The minimum maximum fha loan limit remained at $271,050 and the maximum FHA Loan limit in high cost area remained at $625,500. The maximum loan limit for a FHA Loan is set by the median house price in the county in which the property is located. The fha loan limits for 2016 are for FHA Loans with case numbers assigned on or after January 1, 2016.
FHA loan limits vary by county. They are determined by the Department of Housing and urban development (hud), and are typically calculated as a percentage of the conforming loan limits set by the Federal Housing finance agency (fhfa).
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These Mortgagee Letters provide the mortgage limits for Title II FHA-insured forward mortgages and the maximum claim amount for FHA-insured HECMs for Calendar Year 2019. FHA’s nationwide forward mortgage limit "floor" and "ceiling" for a one-unit property in Calendar Year 2019 are $314,827 and $726,525, respectively.
Usually, when the FHFA raises a county or nationwide’s conforming caps, the HUD follows by increasing their FHA loan limits as well. And after the FHFA increased their loan limits for conforming loans on November 23, 2016, the FHA followed a week later saying that they increased their loan limits for 2017.
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FHA loan limits for Alameda County and Contra Costa County remain unchanged for 2016. They were carried over from 2015 with no changes, because the Department of Housing and Urban Development (HUD) felt that home prices in these counties did not rise enough from year to year to warrant higher loan limits.
In areas with lower housing costs, the FHA limit can be as low as $314,827. Obviously, there’s a broad spectrum in between. These are the "floor" and "ceiling" limits for FHA loans in 2019. In all other areas, loan limits are typically set at 115% of the median home price for the county, as determined by HUD.
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Limits will increase in 188 counties. In areas where 115% of the median home price (of the highest cost county) exceeds 150% of the conforming loan limit, the FHA loan limits remain at 150% of the conforming loan limit, the FHA said. Click here to see the list of the 188 counties where the FHA’s loan limits will change for 2016.