Tuscumbia, AL FHA Loan Limits

Last Updated: Thu, December 28, 2017

FHA Loan Limits — Tuscumbia, AL

$294,515 1 Living-Unit
$377,075 2 Living-Units
$455,800 3 Living-Units
$566,425 4 Living-Units

Frannie/Freddie (Conventional) Loan Limits — Tuscumbia, AL

$453,100 1 Living-Unit
$580,150 2 Living-Units
$701,250 3 Living-Units
$871,450 4 Living-Units

HECM Loan Limits — Tuscumbia, AL

$679,650 All Home Sizes
2018 Alabama Standard Limits

Local Loan Limits — Tuscumbia, AL

Loan Limit Summary

Limits for FHA Loans in Tuscumbia, Alabama range from $294,515 for 1 living-unit homes to $566,425 for 4 living-units. Conventional Loan Limits in Tuscumbia are $453,100 for 1 living-unit homes to $871,450 for 4 living-units. The 2018 Home Equity Conversion Mortgage (HECM) limits in Tuscumbia 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. Tuscumbia has standard limits which means loan limits are equal to the 2018 national floor.

FHA Home Appraisal in Tuscumbia

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 Tuscumbia. If you need a home inspector, click here to find FHA-approved inspectors in Tuscumbia.

VA Loan Limits in Tuscumbia

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 Tuscumbia, AL is $294,515.

To lean more about VA Loans and how to qualify, click here.

Additional Resources

How to qualify for an FHA Loan in Tuscumbia, Alabama?

The minimum loan amount in Tuscumbia 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 Tuscumbia.

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.

Colbert County loan limits also apply to the following ZIP codes: 35674, 35661, 35660, 35646, 35616, and 35662.

Citation

Data sourced from the Department of Housing and Urban Development (HUD.GOV). If you notice an error on this page, please contact us.


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Source: https://fhaloans.guide/loan-limits/alabama/tuscumbia