The FHA has a maximum loan amount that it will insure, which is known as the FHA lending limit. These loan limits are calculated and updated annually, and are influenced by the conventional loan limits set by Fannie Mae and Freddie Mac. The type of home, such as single-family or duplex, can also affect these numbers.
For 2020, the FHA floor was set at $331,760 for single-family home loans. This minimum lending amount covers 80% of all U.S. counties.
Here are some quick facts regarding the FHA Loan
Max Loan Amount: $331,760
Minimum Credit Score: 580
Minimum Down Payment: 3.5%
Max Seller Paid Closing Cost: 6%
FHA loans are not limited to first time home buyers.