Hale County, AL FHA Loan Limits
Local Loan Limits — Hale County, AL
Loan Limit Summary
Limits for FHA Loans in Hale County, Alabama range from $331,200 for 1 living-unit homes to $636,900 for 4 living-units. Conventional Loan Limits in Hale 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 Hale 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. Hale County has high cost limits to compensate for above average housing prices. Limits in Hale County are above the 2018 national floor.
FHA Home Appraisal in Hale 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 Hale County. If you need a home inspector, click here to find FHA-approved inspectors in Hale County.
VA Loan Limits in Hale 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 Hale County, AL is $331,200.
How to qualify for an FHA Loan in Hale County, Alabama?
The minimum loan amount in Hale County is $5,000 dollars and may go up to $636,900 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 Hale County.
Additionally, your loan amount cannot exceed the value of home you are purchasing. Learn more about FHA Loan Requirements.