FHA Loan Limit Increase Reminder
Just a reminder that the Department of Housing and Urban Development (HUD) updated FHA loan limits for 2018. Loan limits account for how much money lenders can loan for FHA mortgages. These limits vary based on location and the number of units.
The current loan limits for 2018 are:
- $294,515 in low-cost areas
- $679,650 in high-cost areas
The following table illustrates the loan limits for low cost and high-cost areas as of January 1, 2018.
If you know someone that may qualify for an FHA home loan, contact us today! We’re happy to assist you!
Contents not provided by, or approved by FHA, HUD or any other government agency. At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; the loan balance grows over time and interest is charged on the outstanding balance; the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; interest on a reverse mortgage is not tax deductible until the borrower makes partial or full re-payment.
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