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It isn't by very much, but they are higher for 2017 than 2016. See this link for details: https://www.fanniemae.com/singlefamily/loan-limits#
Here is the Fannie Mae letter to reference too https://www.fanniemae.com/content/announcement/ll1605.pdf
Maximum Original Principal Balance for 2017
Units Contiguous States, District of Columbia, and Puerto Rico Alaska, Guam, Hawaii, and the U.S. Virgin Islands1 | $424,100 | $636,150 |
2 | $543,000 | $814,500 |
3 | $656,350 | $984,525 |
4 | $815,650 | $1,223,475 |
Maximum Loan Limits for High-Cost Areas for Mortgages Acquired in Calendar Year 2017
All but 87 counties (or county equivalents) will see a loan limit increase.
Units Contiguous States, District of Columbia+ Alaska, Guam, Hawaii, and the U.S. Virgin Islands1 | $636,150 | $954,225 |
2 | $814,500 | $1,221,750 |
3 | $984,525 | $1,476,775 |
4 | $1,223,475 | $1,835,200 |
Here is a cool color-coded map that shows which counties are at & above the $424,100 conforming loan limit.
http://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx
Also to note, the FHA loan limits have increased a little bit for 2017. The low cost area loan limit for a 1-unit property was previously $271,050 and has now increased to $275,665.
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/lender/origination/mortgage_lim... has the full details.
A reminder that https://entp.hud.gov/idapp/html/hicostlook.cfm is the official website to look up FHA loan limits (also can search for conforming loan limits, for conventional financing, as well).
Awesome news!!!! Now that the FHA limits have increased for high cost areas, this loan is now an option for us again. They increased it juuuuuust enough for us to get the house we have our eye on.
It still looks like Navy Federal will be the best bet for us though, even though the interest rate would be significantly higher. Our total mortgage payments would be virtually the same whether we go FHA or Navy Federal. However, we'd be able to deduct more interest if we go Navy Federal whereas the FHA MIP is not deductible. Still it's nice to have options instead of having to put all eggs in one basket.
I know I'm late to the party, but I wanted to give a "woo hoo!"