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FHA loan limits in Dallas

I've tried searching and talking to a broker, but I'm trying to figure out what the actual FHA loan limit is for the Dallas area.  The broker said ~270,000 which according to the HUD website is the limit for an "FHA Forward" loan.  Others have told me 417,000, which is listed on the HUD website as "Fannie/Freddie" for the Dallas area.  Can someone explain the differences in these loans?  Thanks.
  • July 13 2009 - Dallas
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Answers (5)

 For future references:

https://entp.hud.gov/idapp/html/hicostlook.cfm
  • July 22 2009
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The difference between a conforming loan (Freddie/Fannie) and a FHA is the FHA loan is insured by HUD through the Federal Government protecting the lender in the case of a default. Conforming loans over a 80% Loan-To-Value require Private Mortgage Insurance for the very same reason. Depending on your credit, the down-payment will increase with a conforming loan. FHA only requires 3.5% down payment regardless on your credit scores. Also, you may not qualify for Private Mortgage Insurance if your credit score is too low. (under 650). Fannie/Freddie allow up to a $417,000 loan amount, and FHA varies on the area. DFW is $270,050.
  • July 22 2009
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Nuchio10 - The FHA limit in all counties around Dallas is 271,050. 417,000 is the Conforming loan limit. If anyone is telling you that 417,000 is the FHA loan limit in Dallas or surrounding counties, I'd stay far away from them as they don't have a clue.
  • July 15 2009
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You may check out this article I wrote a while back that may help answer your questions. If you need more information, and would like the contact information for my preferred lender here locally just drop me an email.

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  • July 13 2009
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What county is it?

  • July 13 2009
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