Learn more about the Mortgage Limits for the year of 2018:
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 the maximum claim amounts for FHA-insured traditional HECM, HECM for purchase, and HECM-to-HECM refinances, for calendar year 2018, respectively.
Select the links below for additional mortgage limits guidance for forward mortgages:
- Areas Between Floor and Ceiling
- Areas at Ceiling
- FHA Mortgage Limits Search
For calendar year 2018, the HECM maximum nationwide claim amount has increased to $679,650 for all areas. Refer to Mortgagee Letter 17-17 for more details.
FHA Mortgage Limits
Welcome to the FHA Mortgage Limits page. This page allows you to look up the FHA or GSE mortgage limits for one or more areas, and list them by state, county, or Metropolitan Statistical Area. The results page will also include a Median Sale Price value for each jurisdiction. Those are the median price estimates used for loan limit determination. They are for the high-price county within each defined metropolitan area, and for the high-price year starting with 2008 and ending in the year just prior to the effective year of the loan limits. These median prices only directly determine the actual (1-unit) loan limits when the calculated limit (115% of the median price) is between the national ceiling and floor values for the loan limits. Limits for multiple-unit properties are fixed multiples of the 1-unit limits. The full set of county-level median price estimates for the year just prior to the loan-limits year are available in the downloadable mortgage limits dataset accessible via the link found at the bottom of this page.
Limits for FHA Mortgage:
The FHA’s minimum national loan limit, or floor, is currently set at 65% of the national conforming loan limit of $453,100. This floor applies to those areas where 115% of the median home price is less than the floor limit. Any areas where the loan limit exceeds this floor is considered a high-cost area, and HERA requires FHA to set its maximum loan limit ceiling for high-cost areas at 150% of the national conforming limit.
The news follows Federal Housing Finance Agency’s recent annoucement that it plans to increase the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018.
FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008, to set Single Family forward loan limits at 115% of median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward mortgage limits by Metropolitan Statistical Area and county.
Back in 2016, the FHA increased loan limits for just 188 counties. Then, in 2017, this number jumped to 2,948 counties that saw an increase. And now, the number of counties increased even further to 3,011 counties for 2018.
In high-cost areas, the FHA’s loan limit ceiling will increase to $679,650, up from $636,150 this year. The floor will also increase from $275,665 to $294,515 in 2018.
However, in 223 counties, the FHA loan limits will remain the same.
The National Mortgage Limit for FHA-insured Home Equity Conversion Mortgages, or reverse mortgages, will also increase, rising from $636,150 to $679,650. Currently, the FHA regulations implementing the National Housing Act’s HECM limits do not allow loan limits for reverse mortgages to vary by MSA or county; instead, the single limit applies to all mortgages regardless of where the property is located.
Maximum Mortgage Limits 2018 is available in the following areas/cities
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