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FHANewsReverse Mortgage

HUD Extends Higher Reverse Mortgage Loan Limit for 2011

The Department of Housing and Urban Development made the extension of the Federal Housing Administration’s loan limits official on Wednesday.

Under the provisions of the recent Continuing Resolution (CR), the national FHA loan limit for the HECM program remains at $625,500 according to ML 2010-40.  In the special exception areas (AK/HI/GU/VI), the maximum claim amount on HECM mortgages is also $625,500.

The loan limit is effective for all FHA reverse mortgages that have been assigned a case number on or after January 1, 2011 through September 30, 2011.

Complete schedules of FHA loan limits, including forward loans and HECM mortgages, are available here. In addition, downloadable files, with complete listings of all counties and their loan limits can be found on HUD’s website.