The Federal Housing Administration (FHA) announced today the maximum loan limits will increase in 2021. The loan limit in lower-cost areas will be $356,362, or about 65 percent of the national conforming loan limit of $548,250.
In high-cost areas, the limit will be higher at $822,375. FHA-insured reverse mortgages will be capped at $822,375. Approximately 82% of U.S. counties are considered lower-cost areas, with 2.3% somewhere in between. Buyers can see the U.S. map below, the colored locations represent high costs locations. Please find the complete list of 2021 FHA loan limits here.
FHA home loans provide many great benefits to approved home buyers as detailed below.
- Low down payment of only 3.5% required. Down payment funds can come in the form of a gift or from eligible down payment assistance, bond money or grant funds.
- Low fixed interest rates. FHA loans offer some of the lowest interest rate available today.
- Flexible credit and debt to income ratios.
- First-time buyers AND seasoned home buyers can be eligible.
- Simple FHA streamline refinance options avaialble.
Buyers can learn more about all the FHA mortgage details here. Please contact us today with questions by calling the number above, or just fill out the Info Request Form on this page.
Serving home buyers nationwide including: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming