On Friday the news came down the wire that the Federal Housing Administration will increase its loan limits for 2019. This is great news for both buyers and sellers alike, as more money is available through FHA loans to purchase the rising home prices throughout Northern Utah. Contact us for more details about your specific area and your FHA loan limits.
The formal announcement from the National Association of Realtors is posted here:
The Federal Housing Administration published its 2019 loan limits today. Most areas in the country will see an increase. No jurisdiction will see a decrease from 2018 levels. The loan limit for lower-cost areas will be $314,827, or 65 percent of the national conforming loan limit of $484,350. In high-cost areas, the limit will be $726,525.
Any request for a change to high-cost-area loan limits must comply with guidance in HUD Handbook 4000.1, Section II.A.2.a.ii (A). Requests must be received by FHA’s Santa Ana Homeownership Center no later than January 14. Any changes in area loan limits because of an appeal will be in effect retroactively for case numbers assigned on or after January 1.