FHA home loans has the following type of guidelines for single family homes:

• FHA is for owner occupied homes only. You must move in and occupy the home 

• Allowable Property Types are as follows:
  • Single Family Real Estate Homes (SFR)
  • Condo's - ( Must be on the FHA approved condo list )
  • PUD's - (Public Urban Developments)

• There is no maximum sales price but there is a maximum loan amount for this type of property.

• Any homebuyer may use the FHA loan as long as they do not currently have another FHA insured loan in their name. There are exceptions to this rule, call me for more details.

• You may own other rental property that is not financed by FHA   and still use a FHA loan to purchase a primary residence.

• FHA will finance up to 96.5% of the value or purchase price of any of this types of property for a mortgage refinance or when using the FHA loan program to buy a home. The actual maximum loan amount will depend what state and county the property is located.

FHA will do a purchase loan and also a mortgage refinance loan for these types of properties.

Now that you know about the basic FHA loan program that you may be using, learn more about FHA Loan Qualifying