FHA Loans

Paramount Mortgage is an FHA-approved lender.

FHA (Federal Housing Administration) backed loans are ideal for first-time home buyers and those low- to moderate-income borrowers. Loans are insured by the FHA. Down payments may be as little as 3.5% and 100% of the down payment funds can be from a gift. There are also several other options for the source of funds needed for closing. The seller can contribute up to 6% towards closing costs, prepaid cost and points. No cash reserves are required for loan approval. FHA loans can be fixed or adjustable rate. (See Conventional Loan Programs)

The 2017 FHA loan limits for St. Louis MSA are:

  • One-Family: $275,665
  • Two-Family: $352,950
  • Three-Family: $426,625
  • Four-Family: $530,150

2017 maximum loan amounts are effective: Calendar year 2017. Loan limits are specific to each county in the state.

Check with your local Paramount mortgage banker for the FHA loan limits in your area. Our mortgage banking experts can give you the exact loan limit details that apply to your location.

 

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