FHA Loan Limits Increase for 2019

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The U.S. Department of Housing and Urban Development (HUD) recently announced in Mortgagee Letter 2018-11 a nearly 7% increase in the Federal Housing Administration (FHA) forward mortgage loan limits for 2019. As previously reported, the Federal Housing Finance Agency recently announced a nearly 7% increase in the conforming mortgage loan limits for 2019.

The FHA national low-cost area mortgage loan limit for a one-unit property increases from $294,515 to $314,827. The limit is based on 65% of the national conforming loan limit, which is $484,350 for 2019. The FHA national high-cost area mortgage loan limit for a one-unit property increases from $679,650 to $726,525. For Alaska and Hawaii, the mortgage loan limit for a one-unit property increases from $1,019,475 to $1,089,787.

The higher loan amounts are effective for case numbers assigned on or after January 1, 2019. Mortgagee Letter 2018-11 includes links to HUD webpages that set forth the applicable loan limits for each MSA and county. Maximum loan amounts for each area are set at or between the low-cost area and high-cost area limits based on the median home prices for the area.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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