HUD Increases FHA Loan Limits For 2017
This BLOG On HUD Increases FHA Loan Limits For 2017 On FHA Loans Was UPDATED On December 18th, 2018
The news that HUD Increases FHA Loan Limits For 2017 is great news for home buyers, home sellers, realtors, and loan officers nationwide. Home prices have been rising nationwide and many would-be FHA borrowers could not qualify for FHA Loans in many counties in the United States due to higher home prices and the cap of FHA Loan Limits at $271,050. Conventional Loan Limits is capped at $417,000 and so are VA Loan Limits. Anyone who needed a higher-priced home either had to do the following:
- Since the FHA Loan Limits capped, home buyers either had to come up with more down payment or choose a different loan program
- VA Loans is only limited to Veterans of the United States Military
- VA Loans is limited to veterans of U.S. Military with Certificate of Eligibility
- Get a 80-10-5 Piggyback Loan
- Get a seller second mortgage from the home seller not to exceed 85% CLTV
In this article, we will cover and discuss HUD Increases FHA Loan Limits For 2017.
Role And Mission Of HUD
The Federal Housing Administration, known by many as FHA, is a government agency under HUD, the United Department of Housing and Urban Development. It is now official. HUD Increases FHA Loan Limits For 2017 from $271,050 to $275,665. With the news of HUD Increases FHA Loan Limits For 2017, home buyers will have a little more buying power. The main reason of HUD increasing the FHA Loan Limits in 2017 is due to the consistent rise of home prices nationwide. FHFA, The Federal Housing Finance Agency, increased the Conventional Loan Limits in 2017 to $424,100 from $417,000 due to rising home prices.
HUD Increases FHA Loan Limits For 2017 Nationwide
The Federal Housing Administration, or FHA, normally determines FHA Loan Limits by collecting statistics and closed sales number from median properties that have sold and closed in particular counties. According to the Federal Housing Administration, the maximum FHA Loan Limits has been raised by FHA in 2,948 counties, there was no reduction of FHA Loan Limits nationally, and there were no changes in FHA Loan Limits in 286 counties in the United States. Reverse Mortgages Maximum Loan Limits will be capped at $636,150 nationally. Overall, this announcement is great news for home buyers, sellers, realtors, and mortgage lenders.
