WASHINGTON – Dec. 10, 2015 – The Federal Housing Administration (FHA) announced the agency’s new schedule of loan limits for 2016. The loan limits impact case numbers assigned on or after Jan. 1, 2016, and remain in effect through the end of the year.
FHA made the announcement in Mortgagee Letter 2015-30: 2016 Nationwide Forward Mortgage Limits.
In 2016, FHA didn’t make any changes to the low-cost area and high-cost area limits for Title II forward mortgages, but some individual cities’ maximum FHA limits will increase based on changes in local home values. Nationwide, loan limits increased in 188 counties, with the amount of the increase ranging from $350 to $115,350. No jurisdictions will have decreased loan limits from 2015 levels.
To enable mortgagees to easily identify areas with loan limit increases, FHA published a separate list of counties’ loan limit increases. Key West buyers, for example, will have a maximum FHA loan limit for a one-unit dwelling of $529,000; buyers in Kissimmee will top out at $274,850.
A PDF list of individual cities’ FHA loan limits based on the number of units is posted online.
© 2015 Florida Realtors®