We are now halfway through 2017 and I wanted to post this update regarding FHA loan limits. FHA changed their loan limits for each county not too long ago and I felt it was important to share this information on our blog page, as some buyers are looking at homes in different areas that may have different loan limits.
If you are a buyer looking in multiple counties for a new home, it is very important to make sure you do not exceed FHA’s max loan limit for that county. I have included a chart below for easy reference.
This is important to keep in mind while shopping as it can affect your ability to be approved. It is also important to confirm which county a home falls within as some cities could fall between two counties. For example, Smyrna, De falls between New Castle and Kent counties. A buyer looking at homes in the same city could find two similar homes but only be approved FHA for one of them due to max loan limits for the two different counties.
Here are the 2017 FHA Loan Limits:
DELAWARE Single Family 2 units 3 unit
New Castle County $379,500 $485,800 $587,250
Kent County $275,665 $352 950 $426,625
Sussex County $316,250 $404,850 $489,350
PENNSYLVANIA Single Family 2 units 3 unit
Chester County $379,500 $485,800 $587,250
Delaware County $379,500 $485,800 $587,250
Lancaster County $275,665 $352,950 $426,625
Montgomery County $379,500 $485,800 $587,250
If you have questions regarding FHA loan limits, give us a call, we are happy to help!