On December 7, 2017 Federal Housing Administration announced new 2018 FHA mortgage limits, effective for FHA case #’s pulled on or after 1/1/18.
The official website to look up 2018 FHA mortgage limits by county can be found at FHA Mortgage Limits Search.
The “floor” mortgage limit, which is the FHA national low-cost area mortgage limit, has increased from $275,665 to $294,515 for one-unit properties. That means someone can put just 3.5% down on a sales price up to $305,196. The FHA national low-cost area mortgage limits for 1-4-unit properties are:
- One-unit: $294,515
- Two-unit: $377,075
- Three-unit: $455,800
- Four-unit: $566,425
The “ceiling” mortgage limit, which is the FHA national high-cost area mortgage limit for higher cost areas (ex. Los Angeles, San Francisco, Washington DC, New York), has increased from $636,150 up to $679,650 for one-unit properties. That means someone can put just 3.5% down on a sales price up to $704,300. The FHA national high-cost area mortgage limits for 1-4-unit properties are:
- One-unit: $679,650
- Two-unit: $870,225
- Three-unit: $1,051,875
- Four-unit: $1,307,175
For those seeking FHA financing in Alaska, Hawaii, Guam and the Virgin Islands, due to higher costs of construction, those mortgage limits have increased to $1,019,475 (although if you search, you’ll find that the actual limits are much less). The mortgage limits for 1-4-unit properties in those 4 areas are:
- One-unit: $1,019,475
- Two-unit: $1,305,325
- Three-unit: $1,577,800
- Four-unit: $1,960,750
Further details can be found in Mortgagee Letter 17-16 (.pdf).
If you need help with an FHA mortgage, here in California or any of our other 50 states, please call or email me and I’d be happy to help you out.