FHA Announces 2015 Loan Limits

The Federal Housing Administration announced its new loan limits for 2015 this week, a number recalculated each year based on the national conforming loan limit. The loan limits for 2015 will remain the same as the 2014 levels: $625,500 for high cost metropolitan areas and $271,050 for standard housing areas with relatively low costs. The Volusia County FHA loan limit is currently $271,050. The fact that these loan limits remained unchanged point to a stabilizing real estate market across the board. Learn more about FHA loan limits below:

How FHA calculates loan limits
FHA's minimum national loan limit "floor" applies in areas where 115 percent of the median home price is less than 65 percent of the national conforming loan limit. Conversely, any area where the loan limit exceeds the "floor" is considered a high cost area with a "ceiling" at 150 percent of the national conforming limit. In areas where 115 percent of the median home price (of the highest cost county) exceeds 150 percent of the conforming loan limit, the FHA loan limits remain at 150 percent of the conforming loan limit. Areas are eligible for FHA loan limits based on median area home prices, with adjustments for two-, three-, and four-unit properties, and in Special Exception Areas. - courtesy FloridaRealtors.org