November 21, 2016
Are you considering an FHA loan in 2017? There are several things that can help you on your journey to home ownership in the new year. The first is knowing that the FHA updates its list of loan limits every year-at the time of this writing the FHA loan limits are not available yet for 2017, but new limits will go into effect on January 1, 2017.
That means that some limits may change depending on the housing markets; sometimes low-cost and/or high-cost areas get an adjustment for the new year, other areas may also be affected depending on the state of the market. The FHA loan limits for each new year are adjusted based on averages for each individual market. From the FHA official site:
“FHA publishes updated limits effective for each calendar year. FHA sets these limits at or between the low cost area and high cost area limits based on the median house prices for the area.”
But sometimes, as with 2016, the limits don’t change for one reason or another. Sometimes the market simply hasn’t risen or fallen enough to warrant alterations.
The FHA has an online resource to help borrowers find loan limits in their market. You can look up these limits on the FHA official site at https://entp.hud.gov/idapp/html/hicostlook.cfm.
The FHA has other resources you can use in your search for a new home in 2017. One is the ability to get a referral to a local, HUD-approved housing counselor who can help you with advice before your purchase. You can call the FHA directly at their toll-free number, 1-800 CALL FHA to request such a referral.
Another resource is a handy, downloadable home buying checklist available from the FHA/HUD official site. Another important downloadable resource from the FHA/HUD site is a brochure explaining your rights as a buyer (and even as a renter) under the Fair Housing Act. Do you know your rights as a house hunter? This FHA/HUD brochure can help you understand what Fair Housing Laws are and how they protect you in your search.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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