FHA - the Federal Housing Administration - www.HUD.gov - has increased the loan limits for 2022.
Hi again, everyone. Caeli here. Happy New Year to you, all. I just finished recording a video announcing the new conforming agency, a.k.a. Fannie/Freddie loan limits. I am now going to provide the FHA not to be confused with Fannie/Freddie loan limits as a quick distinction.
FHA and VA and USDA does "Govvie" as we call them in our industry, loan products only apply to owner occupied or primary residence transactions. And as we saw some increase to the conforming loan limits as it applied to Fannie/Freddie.
As such, FHA has followed suit. So I have those numbers for you. The old FHA County loan limit baseline was at $365,362. I've got my cheat sheet over here. The new conforming loan limit for FHA is now $420,680.
Just like the Fannie/Freddie loans, FHA does have high cost areas. Those are going to be Hawaii, California, Alaska, Connecticut, places like that. And those high cost areas are going to be for single family residence. All of what I've said so far is for single family residence.
The oldest $822,375, the new FHA high cost area loan limit is $970,800. Hopefully this is helpful to you. Those of you are looking to utilize FHA for your owner occupied transactions. We look forward to hearing from you and serving all of your lending needs.
Thanks for listening.
Caeli Ridge
