA loan out at a time., though.