Following on the heels of the Federal Housing Finance Agency, the Federal Housing Administration announced this month that it will increase its loan limits in most areas of the country in 2018. The FHFA had announced new limits for loans eligible for purchase or guarantee by Fannie Mae and Freddie Mac on Nov. 28.
In high-cost areas of the country, the FHA’s ceiling on loan limits will rise from $636,150 to $679,650, according to the Department of Housing and Urban Development. In addition, the national mortgage limit for FHA-insured reverse mortgages—known as home equity conversion mortgages—will rise from $636,150 to $679,650.
The FHFA calculates new limits each year based on median home prices.