Apopka Florida FHA Loan Limits for 2017
Every year, the Federal Housing Finance Agency (FHFA) reviews loan limits for FHA mortgages and makes adjustments to reflect changing market conditions. This year, FHA loan limits increased in most areas, which is good news for home buyers.
Floor and Ceiling to FHA Mortgages
FHA mortgage limits vary by county based on a percentage median home prices from 2016. Overall, there is also a ceiling to loan limits. In high priced markets where the median home price is extremely high, the ceiling would be the maximum amount allowed for any FHA loan. For 2017, the FHA loan limit ceiling for single family homes was increased to $636,150.
Loan Limits for the Apopka Florida Area
Loan limits vary by both county and property type. The following are 2017 FHA loan limits for Orange County, Florida:
$277,150 Single Family Homes
$354,800 Two-family Properties
$428,850 Three-Family Properties
$532,950 Four-Family Properties
How does this compare to the previous year? For single family homes, the loan limit increased from $274,850 to $277,150. This is a 0.47% increase. Although it may seem minor, that $2,300 difference will allow some buyers to afford a slightly higher priced home (if they were maxed out in price due to the previous loan limit).
What Apopka Florida Home Buyers Should Know
If you are looking to purchase a home in Orange County, Florida and already have an FHA pre-approval, it may be a good idea to get that updated. You may be approved for a slightly higher purchase price. This could open up a few more options for home listings and/or help you in a multiple offer situation.
Buying a Home in Apopka, Florida
Whether you are buying a home using an FHA mortgage or conventional loan, it is important to stay up-to-date on changes to lending practices, interest rates, and anything else that may impact your home buying plans. Working with a local lender and local real estate agent can help. If you are not already working with an agent, give our team a call!