The Federal Housing Administration (FHA) just announced it will increase loan limits in 2017. These loan limit increases are a result of rising house prices.
The FHA said that most places in the country will experience an increase. In fact, 2,948 counties will experience an increase, whereas only 188 counties experienced an increase last year.
Effective, January 1, the FHA national loan limit maximum, or “ceiling” will increase from $626,500 to $636,150 and the FHA national loan limit minimum, or “floor” will increase from $271,050 to $275,665.
A complete list of the 2017 loan limits can be found here.
This announcement comes just a week after the Federal Housing Finance Agency announced it will be raising conforming loan limits for 2017. Read all about this change here.
With these loan limit increases, 2017 is shaping up to be a great year for the mortgage industry!
If you’re looking to discuss this change further or start the home buying process, fill out Summit Funding’s Get Started form here or see our list of branches nearest you here to get in contact with a loan officer today!