Do FHA loan limits ever change? Home Purchase and Refinance Loans

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Do FHA loan limits ever change?

Last modified: July 25, 2023

Do FHA loan limits ever change?

Over the years, there has been a steady increase in the amount money made available to FHA loan borrowers. This increase in availability means more borrowing power for those applying for FHA home loans, and lets more people than ever have the chance to own a home.

The FHA has a maximum loan amount that it will insure, which is known as the FHA lending limit. These loan limits are calculated and updated annually, and are influenced by the conventional loan limits set by Fannie Mae and Freddie Mac. These limits vary according to the property type and state and county you live in.

FHA recognizes that in some parts of the country, the median home sale price exceeds the national average. When the difference is high enough, the FHA considers the area to be high cost. Some of these areas occur in states like Alaska, Hawaii, and California.

The type of home, such as single-family, duplex, tri-plex, or 4-unit, will also affect these limits. Depending on their needs, many home-buyers either choose to purchase homes in different counties where lending limits are higher, or look for homes within counties with higher FHA loan limits. Discuss your loan application with a lender to see how the higher FHA loan limits could affect your mortgage loan application.

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