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FHA Loan Limits in New York, New Jersey and Pennsylvania

Finding your dream home can be incredibly exciting. It is, after all, the first step towards the process of calling that property your own. However, once you've found the home of your dreams you're really only beginning. The next step for most of us will be finding the mortgage loan that lets us make the purchase.

Larger Loan Amounts with FHA in Tri State Areas

Private lenders are one option, but for millions of Americans it can seem like those loans are out of reach whether you have little money for a down payment, a poor credit history, or something else entirely. That's where higher FHA loan amounts become such a major part of the process.

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FHA mortgages are government-backed mortgage loans designed to offer financing to those who might otherwise struggle to find it – those with bad credit histories, foreclosures, low credit scores, or even just first time home buyers with small down payment amounts. These loans offer a wide range of benefits including:

  • Credit score requirements can be as low as 620 in many instances, and those with lower scores can qualify for the loans that they need.
  • Depending on your specific credit score you could need only a down payment of 3%. In many cases 10% is the norm, but with an FHA loan it's possible to get a loan with much less money down.
  • Foreclosures that have happened at least 3 years ago won't influence your ability to secure these mortgages, either. Those with bad luck in the past can rebuild their credit in this way.
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And in most cases, FHA lets you get exactly the home that you want. But, there are some limitations. In particular, there are strict limits on the total loan amount that an FHA mortgage can reach. These limits are based on various factors, and will vary from place to place. Here's a look at some of the loan limits in the Northeast.

  • In New York, the standard FHA loan limit for a one family home will be around $271,050. This can vary depending on the county, however, and in certain locations could reach as high as $625,500.
  • For neighboring New Jersey, limits are a bit higher. They'll vary dramatically depending on the county your home is located in, but for most locations $625,500 will be the limit. However, limits in certain counties could dip as low as $271,050 – with Vineland-Bridgeton being a notable example of this.
  • Pennsylvania has loan limits that closely resemble New York, with most one-family loan limits being $271,050. A few areas may have higher limits of up to $379,500, but those are fairly rare.

If you're considering buying a home through an FHA loan, taking a look into what the FHA loan limits in your area is a good idea. This can help you figure out what homes are within your price range before you start looking. You have other options, of course, but for many people an FHA loan is the perfect choice and one that will let them move into their dream home. It's worth considering for sure.

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