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2011 FHA Loan Limits Released

HUD issues mortgagee letter outlining limits

Dec. 2, 2010

By staff

Next year's maximum loan limits on loans insured by the Federal Housing Administration -- including traditional loans and reverse mortgages -- have been released by the government.

The new limits were outlined in Mortgagee Letter 10-40 from the Department of Housing and Urban Development.

The limits were issued under the authority of the Continuing Appropriations Act 2011, Public Law 111-242.

For one-unit residential properties, the "floor" limit is $271,050, while duplex loans are limited to $347,000 and triplex financing cannot exceed $419,400. On a four-unit property, the limit is $521,250.

In high-cost areas, as required in the Economic Stimulus Act of 2008, the one-unit limit is $729,750, and the two-unit limit is $934,200. Three-unit high-cost loans are limited to $1,129,250, while the fourplex maximum is $1,403,400.

"Many areas are eligible for loan limits between the national FHA floor
and ceiling based on area median home prices," the letter stated. "In such areas, the limits shall be at the higher of the Economic Stimulus Act of 2008 calculated loan limits for 2008 and the Housing and Economic Recovery Act of 2008 calculated loan limits for the effective period stated herein."

For Alaska, Guam, Hawaii and the Virgin Islands -- the one-unit cap is $1,094,625, while it jumps to $1,401,300 on two-unit buildings and $1,693,875 on triplexes. The fourplex limit in these "special exception areas" is $2,105,100.

Because of Continuing Resolution provisions, the limit on home-equity conversion mortgages will stay at $625,500. The HECM limit is 150 percent of the conforming limit.

The loan limits are in effect from Jan. 1, 2011, to Sept. 30, 2011.

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