Flexible Approval Criteria: The FHA has more forgiving criteria when it comes to debt-to-income ratios and other financial metrics.
Remember, while FHA loans are easier to qualify for, they do come with some additional costs, like mortgage insurance premiums (MIP), so it’s important to weigh the pros and cons
What’s the most I can borrow for a mortgage?
The maximum amount you can borrow for a mortgage depends on several factors, including the type of loan, your income, credit score, and the location of the property. For conventional loans in 2024, the baseline conforming loan limit for a single-family home is $766,550 in most parts of the country. In high-cost areas, this limit increases to $1,149,825.
For VA loans, there are no set loan limits, but lenders may have their own caps based on the property’s location and the borrower’s entitlement. FHA loans also have limits that vary by county, with the maximum loan amount typically around $726,200 in high-cost areas
Read: How Much Does Health Insurance Cost? All You Need To Know
What is the most popular mortgage loan?
The most popular mortgage loan in the United States is the 30-year fixed-rate mortgage. This type of loan is favored by about 90% of home buyers due to its predictable monthly payments and long-term stability.
