FHA INFO #15-90 2016 Nationwide Forward Mortgage Limits/2016 Nationwide Home Equity Conversion Mortgages (HECM) Limits
December 9, 2015
In this Announcement:
- 2016 Nationwide Forward Mortgage Limits Mortgagee Letter
- 2016 Nationwide Home Equity Conversion Mortgage (HECM) Limits Mortgagee Letter
See below for details.
2016 Nationwide Forward Mortgage Limits
Today, the Federal Housing Administration (FHA) published Mortgagee Letter 2015-30: 2016 Nationwide Forward Mortgage Limits, which provides the maximum mortgage limits for FHA-insured mortgages. There are no changes to the low cost area and high cost area limits for Title II forward mortgages—as referenced in Section II.A.2.a.ii of the FHA Single Family Housing Policy Handbook 4000.1—for calendar year 2016.
Loan limits increased in 188 counties. The loan limit increases in these areas range from $350 to $115,350. To enable Mortgagees to easily identify areas with loan limit increases, FHA has published a separate list of counties with loan limit increases. Mortgagees may view this list along with a list of areas at the ceiling and a list of areas between the floor and ceiling on the Maximum Mortgage Limits web page. FHA forward mortgage limits are also available by MSA and county, or by downloading a complete listing from HUD.gov.
There are no jurisdictions with a decrease in loan limits from the 2015 levels.
The loan limits are effective for case numbers assigned on or after January 1, 2016, and remain effective through December 31, 2016.
Forward mortgage and HECM loan limits are publishing separately due to forward mortgages having been incorporated into HUD Handbook 4000.1.
- View Mortgagee Letter 2015-30 and other Mortgagee Letters at:
- View 2016 forward mortgage limit attachments:
– FHA mortgage limits by MSA and County at: https://entp.hud.gov/idapp/html/hicostlook.cfm
– Complete listing of FHA loan limits at: http://www.hud.gov/pub/chums/file_layouts.html
– Maximum Mortgage Limits web page at:
- View the online or portable document format (PDF) versions of HUD Handbook 4000.1 at:
2016 Nationwide Home Equity Conversion Mortgages (HECM) Limits
Today, the Federal Housing Administration (FHA) published Mortgagee Letter 2015-29: 2016 Nationwide Home Equity Conversion Mortgage (HECM) Limits, which provides the 2016 maximum claims amounts for FHA-insured traditional HECM, HECM for purchase, and HECM-to-HECM refinances. The HECM nationwide claim amount limitations for 2016 remain unchanged at $625,500 for all areas. These limits are applicable for case numbers assigned on or after January 1, 2016.
FHA published its Home Equity Conversion Mortgage (HECM) and Title II forward mortgage loan limits separately this year due to forward mortgages having been incorporated into the FHA Single Family Housing Policy Handbook 4000.1. For details on FHA’s 2016 maximum HECM loan limits, refer to Mortgagee Letter 2015-29.
- View Mortgagee Letter 2015-29 and other Mortgagee Letters
- Contact the FHA Resource Center:
– Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at www.hud.gov/answers.
– E-mail the FHA Resource Center at email@example.com. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
– Call 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Information Relay Service at 1-800-877-8339.
Source: HUD (FHA INFO #15-90 full version)