The Federal Housing Administration announced Thursday that nearly every area of the U.S. will see FHA loan limits increase in 2018. The Department of Housing and Urban Development (HUD) announced it was boosting limits for those loans in more than 3,000 counties.
The new loan limits will take effect for FHA case numbers assigned on or after Jan. 1, 2018.
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. However, in 223 counties, the FHA loan limits will remain the same.
The “floor” loan limit, which is the FHA national low-cost area loan limit, has increased from $275,665 to $294,515 for one-unit properties. That means someone can put just 3.5% down on a sales price up to $305,196. The FHA national low-cost area loan limits for 1-4-unit properties are:
The “ceiling” loan limit, which is the FHA national high-cost area loan limit for higher cost areas, has increased from $636,150 up to $679,650 for one-unit properties. That means someone can put just 3.5% down on a sales price up to $704,300. The FHA national high-cost area loan limits for 1-4-unit properties are:
For those seeking FHA financing in Alaska, Hawaii, Guam and the Virgin Islands, due to higher costs of construction, those loan limits have increased to $1,019,475. The loan limits for 1-4-unit properties in those 4 areas are:
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