The Federal Housing Administration has released the 2021 loan limits for FHA mortgages. In most of the U.S., the 2021 FHA loan limit for one-unit properties will be $356,362, an increase from $331,760 in 2020!

Certain high-cost areas will have higher limits, reflecting the higher price of housing. Check out the FHA’s list for complete details at https://www.hud.gov/

FHA loans have been helping people become homeowners since 1934. How do they do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal.
• Low down payments
• Low closing costs
• Easy credit qualification

What does FHA have for your clients?
Buying a first home?
FHA might be just what they need.The down payment can be as low as 3.5% of the purchase price. Available on 1-4 unit properties.
Financial help for seniors
Are your 62 or older? Do they live in their home? Do they own it outright or have a low loan balance? If you can answer “yes” to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.
Want to make their home more energy efficient?
They can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.
How about manufactured housing and mobile homes?
Yes, FHA has financing for mobile homes and factory-built housing. We have two loan products – one for those who own the land that the home is on and another for mobile homes that are – or will be – located in mobile home parks.

Check out the December 2, 2020 Press Release From HUD regarding the 2021
https://www.hud.gov/press/press_releases_media_advisories/HUD_No_20_201

FHA loans have the great advantage of low down payments, starting at 3.5%. They are a real plus for first-time homebuyers, credit-challenged homebuyers, and anyone who hasn’t saved a larger amount for a down payment.
Combine these new loan limits with rates remaining near record lows and the home possibilities open up for your clients