FHA
As announced today in Mortgagee Letter 2018-11 the low-cost and high-cost county limits have increased effective with case numbers assigned on or after January 1, 2019. Loan limits are county specific. The low-cost areas mortgage limits have increased to:
- One-unit: $314,827
- Two-unit: $403,125
- Three-unit: $487,250
- Four-unit: $605,525
High-cost areas are also county specific and the highest limits, excluding Hawaii and Alaska, are:
- One-unit: $726,525
- Two-unit: $930,300
- Three-unit: $1,124,475
- Four-unit: $1,397,400
Some counties may have limits that fall between the low-cost and high-cost areas. Hawaii and Alaska have higher high-cost limits. At this time HUD has not issued an announcement if they will allow existing cases to be cancelled and appraisals to be reused due to the new loan limits. So at this time, unless guidance is provided by HUD, it is not allowed. Minimum loan amounts for high balance products will be determined by case assignment date as well. For cases assigned on or after January 1, 2019, the minimum loan amount for high balance products for a one unit property will be $484,351 and for cases assigned prior to January 1, 2019 will continue to be $453,100 (2-4 units will have increased minimum loan amount requirements as well).
CHECK OUT NEW LIMITS HERE ( BE SURE TO PUT STATE, AND CY 2019 TO RETRIEVE THE CURRENT LIMIT FOR YOUR COUNTY )
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