12/09/2016
FHA LOAN LIMITS TO RISE IN 2017
The Federal Housing Administration (FHA) recently announced the agency's new schedule of loan limits, and due to an increase in housing prices, most areas in the country will see a slight increase in loan limits in 2017. These loan limits are effective for case numbers assigned on or after Jan. 1, 2017, and will remain in effect through the end of the year.
In high-cost areas, the FHA national loan limit "ceiling" will increase to $636,150 from $625,500. FHA will also increase its "floor" to $275,665 from $271,050. Additionally, the maximum claim amount for FHA-insured Home Equity Conversion Mortgages (HECMs), or reverse mortgages, will increase to $636,150. This amount is 150 percent of the national conforming limit of $424,100.