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2019 FHFA and FHA Loan Limit Changes

graphic showing an increasing bar graph representing 2019 FHA loan limits increasingBoth the Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA) have increased maximum loan limits for 2019.

2019 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, and in 2018 the limit increased to $453,100.

Now, in 2019, this one-unit conforming loan limit has been increased to $484,350. This increase takes place throughout most of the United States.

You can learn more about the FHFA conforming loan limits for 2019, and find information about the 2019 VA loan limits, here.

2019 FHA Loan Limits

As of January 1, 2019, FHA will also increase its floor to $314,827 for one unit properties – up significantly from its limit of $294,515 in 2018. For other types of properties, the 2019 FHA loan limits are as follows:

  • Two-unit: $403,125
  • Three-unit: $487,250
  • Four-unit: $605,525

Keep in mind, however, that this increase is county specific with FHA. The limits mentioned above is for low-cost areas. The limits for high cost areas of the country will increase in 2019 as well, to the following limits:

  • One-unit: $726,525
  • Two-unit: $930,300
  • Three-unit: $1,124,475
  • Four-unit: $1,397,400

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

Albany, Schenectady, Troy

FHA 2019 Limit: $315,100

FHA 2018 Limit: $303,600

FHA 2017 Limit: $292,100

Saratoga County

FHA 2019 Limit: $315,100

FHA 2018 Limit: $303,600

FHA 2017 Limit: $292,100

Fulton/Montgomery County

FHA 2018 Limit: $314,827

FHA 2018 Limit: $294,515

FHA 2017 Limit: $275,665

Warren/Washington County

FHA 2018 Limit: $314,827

FHA 2018 Limit: $294,515

FHA 2017 Limit: $275,665

Rockland County

FHA 2019 Limit: $726,525

FHA 2018 Limit: $679,650

FHA 2017 Limit: $636,150

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 $315,100 (for 2019) 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.

You can view the full FHA mortgage limits list for all counties in New York and throughout the US here.

Hoping to Buy a Home in 2019? 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 Friday, December 28, 2018 by Maple Tree Funding