Loan limits for calendar-year 2015 on residential loans that are insured by the Federal Housing Administration have been released.
FHA Title II loan limits for forward mortgages, streamline refinances without an appraisal and home-equity conversion mortgages are governed by the National Housing Act and the Federal Home Loan Mortgage Corporation Act.
In areas that are not designated as low-cost or high-cost, FHA loan limits are set based on 115 percent of the median home price.
The 2015 loan limits were discussed in Mortgagee Letter 2014-25 issued Friday by the Department of Housing and Urban Development.
The FHA national loan limit floor is 65 percent of the national conforming loan limit. The conforming limit is $417,000 on single-family properties next year.
The floor applies to areas where 115 percent of the median home price is less than 65 percent of the national conforming loan limit.
For next year, the floor limit on one-unit properties is $271,050.
A list of lower-cost counties and their corresponding limits are here:
The maximum FHA national loan limit ceiling is 150 percent of the national conforming loan limit and applies to areas where 115 of the median home price in the highest-cost county exceeds 150 percent of the conforming limit.
The ceiling for 2015 is $625,500 for one-unit properties.
A list of high-cost counties and their limits are here:
In Alaska, Guam, Hawaii and the Virgin Islands — where the cost of construction is higher — the limit is 150 percent of the ceiling limit. Next year’s single-family limit for these special exception areas is $938,250.
Next year’s loan limit on home-equity conversion mortgages will remain at 150 percent of Freddie Mac’s conforming limit. That puts the maximum claim amount on HECMs at $625,500.
A complete schedule of FHA loan limits is online at:
https://entp.hud.gov/idapp/html/hicostlook.cfm
The new limits apply to loans with case numbers that are assigned from Jan. 1, 2015, to Dec. 31, 2015.
