FHA Announces New Loan Limits for 2016

Filed in Housing Finance by on December 9, 2015 0 Comments

moneyhousecsawThe Federal Housing Administration (FHA) today announced its loan limits for 2016, listing 188 counties where loan limits will rise due to increased home prices.

The maximum mortgage amount for FHA-insured single-family loans in high-cost metropolitan areas will remain the same as the 2015 level of $625,500. The current standard loan limit (or floor) for areas where housing costs are relatively low will also remain unchanged at $271,050.

For the 188 counties that will see loan limit increases, the changes will take effect beginning Jan. 1, 2016. No areas will see a decrease in loan limits from their 2015 levels.

The FHA’s reverse mortgage program, called the Home Equity Conversion Mortgage, will continue with a maximum claim amount of $625,500.

For more information, contact Steve Linville, NAHB’s director of single family finance, at 800-368-5242 x8597.

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