Colbert County, AL (35661) FHA Loan Limits
Local Loan Limits — Colbert County, AL
Loan Limit Summary
Limits for FHA Loans in Colbert County, Alabama range from $294,515 for 1 living-unit homes to $566,425 for 4 living-units. Conventional Loan Limits in Colbert County are $453,100 for 1 living-unit homes to $871,450 for 4 living-units. The 2018 Home Equity Conversion Mortgage (HECM) limits in Colbert County is $679,650. HECM limit does not depend on the size of the home.
FHA and conventional Loan limits vary based on the number of living-units on the property. FHA loans are only allowed on 1 to 4 living-unit properties. Colbert County has standard limits which means loan limits are equal to the 2018 national floor.
FHA Home Appraisal in Colbert County
To see if a home qualifies for an FHA loan, the property must be appraised by an approved FHA appraiser. Find FHA-approved appraisers in Colbert County. If you need a home inspector, click here to find FHA-approved inspectors in Colbert County.
VA Loan Limits in Colbert County
VA Loans are not insured the same way FHA loans are. With VA loans the Department of Veterans Affairs guarantees the loan on the veteran's behalf. But there is still a cap. The VA uses the 1 living-unit FHA Loan Limit as its cap on VA Loan Liability. The 2018 VA Loan Limit for Colbert County, AL is $294,515.
How to qualify for an FHA Loan in Colbert County, Alabama?
The minimum loan amount in Colbert County is $5,000 dollars and may go up to $566,425 depending on home size and loan type. In order to qualify for an FHA loan, you must be planning to live in the home. Although a loan can include some renovation costs, FHA loans cannot be used for real estate investments in Colbert County.
Additionally, your loan amount cannot exceed the value of home you are purchasing. Learn more about FHA Loan Requirements.
Cities and ZIP Codes in Colbert County
The FHA Limits, HECM Loan Limits, and Conforming Loan Limits listed on this page apply to Colbert County which includes the following cities: Tuscumbia, Muscle Shoals, Sheffield, Leighton, and Cherokee.