The Federal Housing Administration announced Thursday that nearly every area of the U.S. will see FHA loan limits increase in 2018.
The new loan limits will take effect for FHA case numbers assigned on or after Jan. 1, 2018.
FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008, to set Single Family forward loan limits at 115% of median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward mortgage limits by Metropolitan Statistical Area and county.
In high-cost areas, the FHA’s loan limit ceiling will increase to $679,650, up from $636,150 this year. The floor will also increase from $275,665 to $294,515 in 2018.
However, in 223 counties, the FHA loan limits will remain the same.
disclaimer: for information and entertainment purposes only