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HUD Announces 2011 FHA Loan Limits

By MadisonMortgageGuys .com

Mortgage and Lending with MadisonMortgageGuys

December 14, 2010 06:56 AM

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From HUD: WASHINGTON - U.S. Department of Housing and Urban Development announced the updated Federal Housing Administration (FHA) mortgage loan limits for single family homes under the authority of the Continuing Appropriations Act 2011, Public Law 111-242. These limits apply to mortgages insured under the following Sections of the National Housing Act: Sections 203(b) (FHA’s basic 1-4 family mortgage insurance program, including condominiums), 203(h) (mortgages for disaster victims), 203(k) (rehabilitation mortgage insurance) and 255 (Home Equity Conversion Mortgages). For forward loans, the loan limits apply to such loans that were originated and received credit approval. For Home Equity Conversion Mortgages (HECMs), the loan limits are applicable to all such loans that have been assigned a FHA case number within the stated effective date. These limits are effective for those loans for which credit is approved in calendar year (CY) 2011 and will remain in effect until September 30, 2010.

Both the Economic Stimulus Act of 2008 (ESA) and the Housing and Economic Recovery Act of 2008 (HERA) set the FHA national loan-limit “floor” at 65 percent of the national conforming limit, which remains at $417,000 for fiscal year 2011. The minimum FHA loan limits (the “floor”) by property size for this period are as follows:

One-Unit $271,050
Two-Unit $347,000
Three-Unit $419,400
Four-Unit $521,250

Wisconsin, Illinois, Minnesota and Florida High cost areas and their updated loan limits:

Illinois FHA Loan Limits:

$410,000 Loan Amount Limit
Cook County, DeKalb County, DuPage County, Grundy County, Kane County, Kendall County, Lake County, McHenry County and Will County

$339,250 Loan Amount Limit
Boone County and Winnebago County

$281,250 Loan Amount Limit
Bond County, Calhoun County, Clinton County, Jersey County, Macoupin County, Madison County, Monroe County and St. Clair County

$271,050 Floor Loan Amount Limit
All other Illinois counties not listed above

Wisconsin FHA Loan Limits:

$410,000 Loan Amount Limit
Kenosha County

$365,000 Loan Amount Limit
Pierce County and St. Croix County

$315,000 Loan Amount Limit
Milwaukee County, Ozaukee County, Washington County and Waukesha County

$293,750 Loan Amount Limit
Columbia County, Dane County and Iowa County

$278,750 Loan Amount Limit
Walworth County

$271,050 Floor Loan Amount Limit
All other Wisconsin counties not listed above

Minnesota FHA Loan Limits:

$365,000 Loan Amount Limit
Anoka County, Carver County, Chisago County, Dakota County, Hennepin County, Isanti County, Ramsey County, Scott County, Sherburne County, Washington County and Wright County

$296,250 Loan Amount Limit
Cook County

$271,050 Floor Loan Amount Limit
All other Minnesota counties not listed above

Florida FHA Loan Limits:

$729,750 Loan Amount Limit
Monroe County

$531,250 Loan Amount Limit
Collier County

$442,500 Loan Amount Limit
Manatee County and Sarasota County

$423,750 Loan Amount Limit
Broward County, Dade County and Palm Beach County

$396,250 Loan Amount Limit
Bay County

$387,500 Loan Amount Limit
Baker County, Clay County, Duval County, Nassau County and St. Johns County

$375,000 Loan Amount Limit
Martin County and St. Lucie County

$362,790 Loan Amount Limit
Walton County

$356,250 Loan Amount Limit
Lee County