FHA Loan Limits Increased

Posted To: MND NewsWire

The Federal Housing Administration (FHA) has now joined the Federal Housing Finance Agency in raising the dollar limits for loans that qualify for FHA guarantees. Last week FHFA raised limits for Fannie Mae and Freddie Mac loans to 424.100, a number which forms a basis for some of the FHA changes . The new limits, which will be effective for loans with case numbers assigned on or after January 1 , will constitute a slight increase in 2,948 U.S. counties; limits will remain at 2016 levels in 286 counties . In so-called high cost areas, the national " ceiling " will increase to $636,150 from $625,000. The " floor " will increase to $275,665 from $271,050. The loan limit ceiling is 150 percent of the national conforming limit ($424,100) while the floor is set at 65 percent. The floor applies to...(read more)

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