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FHA Limit Bumped

Insurable maximum to be $312,895 in 2005

December 30, 2004

By MortgageDaily.com staff

In line with the recent conforming loan limit increases, the maximum FHA loan amount has been adjusted up.

The U.S. Department of Housing and Urban Development announced it will increase the loan limit on Federal Housing Administration-insured single-family mortgages to $312,895, up about 8% from a year ago. In low cost areas, the limit will be raised to $172,632.

The new loan limits will apply to mortgages endorsed for insurance on or after Jan. 1, according to HUD's mortgagee letter.

By law, FHA's annual adjustments on loan limits are tied to the conforming limits set by Fannie Mae and Freddie Mac. In November, the government-sponsored enterprises announced a 9% increase in the conforming limit to $359,650.

The FHA increase also applies to multifamily dwellings. In high cost areas, the ceilings will be set at $400,548, $484,155 and $601,692, for two-. three- and four-unit properties, respectively. In low cost areas, HUD said the multifamily limits for such properties will be $220,992, $267,120 and $331,968.

In Alaska, Guam, Hawaii and the Virgin Islands, an adjustment of up to 150% above the new loan limits is permitted by the National Housing Act, which means single-family loans must not exceed $469,344 to be endorsed for FHA insurance.

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