According to a letter from this governmental organization, the lower floor on FHA loans (borrowers in lower-cost areas are able to take out a mortgage for up to this amount) are as follows:

One-Unit $729,750
Two-Unit $934,200
Three-Unit $1,129,250
Four-Unit $1,403,400

The ceiling on FHA mortgages for higher-cost areas has been raised in areas such as Los Angeles County, New York county, Salt Lake county, and DC. These limits are as follows:

One-Unit $271,050
Two-Unit $347,000
Three-Unit $419,400
Four-Unit$521,250

This is good news for credit worthy borrowers who can’t qualify for traditional loans because they don’t have a 20% down payment. FHA-insured mortgages allow borrowers to make a down payment as low as 3.5% and issuers are often able to overlook credit report flaws.

To find the FHA loan limit in your area, take a look at the HUD FHA Mortgage Limit Website.

See Also:

FHA Mortgage Guide

Answers to Common FHA Loan Questions