Check Loan Limits for Home Buying & Refinancing with FHA
The Federal Housing Administration insures home loans in all 50 states but only on mortgages that do not exceed the maximum loan amount. FHA sets loan limits by state and county based on cost of living indexes and average house values by regions. Rates are still incredibly affordable and guidelines for getting approved for FHA mortgages remain reasonable. 2016 FHA guidelines may see more flexibility in areas like credit and equity. Let our team help you uncover new opportunities that save you more money and the increased cash flow could help make your life easier.
Each year the Department of Housing Development sets FHA mortgage limits based on legislation that Congress passes. Most real estate professionals believe that 2013 FHA loan limits will be left at the current level. However, now that financing is more difficult to find for the "average" American, The Obama Administration has made it a priority to support higher limits so that more people have the ability to buy or refinance. One of the reasons the Housing and Economic Recovery Act was created to ensure that FHA was available to as many people as possible.
New FHA Mortgage Loan Limits by MSA, County and State:
Select a state below to get specific details on the maximum loan amounts on FHA loans. Consider restrictions as FHA limits do vary by county and state, so select one of the state links below to get started. Each year Congress sets the FHA loan limits. Find your state below and check 2013 FHA mortgage limits for your region.
California FHA Refinance Loan Activity Soars - According to NAR, counties like San Diego, Orange County, Los Angeles and Santa Clara are experience equity growth and robust sales. 2013 California loan limits remain aggressive. Many homeowners are finally eligible to refinance into a loan at the current market rate.
FHA Refinancing - If loan defaults fall and the HUD reserves rise, you can expect FHA to keep the mortgage insurance premiums low.