The New Year is right around the corner and the Federal Housing Administration (FHA) recently announced their 2015 loan limits.
Home buyers can breathe a sigh of relief since FHA loan limits in lowest and highest cost areas will remain the same in the coming year.
By highest cost we mean areas like Orange County, New York, San Francisco and Washington D.C. where FHA loan limits will remain at the “ceiling” of $625,000 while in other low cost areas the FHA loan limits are going to remain at an affordable $271,050.
More Information about FHA Loan Limits
The Federal Housing Administration calculates their loan limits every year based on their percentage calculation of the United States “nation conforming loan limit”.
Mortgage Loan Limits for Reverse Mortgages Not Changing
What’s great about 2015 is that the FHA also announced that their mortgage loan limits for their reverse mortgages will not change in the coming year either.
Their Home Equity Conversion Mortgage program is anticipated to continue and the maximum amount of money a homeowner can claim is $625,500.
To learn more about FHA loan limits or to view homes for sale across Orange County contact Fred Sed & Associates today by calling us at (949) 272-0125.