HUD LogoThe Federal Housing Administration (FHA) recently announced the agency’s new schedule of loan limits for 2018, with most areas in the country to experience an increase in loan limits in 2018.

In fact,  3011 counties in the country will see an increase in loan limits for 2018, while 223 counties will see no change (compared to 2017).

In high-cost areas of the country, FHA’s loan limit ceiling will increase to $679,650 from $636,150. FHA will also increase its floor to $294,515 from $275,665.

Low-Cost Area:

The FHA national low-cost area mortgage limits, which are set at 65 percent of the national conforming limit of $453,100 for a one-unit Property, are, by property unit number, as follows:

  • One-unit: $294,515
  • Two-unit: $377,075
  • Three-unit: $455,800
  • Four-unit: $566,425

Single Family Homes, Townhomes, and Condominiums are considered one-unit properties.

For such homes,  the loan limit of $294,515 is called the “Floor”, meaning that loan limit is available to every county in the country.

Some counties are classified as “High-cost” and are eligible for much higher loan limits.

High-Cost Area:

The FHA national high-cost area mortgage limits, which are set at 150 percent of the national conforming limit of $453,100 for a one-unit Property, are, by property unit number, as follows:

  • One-unit: $679,650
  • Two-unit: $870,225
  • Three-unit: $1,051,875
  • Four-unit: $1,307,175

These loan limits are called “ceiling”, meaning no county will have a limit higher than this (other than counties in Alaska, Hawaii, Guam, and the Virgin Islands).

High-cost counties in San Francisco Bay Area will qualify for these loan limits.

For a list of all counties where the ceiling loan limit will be available, go to this link – FHA 2018 Loan Limits – Counties at Ceiling

Note that not all high-cost counties will qualify for the above-mentioned loan limits. Several counties will fall between the floor ($294,515) and the ceiling ($679,650).

For a list of all counties where the loan limit will be between floor and ceiling, go to this link – FHA 2018 Loan Limits -Areas Between Floor and Ceiling

To do a self-search for the FHA mortgage loan limit for any county in the country, go here - https://entp.hud.gov/idapp/html/hicostlook.cfm