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!
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