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.
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.
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