The Federal Housing Administration (FHA) recently announced, that the new schedule of loan limits for 2015 will remain the same as the 2014 levels. These limits also include the FHA-insured reverse mortgages, which will remain unchanged in 2015.

The current standard loan limit for low-cost housing areas will also remain unchanged at $271,050, and high cost areas such as San Francisco; Washington, D.C.; New York, and some areas in Los Angeles, the FHA loan limit will remain at $625,500.

FHA recalculates its national loan limit each year based on a percentage calculation of the national conforming loan limit. Depending on those limits, FHA’s minimum national loan limit “floor” is at 65 percent of the national conforming loan limit. The floor applies to those areas where 115 percent of the median home price is less than 65 percent of the national conforming loan limit.

​“The new lending guidelines released today by Fannie Mae and Freddie Mac will enable creditworthy borrowers who can afford a mortgage, but lack the resources to pay a substantial down payment plus closing costs, to get a mortgage with 3 percent down. These underwriting guidelines provide a responsible approach to improving access to credit while ensuring safe and sound lending practices.

“To mitigate risk, Fannie Mae and Freddie Mac will use their automated underwriting systems, which include compensating factors to evaluate a borrower’s creditworthiness. In addition, the new offerings will also include homeownership counseling, which improves borrower performance. FHFA will monitor the ongoing performance of these loans.”


Moe Bedard
My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.