The Federal Housing Administration (FHA) has set new maximum limits for 2020 on the forward and reverse mortgages insured by the agency.
On the forward mortgage side, the FHA noted the increase in Federal Housing Finance Agency’s loan limits and increased its “floor” and “ceiling” loan limits to $331,760 and $765,6001, respectively, for a one-unit property. Eleven counties will see a decrease in their loan limits from 2019, and the FHA will continue to set higher limit “ceilings” on properties in Alaska, Hawaii, Guam and the U.S. Virgin Islands.
On the reverse mortgage side, the maximum claim amount for FHA-insured Home Equity Conversion Mortgages will be $765,600. This includes Alaska, Hawaii, Guam and the U.S. Virgin Islands, in CY 2020, will be $765,600.