{"id":6869,"date":"2017-12-08T11:37:53","date_gmt":"2017-12-08T16:37:53","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=6869"},"modified":"2021-01-17T23:15:28","modified_gmt":"2021-01-17T23:15:28","slug":"fha-loan-limits","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/fha-loan-limits\/","title":{"rendered":"2018 FHA Loan Limits Increases Homeownership Opportunities for Buyers"},"content":{"rendered":"

After the recent announcement of the conforming loan limits increase<\/a>, FHA has now announced their own increase.\u00a0 Housing prices have continued to climb which is a good thing to owners, but can be a struggle for home buyers.\u00a0 As a buyer sits on the sidelines as a renter or living with family, prices are rising.\u00a0 This affects housing payment affordability.\u00a0 In order to combat this potential roadblock for homebuyers and keep up with the price increases,\u00a0\u00a0FHA<\/a> loan limits are increasing for 2018.<\/p>\r\n

HUD Announcement Takes Place on January 1, 2018\"fha<\/h2>\r\n

As stated on the HUD.gov website<\/a>,\u00a0FHA issued Mortgagee Letter 17-16 that increases FHA loan limits.\u00a0 These new limits are effective with new FHA case file numbers issued 1\/1\/2018 or after.\u00a0 So, what does that mean?\u00a0 It does not mean FHA closings on 1\/1\/18 or after.\u00a0 Rather, it is when a lender requests the FHA case file which is part of the early FHA loan process.\u00a0 Typically, lenders request the case file ID just before ordering the appraisal.\u00a0 Keep in mind that this change does not affect most FHA borrowers.\u00a0 It only affects borrowers looking to borrow over the prior limits.\r\n\r\n[av_button_big label=’Use Our FHA Smart Payment Calculator’ description_pos=’below’ link=’manually,http:\/\/teammovemortgage.com\/mortgage-calculators\/#fha-mortgage-calculator’ link_target=’_blank’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ custom_font=’#ffffff’ color=’theme-color’ custom_bg=’#444444′ color_hover=’theme-color-subtle’ custom_bg_hover=’#444444′]\r\nUses correct PMI and funding fees unlike most payment calculators online!\r\n[\/av_button_big]<\/p>\r\n

2018 FHA Loan Limits<\/h2>\r\n

As stated in a recent Housingwire.com article<\/a>, “Back in 2016, the FHA increased loan limits for just 188 counties.\u00a0 Then, in 2017, this number jumped to 2948 counties that saw an increase.\u00a0 And now, the number of counties increased even further to 3,011 counties for 2018.”.\u00a0 The lowest FHA limit for single family housing has increased to $294,515 compared to $275,665 for 2017.\u00a0 In addition, the high cost FHA loan limits are increasing.\u00a0 The minimum\u00a0high cost limit is increasing from $636,150 to $679,650 for 2018.<\/p>\r\n

2018 FHA Loan Limits for Low & High Cost Areas<\/h2>\r\n

[av_table purpose=’tabular’ caption=’2018 FHA National Area Mortgage Limits (low cost and high cost areas)’ responsive_styling=’avia_responsive_table’] [av_row row_style=’avia-heading-row’][av_cell col_style=’avia-highlight-col’]Area[\/av_cell][av_cell col_style=”]One Unit[\/av_cell][av_cell col_style=”]Two Unit[\/av_cell][av_cell col_style=”]Three Unit[\/av_cell][av_cell col_style=”]Four Unit[\/av_cell][\/av_row] [av_row row_style=”][av_cell col_style=’avia-highlight-col’]Low Cost[\/av_cell][av_cell col_style=”]$294,515[\/av_cell][av_cell col_style=”]$377,075[\/av_cell][av_cell col_style=”]$455,800[\/av_cell][av_cell col_style=”]$566,425[\/av_cell][\/av_row] [av_row row_style=”][av_cell col_style=’avia-highlight-col’]High Cost[\/av_cell][av_cell col_style=”]$679,650[\/av_cell][av_cell col_style=”]$870,225[\/av_cell][av_cell col_style=”]$1,051,875[\/av_cell][av_cell col_style=”]$1,307,175[\/av_cell][\/av_row] [\/av_table]<\/p>\r\n\r\n

[av_button_big label=’Search FHA Loan Limits for all Counties’ description_pos=’below’ link=’manually,https:\/\/entp.hud.gov\/idapp\/html\/hicostlook.cfm’ link_target=’_blank’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ custom_font=’#ffffff’ color=’theme-color’ custom_bg=’#444444′ color_hover=’theme-color-subtle’ custom_bg_hover=’#444444′]\r\nLoan limits vary by county, so look up your county here\r\n[\/av_button_big]<\/p>\r\n

Looking to Borrow Over FHA Loan Limits?<\/h2>\r\n

Although FHA limits will cover many homebuyers, there are plenty that want to finance over these amounts.\u00a0 Luckily, there are still great, affordable mortgage options available in this range.\u00a0 For instance, conforming loans now allow for borrowing to $453,100 for single family residences.\u00a0 While other higher cost areas allow for much higher limits.\u00a0 Conforming loans offer many advantages such as\r\n