FHA limits

[Student_Loans_Kill]

If my limit is 271k can I buy a house that cost 285k if I pay the difference as a down payment? Or does that mean max home I can buy is $271?

[Walt_K]

You can pay the difference.  The limit is the loan limit, not the limit to the purchase price.  So long as you're putting at leaset 3.5% down, and you are under the loan limit, you are ok.

[creditisbetter2]

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@Student_Loans_Kill wrote:
If my limit is 271k can I buy a house that cost 285k if I pay the difference as a down payment? Or does that mean max home I can buy is $271?

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Also depending on which builder/lender you deal with, they can increase your limit a little. I don't know the specifics on that but one lender we were looking at said they could do that for us because a home we were looking for was 280k and our limit was 271k. Now just because the house is 285 doesn't mean you pay the asking price. Say you offer 275k and they accept, they can roll that additional amount into the loan and you won't have to come out of pocket with any extra.

[Walt_K]

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@creditisbetter2 wrote:

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@Student_Loans_Kill wrote:
If my limit is 271k can I buy a house that cost 285k if I pay the difference as a down payment? Or does that mean max home I can buy is $271?

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Also depending on which builder/lender you deal with, they can increase your limit a little. I don't know the specifics on that but one lender we were looking at said they could do that for us because a home we were looking for was 280k and our limit was 271k. Now just because the house is 285 doesn't mean you pay the asking price. Say you offer 275k and they accept, they can roll that additional amount into the loan and you won't have to come out of pocket with any extra.

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I think OP is referring to the FHA loan limit for their area, not the amount they have been approved for.  I don't think the builder/lender can increase the FHA loan limit.  Is that what you are saying?

[creditisbetter2]

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@Walt_K wrote:

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@creditisbetter2 wrote:

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@Student_Loans_Kill wrote:
If my limit is 271k can I buy a house that cost 285k if I pay the difference as a down payment? Or does that mean max home I can buy is $271?

---

Also depending on which builder/lender you deal with, they can increase your limit a little. I don't know the specifics on that but one lender we were looking at said they could do that for us because a home we were looking for was 280k and our limit was 271k. Now just because the house is 285 doesn't mean you pay the asking price. Say you offer 275k and they accept, they can roll that additional amount into the loan and you won't have to come out of pocket with any extra.

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I think OP is referring to the FHA loan limit for their area, not the amount they have been approved for.  I don't think the builder/lender can increase the FHA loan limit.  Is that what you are saying?

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OH yeah I understood what the op was saying. My FHA loan limit is the same amount. But when I was going through the process, I was told by the particular lender I was dealing with that they could somehow roll more on the back end into the loan so I could purchase more than the fha loan limit and not have to pay more out of pocket. I was merely stating that op doesn't have to let that amount limit him/her and he/she doesn't necessarily have to pay more out of pocket.

[Walt_K]

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@creditisbetter2 wrote:

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@Walt_K wrote:

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@creditisbetter2 wrote:

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@Student_Loans_Kill wrote:
If my limit is 271k can I buy a house that cost 285k if I pay the difference as a down payment? Or does that mean max home I can buy is $271?

---

Also depending on which builder/lender you deal with, they can increase your limit a little. I don't know the specifics on that but one lender we were looking at said they could do that for us because a home we were looking for was 280k and our limit was 271k. Now just because the house is 285 doesn't mean you pay the asking price. Say you offer 275k and they accept, they can roll that additional amount into the loan and you won't have to come out of pocket with any extra.

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I think OP is referring to the FHA loan limit for their area, not the amount they have been approved for.  I don't think the builder/lender can increase the FHA loan limit.  Is that what you are saying?

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OH yeah I understood what the op was saying. My FHA loan limit is the same amount. But when I was going through the process, I was told by the particular lender I was dealing with that they could somehow roll more on the back end into the loan so I could purchase more than the fha loan limit and not have to pay more out of pocket. I was merely stating that op doesn't have to let that amount limit him/her and he/she doesn't necessarily have to pay more out of pocket.

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Interesting.  I didn't realize that. 

[MBOhio2]

I have never heard of that either. Before the high loan limits were restored back in Nov 2011, we thought we were going to be stuck with a loan limit about $20k lower than the FHA loan we needed and our lender said there was nothing that could be done.... if we wanted FHA, we would simply have to put more down to bring our loan amount within the limits.

[DallasLoanGuy]

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@creditisbetter2 wrote:

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@Walt_K wrote:

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@creditisbetter2 wrote:

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@Student_Loans_Kill wrote:
If my limit is 271k can I buy a house that cost 285k if I pay the difference as a down payment? Or does that mean max home I can buy is $271?

---

Also depending on which builder/lender you deal with, they can increase your limit a little. I don't know the specifics on that but one lender we were looking at said they could do that for us because a home we were looking for was 280k and our limit was 271k. Now just because the house is 285 doesn't mean you pay the asking price. Say you offer 275k and they accept, they can roll that additional amount into the loan and you won't have to come out of pocket with any extra.

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I think OP is referring to the FHA loan limit for their area, not the amount they have been approved for.  I don't think the builder/lender can increase the FHA loan limit.  Is that what you are saying?

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OH yeah I understood what the op was saying. My FHA loan limit is the same amount. But when I was going through the process, I was told by the particular lender I was dealing with that they could somehow roll more on the back end into the loan so I could purchase more than the fha loan limit and not have to pay more out of pocket. I was merely stating that op doesn't have to let that amount limit him/her and he/she doesn't necessarily have to pay more out of pocket.

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did that loan actually close?

i have never heard of what you are talking about and have been doing fha since 2004