Barbour County, AL FHA Loan Limits
Local Loan Limits — Barbour County, AL
Loan Limit Summary
Limits for FHA Loans in Barbour County, Alabama range from $294,515 for 1 living-unit homes to $566,425 for 4 living-units. Conventional Loan Limits in Barbour 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 Barbour 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. Barbour County has standard limits which means loan limits are equal to the 2018 national floor.
FHA Home Appraisal in Barbour 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 Barbour County. If you need a home inspector, click here to find FHA-approved inspectors in Barbour County.
VA Loan Limits in Barbour 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 Barbour County, AL is $294,515.
How to qualify for an FHA Loan in Barbour County, Alabama?
The minimum loan amount in Barbour 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 Barbour County.
Additionally, your loan amount cannot exceed the value of home you are purchasing. Learn more about FHA Loan Requirements.