Home Mortgage & Refinancing Serving Locations Throughout New York State
Call us Today: 518-782-1202

2018 FHFA and FHA Loan Limit Changes

Upward trending graph representing FHA and FHFA lending limit increase in 2018Both the Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA) have increased maximum loan limits for 2018.

2018 FHFA Loan Limits

On the conforming side (FHFA), in 2016 the loan limit for one-unit properties was $417,000. In 2017 this increased to $424,100.

Now, in 2018, this one-unit conforming loan limit has been increased to $453,100. A much bigger increase from the previous year’s increase. This increase takes place in most of the United States.

2018 FHA Loan Limits

FHA will also increase its floor to $294,515 from $275,665; however, this is County specific with FHA. The high end will increase to $636,650 from $636,150 (loans in high-cost areas of the country).

Below are some of the county changes for Single Family Residential Units:

Albany, Schenectady, Troy

FHA 2017 Limit: $292,100

FHA 2018 Limit: $303,600

Saratoga County

FHA 2017 Limit: $292,100

FHA 2018 Limit: $303,600

Fulton/Montgomery County

FHA 2017 Limit: $275,665

FHA 2018 Limit: $294,515

Warren/Washington County

FHA 2017 Limit: $275,665

FHA 2018 Limit: $294,515

Rockland County

FHA 2017 Limit: $636,150

FHA 2018 Limit: $679,650

The figures above are the maximum loan values for each county. This is not the maximum sales price. For example, if the sales price is over $303,600 (for 2018) as long as the loan amount is less than the maximum, you are within guidelines. Sales price is not to be confused for maximum loan limits. The upfront mortgage insurance that gets rolled into the FHA loan also does not count towards the maximum value.

Hoping to Buy a Home in 2018? Find Out What These Changes Mean For You

The FHFA and FHA loan limits represent the maximum loan amount you can obtain via the Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA). As these limits change, the amount you may be able to borrow if you choose one of these loan types changes as well.

Wondering how these FHFA and FHA loan limit changes will impact you as a home buyer in New York State during 2018? Give us a call today at 518-782-1202 to find out what kind of impact these adjustments will have based on your specific situation.

Interested in learning more about FHA mortgage options in New York? You can find more details about FHA loans here. Feel free to contact us to discuss if an FHA loan might be the best loan type for you.

Curious about which mortgage options might be right for you? Reach out to us at 518-782-1202 or via our online contact form to get the conversation started. We’d be happy to help you find the home loan that suits you best.

Posted in Government Mortgages on Monday, December 11, 2017 by Maple Tree Funding