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Use this calculator to determine the maximum FHA mortgage that would be allowed for your home purchase and an estimate of your required downpayment and closing costs. This calculator is designed to determine the mortgage FHA limit for a particular purchase, not the maximum allowed for any home in your state and county. To determine the maximum purchase price for your area you should use https://entp.hud.gov/idapp/html/hicostlook.cfm at the HUD.gov. Then use the calculator below to determine the required downpayment and FHA mortgage limit.
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Definitions
- Contract sales price
- Actual price to be paid for the home. This does not include any closing costs paid by the borrower.
- Borrower-paid closing costs
- Any closing costs paid by the borrower. This plus the contract sales prices is used to determine the total required investment for the purchase.
- Statutory Investment Percent
- Percent of your contract price, plus borrower-paid closing costs, that you are required to pay and not borrow. This is designed to require at least a small downpayment from the purchaser. The current law requires this to be 3%.
- Appraised value of home and required adjustments
- If this plus any required adjustments is lower than the contract sales price, the appraised value is used to calculate the maximum mortgage instead of the contract sales price.
- States with low avg. closing costs
- Check this box if you are purchasing in Arizona, California, Colorado, Guam, Idaho, Illinois, Indiana, New Mexico, Nevada, Oregon, Utah, Virgin Islands, Washington, Wisconsin, Wyoming. A different Maximum LTV Multiplier is used for these states (0.9765 vs. 0.9775 for all other states)
- Minimum downpayment
- Downpayment amount that is calculated as required for this loan.
- Prepaid expenses, points, non-financeable repairs/improvements, MIP, other items
- Any other items required at closing that are not able to be financed into the mortgage. These items plus your downpayment is your total cash required to close this mortgage.
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