maximum fha loan amount

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The maximum FHA (Federal Housing Administration) loan amount, also known as the FHA loan limit, varies based on the location of the property and the type of property being purchased (single-family, duplex, etc.). These limits are determined by the U.S. Department of Housing and Urban Development (HUD) and are adjusted annually based on changes in the housing market.

FHA Loan Limits Overview for 2024:

  1. Conforming Loan Limits:
  • The FHA loan limits are tied to the conforming loan limits set by the Federal Housing Finance Agency (FHFA).
  • For most of the U.S., the FHA loan limit for a single-family home is typically set at 115% of the median home price in the area, with a ceiling of 150% of the conforming loan limit in high-cost areas.
  1. Standard FHA Loan Limits (Low-Cost Areas):
  • For most areas in 2024, the standard FHA loan limit for a single-family home is $472,030.
  • This limit is for areas where the median home price is below the national average.
  1. High-Cost Area Loan Limits:
  • In high-cost areas, where the median home price significantly exceeds the national average, the loan limit for a single-family home can go up to $1,089,300.
  • These areas include many parts of California, New York, and other major metropolitan regions.
  1. Special Exception Areas:
  • Certain areas, such as Alaska, Hawaii, Guam, and the U.S. Virgin Islands, have higher limits due to elevated construction costs.
  • The FHA loan limit for a single-family home in these areas can be as high as $1,633,950.
  1. Multi-Unit Properties:
  • For properties with more than one unit (duplex, triplex, fourplex), the loan limits are higher.
  • For example, in a standard area, the loan limit for a duplex might be $604,400, for a triplex $730,525, and for a fourplex $907,900. These numbers increase in high-cost areas.

Determining the Specific Loan Limit in Your Area:

  • HUD’s Website: You can check the exact FHA loan limits for your specific area by visiting the HUD website or using their FHA Mortgage Limits Search tool.
  • Consulting a Lender: A local mortgage lender or broker can also provide you with the precise FHA loan limit for the area where you plan to buy a home.

Factors Affecting Loan Eligibility:

While these are the maximum loan amounts, your eligibility for an FHA loan will also depend on factors like your credit score, income, debt-to-income ratio, and down payment amount.

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