It’s official. FHA loan limits have been increased for 2017, for most counties across the country. You can use the links provided below to download the 2017 FHA loan limits for every county in the U.S., in PDF format.
In high-cost areas, the FHA national loan limit “ceiling” will increase from $625,500 in 2016, to $636,150 in 2017. Federal housing officials will also raise the “floor” for low-cost areas from $271,050 to $275,665. The maximum claim amount for FHA-insured Home Equity Conversion Mortgages (HECMs), or reverse mortgages, will increase to $636,150.
2017 FHA Loan Limits for All U.S. Counties
Use the links below to find the 2017 FHA loan limits for your county.
FHA loan limits vary by county. They are determined by the Department of Housing and Urban Development (HUD), and are typically calculated as a percentage of the conforming loan limits set by the Federal Housing Finance Agency (FHFA). So when the FHFA raises the conforming caps for a particular county — or nationwide — HUD typically follows suit by increasing the FHA loan limits for those areas.
This is precisely what occurred at the end of 2016. First, the FHFA announced an increase in conforming loan limits on November 23, 2016. A week later, on December 1, HUD officials announced an increase in the FHA loan limits for 2017.
These caps also vary based on the size of the property, or specifically the number of units. For instance, higher limits are usually allowed for two-family duplex homes, compared to single-family properties. The FHA program can be used for single-family or multi-family properties with up to four units. Anything more than four units is generally considered to be commercial real estate.
Changes Brought on by Rising Home Values
All of this was in response to nationwide home-price increases during 2016. According to the real estate information company Zillow, home values in the U.S. rose by around 6% during 2016. Some cities — like Dallas, Portland and Seattle — experienced double-digit price gains. As a result, the median home price in these areas rose above the FHA loan limit. This is what led to the increase for 2017.
Due to rising house prices, HUD increased the 2017 loan limits for most counties across the country (2,948 of them, to be exact). The caps were unchanged in 286 counties. There were no areas with a decrease. In other words, from 2016 to 2017, the limits either stayed the same or went up in every county of the U.S.