Are you ready to move forward?
Talk to a Certainty Loan Officer or start the prequalification process.
The Federal Housing Administration (FHA) has announced that nearly every area in the U.S. will see FHA loan limits increase on 1 January 2018.
The FHA is required by the National Housing Act to set Single Family forward loan limits at 115% of median house prices, subject to a floor and a ceiling on the limits. The FHA calculates forward mortgage limits by Metropolitan Statistical Area and county.
The floor loan limit will increase from $275,665 to $294,515 on 1 January 2018. In high-cost areas, the FHA’s loan limit ceiling will increase to $679,650, up from its present level of $636,150.
Additionally, the National Mortgage Limit for FHA-insured Home Equity Conversion Mortgages (HECM), which are also known as reverse mortgages, will also increase from the present level of $636,150 to $679,650. The single limit applies to all mortgages regardless of the property's location.
Selecting the right mortgage option can make it easier to purchase your first home, lower your monthly payments and have a significant impact on the overall cost of your mortgage. If you are a first-time homebuyer, repeat homebuyer, looking to refinance or obtain a reverse mortgage, speak to a Certainty Home Loans mortgage professional to assess your financial circumstances and discuss which mortgage option will help you to meet your short- and long-term homeownership goals.
Find out here with our mortgage calculators. Use our other great resources too like a mortgage glossary, mortgage checklists, and...
Talk with one of our mortgage experts today. Simply fill in your contact information and we’ll quickly get back in touch to answer all your questions.