The Federal Housing Administration announced its new loan limits for 2019, and it looks like most of the country will see an increase, HousingWire.com reported. In high-cost areas, the new FHA loan limit ceiling increased to $726,525, up from $679,650 in 2018. The FHA will also increase its floor to $314,827, up from 2018’s $294,515. These new loan limits will be effective for FHA loans assigned on or after January 1, 2019. FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008, to set single-family forward loan limits at 115 percent of median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward mortgage limits by Metropolitan Statistical Area and county.
