Are you looking to purchase a property in Bucks County, Pennsylvania? If so, you should be aware of the loan limits that apply to the area. Properties with 1 to 4 living units can be purchased with an FHA loan, as long as the owner occupies one of the units. The down payment requirement for an FHA loan is 3.5% of the purchase price, but if the buyer's credit score is lower than 580, the down payment requirement will be 10%. Properties with more than 4 units are considered commercial and do not qualify for conventional or FHA loans. In some programs, the clock restarts every time the house is sold, so deed restrictions tend to apply for much longer.
Currently, two-thirds of full-time occupied housing units in Mountain Village have restricted deeds, the highest proportion of deed-restricted housing to free-market housing in the region. The Moderately Priced Housing Unit Program in Montgomery County, Maryland, uses deeds restrictions with a resale formula with equity capital to maintain affordable homeownership options in this expensive area. It's important to note that while a loan may include some renewal costs, FHA loans cannot be used for real estate investments in Bucks County. Each county in the United States has specific maximum loan limits that are set for single-family homes, as well as for properties with 2 to 4 units. If you're looking to purchase a property in Bucks County, Pennsylvania, it's important to understand the loan limits that apply. FHA loans are available for properties with 1 to 4 living units, but properties with more than 4 units are considered commercial and do not qualify for conventional or FHA loans.
Additionally, FHA loans cannot be used for real estate investments in Bucks County. Knowing these restrictions can help you make an informed decision when it comes to purchasing a property in Bucks County.