FHA to raise loan limits in 2017

FHA Loan Limits Set to Increase in 2017

After a number of years of stagnant rates, FHA is increasing the FHA loan limits by increasing the maximum claim amount from $625,500 to $636,150.  This change means more money may be available for homeowner’s with a value of more than $625,500.  This marks the first increase in many years, and is a sign of the strength of the current housing market.  The reverse mortgage loan limits are based on 150% of the FHA forward loan limits which are set at $417,000 until 2017.  The limit will now rise to $424,100; allowing reverse mortgage limits to increase to the aforementioned $636,150.

See the FHA Mortgagee letter attached below for additional information, and call us today to see how this change might affect you!

FHA Mortgagee Letter 2016-19

“The information provided on this website has not been provided by FHA nor any other government agency.  Materials on this website have not been reviewed or provided by FHA.

 

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