hud loan limits 2017
In light of the rising home prices that affected housing demand nationwide, FHA has announced an increase in loan limits for the year 2017. This new rule will be felt in 2,948 counties while 286 counties will sustain the same limits as in 2016.
December 2016 Update: On December 1, 2016, the Department of Housing and Urban Development announced that they would increase the FHA loan limits for most counties across the country. In some counties, the caps will be unchanged. There were no areas with a decrease. Here’s a complete list of 2017 loan limits.
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. What are the current FHA loan limits? In 2016, the FHA national loan limit "ceiling" in high-cost areas was at $625,500.
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HUD.GOV. On December 7, 2017, FHA issued Mortgagee Letter 17-16, effective for forward mortgage case numbers, and Mortgagee Letter 17-17, effective for Home Equity Conversion Mortgage (HECM) case numbers, assigned on or after January 1, 2018. These Mortgagee Letters provide the mortgage limits for Title II FHA-insured forward mortgages and.
In 2017, Seattle FHA loan limits will increase due to significant home-price gains that occurred during 2016. The maximum loan limit for a single-family home in the Seattle metro area will go up to $592,250 in 2017. That’s an increase of more than $50,000 from 2016, when it was capped at $540,500.
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2018 FHA Loan Limits by County. Update, 12/7/17: New FHA loan limits for 2018 were announced on December 7, 2017. The revised limits will range from $294,515 in low-cost areas, up to $679,650 in high-cost areas. This page has been updated accordingly.
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In high-cost areas, the FHA national loan limit "ceiling" will increase from $625,500 in 2016, to $636,150 in 2017. Federal housing officials will also raise the "floor" for low-cost areas from $271,050 to $275,665.
FHA loan limits for 2017 were posted on the FHA/HUD official site recently, but the Federal Housing Administration has updated the original post with a correction. According to an FHA mortgagee letter, "mortgagee letter 16-20 set Federal Housing Administration forward mortgage limits for calendar year 2017, but indicated incorrect ceiling limits for Alaska, Hawaii, Guam, and the Virgin.