FHA Sets 2016 Loan Limits
The Federal Housing Administration (FHA) has announced that its national loan limit “ceiling” will remains at $625,500 and the “floor” will remain at $271,050 for 2016. The FHA sets the minimum national loan limit “floor” at 65 percent of the $417,000 national conforming loan limit, while the floor applies to areas where 115 percent of the median home price is less than 65 percent of the national conforming loan limit.
However, the FHA announced that maximum loan limits for forward mortgages increased in 188 counties; changes in local housing prices were cited for this increase. No county has been designated for a decrease in the maximum loan limits for forward mortgages.
The mortgage loan limits for FHA-insured reverse mortgages will remain unchanged next year, with a maximum claim amount of $625,500. FHA calculates limits based on property value, borrower age, and current interest rates.
The complete list of FHA loan limits is online at the agency’s Loan Limits Page.
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