Friday, 30 October 2020

2019 FHA Loan Limits in New York

2019 FHA Loan Limits in New York
05 Apr
3:28

The New York housing market remains relatively balanced, and residents of New York City (who make up nearly half of the state’s population) may have noticed a slight decrease in the number of home sales since 2017, which was offset by an increase in the construction of condos. Despite a lack of growth in home sales, potential buyers surely will have noticed the 7% hike in prices. According to the most recent data collected by the U.S. Department of Housing and Urban Development (HUD), this increase brought the average home price in New York City up to $849,900 in 2017.A separate study conducted every few years by HUD reported over 35,000 Federal Housing Administration (FHA) loans awarded to New York state residents in 2016 (the latest available data), which amounted to nearly $9 billion in funds. New loan limits are set annually by the FHA to account for the rising cost of living, and the 2019 limits for single-family homes in New York range widely from $314,827 all the way to $726,525.

New York FHA Loan Limits by County

County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
ALBANY $315,100 $403,350 $487,600 $605,950 $274,000
ALLEGANY $314,827 $403,125 $487,250 $605,525 $58,000
BRONX $726,525 $930,300 $1,124,475 $1,397,400 $1,045,000
BROOME $314,827 $403,125 $487,250 $605,525 $105,000
CATTARAUGUS $314,827 $403,125 $487,250 $605,525 $65,000
CAYUGA $314,827 $403,125 $487,250 $605,525 $112,000
CHAUTAUQUA $314,827 $403,125 $487,250 $605,525 $71,000
CHEMUNG $314,827 $403,125 $487,250 $605,525 $98,000
CHENANGO $314,827 $403,125 $487,250 $605,525 $77,000
CLINTON $314,827 $403,125 $487,250 $605,525 $123,000
COLUMBIA $314,827 $403,125 $487,250 $605,525 $213,000
CORTLAND $314,827 $403,125 $487,250 $605,525 $111,000
DELAWARE $314,827 $403,125 $487,250 $605,525 $115,000
DUTCHESS $726,525 $930,300 $1,124,475 $1,397,400 $1,045,000
ERIE $314,827 $403,125 $487,250 $605,525 $148,000
ESSEX $314,827 $403,125 $487,250 $605,525 $150,000
FRANKLIN $314,827 $403,125 $487,250 $605,525 $74,000
FULTON $314,827 $403,125 $487,250 $605,525 $87,000
GENESEE $314,827 $403,125 $487,250 $605,525 $103,000
GREENE $314,827 $403,125 $487,250 $605,525 $150,000
HAMILTON $314,827 $403,125 $487,250 $605,525 $138,000
HERKIMER $314,827 $403,125 $487,250 $605,525 $115,000
JEFFERSON $314,827 $403,125 $487,250 $605,525 $124,000
KINGS $726,525 $930,300 $1,124,475 $1,397,400 $1,045,000
LEWIS $314,827 $403,125 $487,250 $605,525 $84,000
LIVINGSTON $314,827 $403,125 $487,250 $605,525 $162,000
MADISON $314,827 $403,125 $487,250 $605,525 $134,000
MONROE $314,827 $403,125 $487,250 $605,525 $162,000
MONTGOMERY $314,827 $403,125 $487,250 $605,525 $91,000
NASSAU $726,525 $930,300 $1,124,475 $1,397,400 $1,045,000
NEW YORK $726,525 $930,300 $1,124,475 $1,397,400 $1,045,000
NIAGARA $314,827 $403,125 $487,250 $605,525 $148,000
ONEIDA $314,827 $403,125 $487,250 $605,525 $115,000
ONONDAGA $314,827 $403,125 $487,250 $605,525 $134,000
ONTARIO $314,827 $403,125 $487,250 $605,525 $162,000
ORANGE $726,525 $930,300 $1,124,475 $1,397,400 $1,045,000
ORLEANS $314,827 $403,125 $487,250 $605,525 $162,000
OSWEGO $314,827 $403,125 $487,250 $605,525 $134,000
OTSEGO $314,827 $403,125 $487,250 $605,525 $121,000
PUTNAM $726,525 $930,300 $1,124,475 $1,397,400 $1,045,000
QUEENS $726,525 $930,300 $1,124,475 $1,397,400 $1,045,000
RENSSELAER $315,100 $403,350 $487,600 $605,950 $274,000
RICHMOND $726,525 $930,300 $1,124,475 $1,397,400 $1,045,000
ROCKLAND $726,525 $930,300 $1,124,475 $1,397,400 $1,045,000
SARATOGA $315,100 $403,350 $487,600 $605,950 $274,000
SCHENECTADY $315,100 $403,350 $487,600 $605,950 $274,000
SCHOHARIE $315,100 $403,350 $487,600 $605,950 $274,000
SCHUYLER $314,827 $403,125 $487,250 $605,525 $114,000
SENECA $314,827 $403,125 $487,250 $605,525 $111,000
ST. LAWRENCE $314,827 $403,125 $487,250 $605,525 $65,000
STEUBEN $314,827 $403,125 $487,250 $605,525 $87,000
SUFFOLK $726,525 $930,300 $1,124,475 $1,397,400 $1,045,000
SULLIVAN $314,827 $403,125 $487,250 $605,525 $115,000
TIOGA $314,827 $403,125 $487,250 $605,525 $105,000
TOMPKINS $314,827 $403,125 $487,250 $605,525 $201,000
ULSTER $314,827 $403,125 $487,250 $605,525 $190,000
WARREN $314,827 $403,125 $487,250 $605,525 $199,000
WASHINGTON $314,827 $403,125 $487,250 $605,525 $199,000
WAYNE $314,827 $403,125 $487,250 $605,525 $162,000
WESTCHESTER $726,525 $930,300 $1,124,475 $1,397,400 $1,045,000
WYOMING $314,827 $403,125 $487,250 $605,525 $86,000
YATES $314,827 $403,125 $487,250 $605,525 $162,000

How are FHA loan limits determined?

FHA loan limits are adjusted annually for all U.S. counties and are calculated based on 115% of the median home price for that area. The loan limits represent the maximum mortgage the FHA will insure, with 2019 bringing limit increases in over 3,000 counties.

The new national “floor” limit for single-family homes increased from $294,515 in 2018 to $314,827 in 2019, and the national conforming loan limit was increased from $453,100 to $484,350. The “ceiling,” which is 150% of that conforming limit, is also New York’s maximum limit at $726,525.

Do you qualify for an FHA loan in New York?

Designed to make homeownership more accessible, FHA loans offer numerous benefits for prospective homebuyers — including less-rigid eligibility requirements, lower down payments and closing cost assistance.

Eligibility for an FHA loan will be determined by your lender based on credit score, income, outstanding debts and your ability to make a down payment.
To learn more about FHA loans and qualifications check out our complete guide.

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Larissa Runkle

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Source: https://www.magnifymoney.com/blog/mortgage/fha-loan-limits-in-new-york/

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