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FHA Announces 2013 Loan Limits

The ""Federal Housing Administration (FHA)"":http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory has released its ""mortgage loan limits"":http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee for 2013.

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According to an earlier announcement from the Federal Housing Finance Agency (FHFA) the national conforming loan limit will remain $417,000 for a single-unit property. FHA's national loan limit ""floor"" stands at $271,050, 65 percent of the national conforming limit.

That floor rises for two-, three- and four-unit properties, increasing to $347,000; $419,425; and $521,250, respectively.

FHA's ""ceiling"" for high-cost areas is $729,750 for a single-unit property; $934,200 for a two-unit; $1,129,250 for a three-unit; and $1,403,400 for a four-unit.

The agency also announced exceptions for certain areas, including Alaska, Hawaii, Guam, and the Virgin Islands. Because of higher property costs, loan limits in those areas can be adjusted by up to 150 percent of the national ceiling, ranging between $1,094,625 and $2,105,100, depending on the property size.

FHA loan limits for specific counties can be found ""online."":https://entp.hud.gov/idapp/html/hicostlook.cfm

About Author: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.
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