FHA Increases Loan Limits for 2017
Good news for anyone planning on purchasing a home in 2017. The Federal Housing Administration (FHA) just published Mortgagee Letter 2016-20, which provides the maximum mortgage limits for FHA-insured mortgages.
The reason for the change is due to the increase in the national median home price. FHA’s loan limits will increase for calendar year 2017 for a one-unit property. Click here for more information on the Single Family Housing policy.
As a result of the increase to FHA’s loan limits, nearly all U.S. counties will have an increase for new loans in 2017. If you want to check your area to see what the increase is, FHA has published a list of counties with loan limit increases. You may view this list on the Maximum Mortgage Limits web page. FHA new loan mortgage limits are available by MSA or county, or by downloading a complete listing.
The new loan limits are effective for new loans started on or after January 1, 2017, and remain effective through December 31, 2017.