The Federal Housing Administration (FHA) has laid out its single-family loan limits for fiscal year 2011.
The agency provided its notice of loan limits in Mortgagee Letter 10-40, which was published last week. In establishing a loan-limit ceiling for fiscal year 2011, the FHA used the Economic Stimulus Act of 2008 calculation, which pegs the high-cost area loan limit ceiling at 175% of the national conforming limit of $417,000.
The high-cost area limits are as follows:
- $729,750 for a one-unit property;
- $934,200 for a two-unit property;
- $1,129,250 for a three-unit property; and
- $1,403,400 for a four-unit property.
The national loan-limit floor, which is set at 65% of the $417,000 benchmark, is as follows:
- $271,050 for a one-unit property;
- $347,000 for a two-unit property;
- $419,400 for a three-unit property; and
- $521,250 for a four-unit property.
The national FHA loan limit for home equity conversion mortgages in 2011 remains at $625,500.
SOURCE: Federal Housing Administration