Daviston, AL FHA Loan Limits
Local Loan Limits — Daviston, AL
Loan Limit Summary
Limits for FHA Loans in Daviston, Alabama range from $294,515 for 1 living-unit homes to $566,425 for 4 living-units. Conventional Loan Limits in Daviston are $453,100 for 1 living-unit homes to $871,450 for 4 living-units. The 2018 Home Equity Conversion Mortgage (HECM) limits in Daviston 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. Daviston has standard limits which means loan limits are equal to the 2018 national floor.
FHA Home Appraisal in Daviston
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 Daviston. If you need a home inspector, click here to find FHA-approved inspectors in Daviston.
VA Loan Limits in Daviston
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 Daviston, AL is $294,515.
How to qualify for an FHA Loan in Daviston, Alabama?
The minimum loan amount in Daviston 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 Daviston.
Additionally, your loan amount cannot exceed the value of home you are purchasing. Learn more about FHA Loan Requirements.
Cities and ZIP Codes in Tallapoosa County
The FHA Limits, HECM Loan Limits, and Conforming Loan Limits listed on this page apply to Tallapoosa County which includes the following cities: Alexander City, Dadeville, Jacksons Gap, Camp Hill, Daviston, and East Tallassee.