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You are here: Home / real estate opportunities / FHA Conforming Loan Limits Raised

FHA Conforming Loan Limits Raised

December 1, 2021 by Marte Cliff

Tuesday the Federal Housing Finance Agency announced that FHA conforming loan limits for Fannie Mae and Freddie FHA loan limits raisedMac backed mortgages have risen to meet the Housing Price Index.

In most U.S. Counties, that means the FHA conforming loan limits will raise an average of 18%. For single family home loans the limit will rise from $548,250 to $647,200. Loan limits for 2, 3, and 4 units will also rise. This increase will apply to loans in all but four U.S. counties or “county equivalents.”

In “high cost” areas such as Alaska, Hawaii, Guam, and the U.S. Virgin Islands the baseline loan limit for single family properties will rise to $970,800.

To read more and access a link to a PDF with the new FHA conforming loan limits in every U.S. County, click here.

Why are new FHA conforming loan limits good news for you?

Because more of your buyer clients will be able to qualify. Some of those wanting to purchase homes above the conforming loan limits have been able to obtain FHA financing using Jumbo loans.

However, Jumbo loans are more difficult to obtain.

Why?

FHA requirements must be followedBecause both FICO score requirements and closing costs are higher. In addition, no down payment assistance is allowed with a jumbo loan. If a family member wanted to gift you money for the down payment, you had to purchase within the conforming loan limits. The down payment had to be your own money, and unless it was well-seasoned, you had to prove where that money came from.

Today’s higher loan limits will allow more buyers to purchase with gifted down payment funds.

Let your high-end buyers know that FHA loan limits have changed.

Post it to your blog. Share the news on social media. Write letters or emails to your buyers who have been unable to find exactly what they want at the lower limits.

I know, new loan limits won’t make new listing magically appear, but you can be keeping your eyes open and be ready to act when they do.

For more on rising home prices and how you can list more homes during this time of uncertainty, click here.

Filed Under: real estate opportunities Tagged With: real estate best practices

About Marte Cliff

Marte Cliff is a professional real estate copywriter with a past - as a real estate agent and then owner/broker. She understands the real estate business, the challenges agents face, and the wants, needs, and fears that real estate clients face. She also understands the psychology of marketing.

When not writing, Marte enjoys reading, gardening, visiting with friends and family, and spending time with her canine companions. She enjoys life in a quiet mountain valley with wildlife as her nearest neighbors.

Copyright 2015 - Marte Cliff, Copywriter | 1794 Blue Lake Road, Priest River, ID 83856 | 208-448-1479

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