The Federal Housing Administration (FHA) has just announced increased loan limits in nearly every county in the nation for the coming year, affecting a historic 3,011 counties. As housing prices continue to rise, this is great news for both sellers and buyers currently navigating the housing market! New loans with FHA case numbers established after January 1st will qualify for the new limits.
FHA Loan Limit
The FHA loan limit is calculated by taking a percentage of the median home value in a given Metropolitan Statistical Area (or MSA) or county. Some MSA’s fall into what are called high-cost areas and may see a limit up to $679,650 for a one unit home. Other, lower-cost areas may see a new limit of up to $294,515. The limit is even higher for multi-unit properties, and for all types of properties in special geographic zones where the cost of construction is high, such as Hawaii, Alaska, and the Virgin Islands.
For a full list of the new loan limits in areas served by PRM, see here. May the rest of 2018 be filled with more opportunities and solutions for our communities!