Rising Home Prices Lead to Increased Lending Limits on FHA & HECM

Rising Home Prices Lead to Increased Lending Limits on FHA & HECM

2017 Will Usher in New Lending Limits for FHA Loans & HECM Amounts

On December 1, 2016, U.S. Department of Housing and Urban Development announced The Federal Housing Administration’s (FHA) and Home Equity Conversion Mortgage (HECM) loan limits effective for the period January 1, 2017 through December 31, 2017.

These Mortgagee Letters provide the maximum mortgage limits for Title II FHA-insured forward mortgages and the maximum claim amounts for FHA-insured traditional HECM, HECM for purchase, and HECM-to-HECM refinances, for calendar year 2017 respectively.

For 2017, the HECM nationwide claim amount has increased to $636,150 for all areas.

FHA mortgage lending limits in Arizona vary based on a variety of housing types and the cost of local housing (chart below), but there were notable increases in Maricopa and Pinal counties from $271,050 in 2016 to $279,450 for 2017. 

MSA Name

County Name

State

One-Family

Two-Family

Three-Family

Four-Family

Median Sale Price

Last Revised

Limit Year

NON-METRO

APACHE

AZ

$275,665

$352,950

$426,625

$530,150

$85,000

1/1/2017

CY2017

SIERRA VISTA-DOUGLAS, AZ

COCHISE

AZ

$275,665

$352,950

$426,625

$530,150

$117,000

1/1/2017

CY2017

FLAGSTAFF, AZ

COCONINO

AZ

$362,250

$463,750

$560,550

$696,650

$254,000

11/29/2016

CY2017

PAYSON, AZ

GILA

AZ

$275,665

$352,950

$426,625

$530,150

$160,000

1/1/2017

CY2017

SAFFORD, AZ

GRAHAM

AZ

$275,665

$352,950

$426,625

$530,150

$142,000

1/1/2017

CY2017

NON-METRO

GREENLEE

AZ

$275,665

$352,950

$426,625

$530,150

$50,000

11/29/2016

CY2017

NON-METRO

LA PAZ

AZ

$275,665

$352,950

$426,625

$530,150

$68,000

1/1/2017

CY2017

PHOENIX-MESA-SCOTTSDALE, AZ

MARICOPA

AZ

$279,450

$357,750

$432,400

$537,400

$243,000

1/1/2017

CY2017

LAKE HAVASU CITY-KINGMAN, AZ

MOHAVE

AZ

$275,665

$352,950

$426,625

$530,150

$132,000

1/1/2017

CY2017

SHOW LOW, AZ

NAVAJO

AZ

$275,665

$352,950

$426,625

$530,150

$130,000

1/1/2017

CY2017

TUCSON, AZ

PIMA

AZ

$275,665

$352,950

$426,625

$530,150

$189,000

1/1/2017

CY2017

PHOENIX-MESA-SCOTTSDALE, AZ

PINAL

AZ

$279,450

$357,750

$432,400

$537,400

$243,000

1/1/2017

CY2017

NOGALES, AZ

SANTA CRUZ

AZ

$275,665

$352,950

$426,625

$530,150

$128,000

1/1/2017

CY2017

PRESCOTT, AZ

YAVAPAI

AZ

$275,665

$352,950

$426,625

$530,150

$215,000

1/1/2017

CY2017

YUMA, AZ

YUMA

AZ

$275,665

$352,950

$426,625

$530,150

$125,000

1/1/2017

CY2017

 

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