FHA Loan Limits By State For 2022

Click on Your State Below Check Your Maximum FHA Loan Limits By State For 2022




The National Loan Limits for 2022

 

Conforming Limits $647,200
Loan Limit ‘Floor’ $420,680
Loan Limits ‘Ceiling’ $970,800
HECM maximum claim amount $970,800

 

How Loan FHA Loan Limits in Each State are Calculated in 2022?

The federal government establishes annual FHA Max loan limits each year based on local home price trends and a few additional factors. This is how to calculate the new FHA loan limits for 2022

  1. Determine “Anchor” Loan Amount

    Before calculating the 2022 FHA floor and ceiling loan limits, HUD has determined what is considered an anchor loan amount. HUD/FHA uses the 2022 conforming loan limit (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac in 2022 set by the FHFA (not to be confused with FHA). The amount of the loan for an anchor in 2022 is $647,200 for single-family and multifamily home loans for homeowners.

  2. Calculate 2022 Floor Loan Amount

    HUD calculates the FHA’s 2022 Floor Loan Amount based on two factors. This is the lowest amount that any MSA in the country can have as their Maximum FHA loan amount for 2022. These two elements are necessary for this project to be successful.

    1. Anchor Loan Amount: $647,200
    2. Factor: 65%

    The FHA Floor Loan Amount equals the 65% rate multiplied by the anchor loan amount
    $647,200X 65% = $420,680 – FHA 2022 Floor Loan Amount

  3. Calculate 2022 FHA Ceiling Loan Amount

    HUD determines the FHA ceiling loan amount by using an initial loan amount and the ceiling amount. This is the highest amount that any MSA can have as their Maximum FHA Loan amount for 2022 (except for high-cost areas).

    1. Anchor Loan Amount: $647,200
    2. Factor: 150%

    The FHA Ceiling Loan Amount equals the 150% rate multiplied by the anchor loan amount $647,200 = $970,800  FHA 2022 Ceiling Loan Amount

When the framework is set HUD has both the 2022 FHA Floor and Ceiling loan limits established. Each MSA then receives its annual FHA Loan Maximum based on FHA floor and ceiling limits and their local average home price.

FHA Loan Limits 1-4 multifamily units 2022Finalizing an MSA’s 2022 FHA Loan Max

Each state’s MSA’s 2022 FHA Loan Limits come from 3 basic criteria. They are as follows:

  1. Area’s average home price
  2. FHA Floor Loan Limit
  3. FHA Ceiling Loan Limit

When an MSA’s average home price falls within the FHA Floor and Ceiling, that MSA’s average home price becomes its 2022 FHA Loan Max. However, when an MSA’s average home price falls outside of either the FHA Floor or Ceiling, then the appropriate limit becomes that area’s 2022 FHA max loan amount.

For example, areas/MSA’s with average home prices below $420,680 take the FHA Max Loan amount at $420,680. In an area where the average home price exceeds $970,800 FHA Ceiling (except those noted below) take on a loan amount of $970,800 as their 2022 FHA Max Loan amount.

Why Do FHA Loan Limits Matter?

  • FHA loan has less strict requirements and guidelines because FHA insures the loan and lenders are more protected in case of a defaulting on the FHA mortgage loan
  • FHA mortgage interest rate might be slightly higher than conventional loans but still remain competitive.
  • With a 3,5% downpayment, you can get the FHA loan if your credit score is at 580 or higher. You need to put down 10% when your credit score is low and between 500-579.
  • Having bankruptcies or foreclosures might not be an issue and you can still be eligible for the FHA mortgage loan.

FHA Loan Limits Table for 2022 in Every State

# State 2022 FHA Loan Limits
1 Alabama FHA Loan Limits in Alabama
2 Arizona FHA Loan Limits in Arizona
3 Arkansas FHA Loan Limits in Arkansas
4 Colorado FHA Loan Limits in Colorado
5 Connecticut FHA Loan Limits in Connecticut
6 California FHA Loan Limits in California
7 Delaware FHA Loan Limits in Delaware
8 Florida FHA Loan Limits in Florida
9 Indiana FHA Loan Limits in Indiana
10 Illinois FHA Loan Limits in Illinois
11 Idaho FHA Loan Limits in Idaho
12 Iowa FHA Loan Limits in Iowa
13 Kentucky FHA Loan Limits in Kentucky
14 Kansas FHA Loan Limits in Kansas
15 Louisiana FHA Loan Limits in Louisiana
16 Mississippi FHA Loan Limits in Mississippi
17 Maryland FHA Loan Limits in Maryland
18 Minnesota FHA Loan Limits in Minnesota
19 Montana FHA Loan Limits in Montana
20 Missouri FHA Loan Limits in Missouri
21 Maine FHA Loan Limits in Maine
22 Nebraska FHA Loan Limits in Nebraska
23 Nevada FHA Loan Limits in Nevada
24 North Carolina FHA Loan Limits in North Carolina
25 North Dakota FHA Loan Limits in North Dakota
26 New Jersey FHA Loan Limits in New Jersey
27 New Hampshire FHA Loan Limits in New Hampshire
28 New Mexico FHA Loan Limits in New Mexico
29 Oklahoma FHA Loan Limits in Oklahoma
30 Oregon FHA Loan Limits in Oregon
31 Rhode Island FHA Loan Limits in Rhode Island
32 Texas FHA Loan Limits in Texas
33 Tenessee FHA Loan Limits in Tenessee
34 Michigan FHA Loan Limits in Michigan
35 Pennsylvania FHA Loan Limits in Pennsylvania
36 South Carolina FHA Loan Limits in South Carolina
37 South Dakota FHA Loan Limits in South Dakota
38 Utah FHA Loan Limits in Utah
39 Ohio FHA Loan Limits in Ohio
40 Georgia FHA Loan Limits in Georgia
41 Vermont FHA Loan Limits in Vermont
42 Washington FHA Loan Limits in Washington
43 West Virginia FHA Loan Limits in West Virginia
44 Virginia FHA Loan Limits in Virginia
45 Wisconsin FHA Loan Limits in Wisconsin
46 Wyoming FHA Loan Limits in Wyoming
47 Nebraska FHA Loan Limits in Nebraska

Special FHA Loan Limit Exception Areas in 2022

Alaska, Hawaii, the Virgin Islands, and Guam have their own special and higher 2022 FHA Loan limits.

“Mortgage limits for the special exception areas of AK, HI, GU and VI are adjusted by FHA to account for higher costs of construction”

HUD Mortgagee Letter 2021-28 (page 3)

On November 30th, on (Tuesday) the Department of Housing and Urban Development (HUD) announced new loan limits for the calendar year 2022 a special exception to the Federal Housing Administration’s (FHA) loan limit. This means that FHA-insured mortgages will be available for up to $679,650 in 2022 in high-cost areas, an increase from the current limit of $647,200.

This is great news for homebuyers as it will help to make more affordable homes available in areas where prices are high. HUD Secretary Marcia Fudge said, “UD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all..”

The increase in the loan limit is especially beneficial to those looking for homes in high-cost areas such as California, New York, and Washington D.C. In these areas, the previous limit often meant that only more expensive homes were within reach of buyers. 2022 FHA loan limits are effective for all loans with FHA case numbers assigned on or after January 1, 2022.

FHA Loan Limits High Costs Areas 2022FHA 203k Rehab Loan Limits

When it comes to getting a mortgage for a fixer-upper or financing the renovation of an existing property, one of the most important considerations is the rehab loan limits set by lenders. These limits vary from state to state and can make all the difference in terms of how much you can afford when it comes to buying or renovating your home. The 203k loan limit is the maximum amount that a borrower can receive from the Federal Housing Administration (FHA) for a loan used to purchase or refinance a home. The 203k loan type has its own limit will increase to $ 726,525 in 2022 from $ 655,500 in 2021.

2-Unit 3-Unit 4-Unit
Low-Cost Area $538,650 $651,050 $809,150
Mid-Range Area $538,651 to $1,243,049 $651,051 to $1,502,474 $1,502,475
High-Cost Area $1,243,050 $809,151 to $1,867,274 $1,867,275
AK, HI, Guam, & Virgin Islands $1,864,575 $2,253,700 $2,800,900

FHA Multifamily Maximum Loan Amounts in High-Cost Areas

If you’re looking to finance a multifamily property with FHA loan in a high-cost area, it’s important to know that you’ll need a larger down payment and a higher credit score to qualify for the loan.

If you are looking to buy or refinance a home in one of the many FHA high-cost areas across the country, here are some tips to help you get started:

  • Do your research and work with an experienced lender who is familiar with FHA loans in your area. This will help ensure that you get all the benefits available to you and can make the process as smooth as possible.
  • Consider working with a real estate agent who can assist you in finding homes on the market that meet your needs and budget.
  • Take advantage of government or non-profit programs that provide assistance with down payments, closing costs, and other expenses associated with buying a home in a high-cost area.