Most accurate method of knowing how much FHA $ you will receive?

[Jesse Olsen]

Hi Friends,

Brand new to this. I started school at Harman Real Estate academy a month back, likely will not be going into a career as an agent, rather I am just a young 22 year old trying to start life out right by learning to invest.

Recently I met with a Mortgage professional at Mountain America Credit Union. He informed me that while I was getting close, and the prospects were looking good in maybe 8 months, I did not qualify at this time, and would not qualify at any other bank around for the 3.5% down FHA loan I am seeking. He informed me this was due to my credit age. I have excellent credit in every category except credit age, and hard inquire; both will rise with time.

My goal is to purchase a duplex in the $250,000 range in Utah county.  I've run the numbers using the Biggerpockets calc what seems like a million times, and it seems a duplex is going to be the best investment for me.  I am aware that the income expected from the second unit will help me qualify for a larger loan.

My question is - Because the mortgage professional wasn't much help because I am not quite ready, I don't quite know what to expect to be approved for when the time comes.  I have been looking at properties like mad trying to learn my area but it would help if I could understand better what to expect when it comes my turn to be approved for a loan.  Is there a calculator or something online that I can run my credit and income information through to get a better idea on what to expect?

I found on "http://www.loanlimits.org/fha/" that for a two unit the low end was $352,950 and the high end was $814,500.  These numbers sound very high to me.   Is it safe to say that I likely can qualify for a loan around $280,000 if necessary?  

The help and insight is much appreciated, this is my first post, I found this group of fine lads by reading one of Brandon's books that was recommended to me.  So far, BiggerPockets rocks!