Finance
What is the maximum loan limit for an FHA conforming loan in a standard-cost area for a single-family home (approximate 2024 baseline)?
A$300,000
B$472,030✓ Correct
C$548,250
D$726,200
Explanation
For 2024, the FHA loan limit for a single-family home in a standard-cost area is approximately $472,030 (the 'floor' limit). Higher-cost areas may have higher limits up to the 'ceiling.'
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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