FHA loans – maximum loan varies

Regarding FHA loans, which of the following is true:

  1. they require a 5% down payment
  2. a prepayment penalty is required
  3. the maximum loan allowed varies depending on the median home price in a given county
  4. all FHA loans have the same interest rate

The answer is C.  The loan amount does vary, because some counties are much more expensive than others.