What is the new FHA loan limit for (insert your area)?
I was a guest on Real Estate Radio USA, yesterday, hosted by Barry Cunningham and Barry Johnson. I talked about the impact of the higher conforming and FHA loan limits and how it might shore up the "desperate" real estate markets. Real Estate Radio USA is a provocative and engaging program for real estate professionals and airs daily from 1PM-3PM (Pacific Daylight Time). Listen to my interview here.
If you just want to find out the NEW FHA loan limit, here's a synopsis (click the HUD link, at the bottom of the page, for YOUR new FHA loan limit):
- As high as $729,750 for one-unit properties (as high as $1,094,625 for one-unit properties in Alaska, Hawaii, and the U.S. Virgin Islands).
- As high as $934,200 for two-unit properties (as high as $1,401,300 for two-unit properties in Alaska, Hawaii, and the U.S. Virgin Islands).
- As high as $1,129,250 for three-unit properties (as high as $1,693,875 for three-unit properties in Alaska, Hawaii, and the U.S. Virgin Islands).
- As high as $1,403,400 for four-unit properties (as high as $2,105,100 for four-unit properties in Alaska, Hawaii, and the U.S. Virgin Islands).
The maximum loan limits vary by geographic area. To determine the current FHA loan limit for your area, visit HUDs Web site at: https://entp.hud.gov/idapp/html/hicostlook.cfm.
Thanks for your post. You know it is funny. This is good news and it is big news. I have contacted my agent network (quite big). No one is excited. Guess I will have to close a big dollar refi or purchase I will find on my own and then start it rolling.
Thanks for your post
Tony
Brian,
Wow!
$1,403,400.00! For a 4-plex. The Principal and Interest alone will be $8,414.09 per month. Add MI, Taxes, Insurance, and Maintenance and those units would have to rent at an average of $3,000.00 per month, probably closer to $4,000.0 just to break even.
It just doesn't sound like any market FHA should be in, to me. FHA has done so incredibly well in low income housing, should we trust them in this new market?
Maybe this huge jump will finally prove the Petter Principal!
Bill
Brian, Darn It you beat me to do it ha ha !
I was going to post these limits on a blog as well. Give me a call when you get a chance.
Thanks,
Eddy