What are FHA loan limits in your county?
Find out the FHA loan limits for 2023
The Federal Housing Administration (FHA) sets limits on the amount of money you can borrow with an FHA loan. These limits are set at the county level and all houses in a county are subject to the same loan limits.
2023 FHA loan limits range from $472,030 for a one-family home in the most affordable counties to $1,089,300 for a one-family home in the most expensive.
You can look up the 2023 FHA loan limits for your county by visiting the U.S Department of Housing and Urban Development's website.
How do FHA loan limits work?
The FHA is required by federal law to set loan limits just above the median home price in a county. This means FHA loan limits can vary significantly from county to county because home prices can vary significantly.
The FHA also sets different limits depending on the size of the home. FHA loan limits are higher for two-family, three-family, and four-family homes than they are for single-family homes. Homebuyers in certain areas such as Alaska, Guam, Hawaii, and the Virgin Islands may be able to borrow more than the limits for the typical highest cost areas. Here is a sample of 2023 loan limits:
|Single Family||Two Family||Three Family||Four Family|
|Lowest Cost Areas||$472,030||$604,400||$730,525||$907,900|
|Highest Cost Areas||$1,089,300||$1,394,775||$1,685,850||$2,095,200|
For example, the FHA loan limit for a single-family home in New York County (which includes New York City) is $1,089,300 in 2023. The loan limit for a single-family home in Niagara County (which includes Buffalo) is $472,030. The current median home price in New York City is higher than that in Buffalo, so the limit is higher as a result.
There are also many counties in the United States where the FHA loan limits fall between the limits for the lowest and highest cost counties. The best way to know the loan limits in the county where you want to buy a house is to visit the HUD website.
How are new FHA loan limits calculated?
The FHA limits loans to 115% of the median home price in a county. A median price is not the same thing as an average price, although the two numbers may be similar. These median home prices are based on the Home Price Index as calculated by the Federal Housing Finance Agency and include figures for the 50 states and the District of Columbia. Loan limits are reviewed and may be updated every year.
FHA loan limits and home affordability
Keep in mind that just because the FHA may allow you to borrow up to a certain amount of money does not mean you should borrow that full amount. Consider the big picture of your finances and choose a loan amount that makes sense for you. Our home affordability calculator can help you decide.
Also, keep in mind we may approve you for an FHA loan amount that is less than the limit in your county. And, just like with all mortgages, you will need to meet our credit, income, and financial standards to be approved.
Freedom Mortgage is proud to be a top FHA lender in the United States, according to Inside Mortgage Finance, Jan-Jun 2023.
Last reviewed and updated July 2023 by Freedom Mortgage Corporation.