The largest financing agencies of the United States government have decided to increase loan limits in 2017. Below are the highlights of the increase:
– FHA loan limit “floor” will increase to $275,665 from $271,050. (These are the limits observed in Lee County)
-FHA loan limit “ceiling” will rise to $636,150 from $625,500.
-Conforming Fannie Mae and Freddie Mac loan limit will increase to $424,100.
FHA states that maximum loan limits increased in 2,948 counties and remained the same in 286 counties.
Studies have estimated that these increases could have a billion dollar effect on the loan market.
