The U.S. Department of Housing and Urban Development released its 2013 loan limits for the Federal Housing Administration, Mortgage Daily reported Dec. 10.
The national floor limit is set at 65 percent of the national conforming limit, which the Federal Housing Finance Agency reported is $417,000. That leaves FHA's floor limit for 2013 at $271,050 for single-family properties and $347,000 for duplexes. The limit climbs to $419,425 for triplexes and $521,250 for four-unit homes.
For regions with high-cost designations, the single-family limit has been set at $729,750. For four-unit properties, that limit is $1,403,400.
Mortgage Daily reported that Alaska, Hawaii, Guam and the U.S. Virgin Islands enjoy special exceptions. The FHA loan limit for single-family properties in these locations is $1,094,625, and four-unit properties can be financed for amounts as high as $2,105,100.
Maximum claim amounts on home-equity conversion mortgages are $625,000.
The new limits were issued under H.R. 2112, the Consolidated and Further Continuing Appropriations Act of 2012, and will be effective from Jan. 1 through Dec. 31, 2013.
Review the loan limits.