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90% of US Counties Get FHA Loan Limit Increase; Consumers See Higher Housing Costs

90% of US Counties Get FHA Loan Limit Increase; Consumers See Higher Housing Costs

Loan limits will be rising in 2018 for loans guaranteed by the FHA. The Department of Housing and Urban Development (HUD) announced on Thursday it was boosting limits for those loans in more than 3,000 counties. This will bring FHA loans in line with those of Fannie Mae and Freddie Mac. The Federal Housing Finance Agency announced new limits for loans eligible for purchase or guarantee by the GSEs on November 28. FHFA calculates limits each year based on median home prices nationally and in individual markets. The GSE limits for 2018 will be $453,100 for conforming loans and $679,650 for jumbo loans in certain high-cost areas. FHA limits differ from but are based on the GSE limits. The Housing and Economic Recovery Act sets the floor for FHA mortgages at 65 percent of the GSE conforming limit
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