An FHA loan is a loan that is insured by HUD or the Department of Housing and Urban Development.
FHA loans are meant for the purchase of owner-occupied properties (primary residences) only. However, you are able to purchase a multi-unit property as long as you reside in one of the units. Let’s say a that you buy a duplex. If you live on one side and rent at the other you would be able to use FHA financing.
Let's explore an overview of each of the FHA guideline categories
2018 FHA Loan Limits
San Diego County: $649,750
Orange County: $679,650
Riverside County: $453,100
Los Angeles County: $679,650
You can find the limits for other counties in the US here: FHA Loan limits by County
Search for FHA Approved Condos to determine if the condo you want is eligible for FHA financing. The list can be a bit cryptic so please reach out if you need help with the search.
Search for HUD owned homes
*This overview is not all inclusive and does not include all guidelines or potential qualifying situations. Contact us or your lender for additional information that applies to your situation.