All the new loan limits for 2018 are listed below by loan type. Borrowers that have questions can reach out to us by calling the number above, or just submitting the short info request form on this page.
2018 FHA Mortgage Limits
FHA’s mortgage limits are set at 65% of the national “conforming” loan cap, which recently increased from $424,100 to $453,100 this year.
This increases the FHA limit from$275,665 to $294,515 in most counties nationwide. The FHA high-cost limits 150% of the conventional loan limit, which is now to $679,650. High-cost locations like South Fla, CA, CO, VA, NY, etc are those where 115% of the median home price is greater than the floor ($294,515) but less than the ceiling ($679,650). In these areas, the limit equals 115% of the median home price.
Reminders for those using the FHA mortgage:
- The FHA loan limits for 2018 apply to both FHA purchase and streamline /cash-out refinance transactions.
- All of the base FHA mortgage limits apply to standard 1 unit properties, 2-4 unit properties will be higher.
- The new loan limits will apply to all loans assigned FHA case numbers on or after 1/1/2018
All of the latest FHA loan limits by county can be viewed on the FHA page here.
2018 Conforming Mortgage Limits:
The latest Conforming/Conventional mortgage limits have been raised to $453,100 for most counties across the nation. Like FHA, higher cost states will see greater limits up to $679,650. Loans above this amount will be considered a jumbo loan.
Buyers can view the latest conforming loan limits here.
2018 VA Mortgage Limits:
VA loan limits follow the same as conforming limits listed above. VA loan amounts that exceed the standard conventional caps are considered VA Jumbo loans and will require a small down payment.
2018 USDA Mortgage Limits:
USDA Rural Housing loans do not have set loan limits. Instead, borrowers qualify based on their debt to income ratios. The general guideline is borrowers housing expense (mortgage payment, taxes, and home insurance) should not exceed 30% of their gross income. Since USDA loans DO have household income limits, this will generally limit the size of the permitted loan amount to below conforming limits. Read more about the USDA loan limits.