FHA Loan Limits Pennsylvania
FHA
loan limits were increased in 2024. The increase allows home buyers
and homeowners to finance a higher loan amount when they take out a
Federal Housing Administration (FHA) loan.
The base loan limit for one-unit properties increased to $498,257
from $472,030, while the loan limit for two-unit parcels increased
from $604,400 to $637,950.
The maximum loan amount that the Federal Housing Administration
(FHA) will insure for a single-family home will rise from $1,089,300
to $1,149,825, reflecting an increase in the ceiling lending
restrictions established by the FHA.
In Alaska, Hawaii, Guam, and the United States Virgin Islands, the
cap is raised to $1,724,725.
The higher limits will also be available for three-and four-unit
properties. This is good news for prospective home buyers who may
have been previously priced out of the market. More borrowers will
be able to take advantage of this program with the increase in FHA
loan limits.
FHA loans appeal because they offer lower down payment and
credit score requirements than conventional loans, making them an excellent
option for first-time home buyers or those with less-than-perfect
credit. Now is the time to start researching your financing options
if you are considering buying a home in 2024.
2024 FHA Loan Limits for Pennsylvania Counties
- One Family is a single-family home or condominium
- Two Family is a single-family home or condominium
- Three Family is a single-family home or condominium
- Four Family is a single-family home or condominium
One-Family | Two-Family | Three-Family | Four-Family | |
---|---|---|---|---|
Adams | $498,257 | $637,950 | $771,125 | $958,350 |
Allegheny | $498,257 | $637,950 | $771,125 | $958,350 |
Armstrong | $498,257 | $637,950 | $771,125 | $958,350 |
Beaver | $498,257 | $637,950 | $771,125 | $958,350 |
Bedford | $498,257 | $637,950 | $771,125 | $958,350 |
Berks | $498,257 | $637,950 | $771,125 | $958,350 |
Blair | $498,257 | $637,950 | $771,125 | $958,350 |
Bradford | $498,257 | $637,950 | $771,125 | $958,350 |
Bucks | $557,750 | $714,000 | $863,100 | $1,072,600 |
Butler | $498,257 | $637,950 | $771,125 | $958,350 |
Cambria | $498,257 | $637,950 | $771,125 | $958,350 |
Cameron | $498,257 | $637,950 | $771,125 | $958,350 |
Carbon | $498,257 | $637,950 | $771,125 | $958,350 |
Centre | $498,257 | $637,950 | $771,125 | $958,350 |
Chester | $557,750 | $714,000 | $863,100 | $1,072,600 |
Clarion | $498,257 | $637,950 | $771,125 | $958,350 |
Clearfield | $498,257 | $637,950 | $771,125 | $958,350 |
Clinton | $498,257 | $637,950 | $771,125 | $958,350 |
Columbia | $498,257 | $637,950 | $771,125 | $958,350 |
Crawford | $498,257 | $637,950 | $771,125 | $958,350 |
Cumberland | $498,257 | $637,950 | $771,125 | $958,350 |
Dauphin | $498,257 | $637,950 | $771,125 | $958,350 |
Delaware | $557,750 | $714,000 | $863,100 | $1,072,600 |
Elk | $498,257 | $637,950 | $771,125 | $958,350 |
Erie | $498,257 | $637,950 | $771,125 | $958,350 |
Fayette | $498,257 | $637,950 | $771,125 | $958,350 |
Forest | $498,257 | $637,950 | $771,125 | $958,350 |
Franklin | $498,257 | $637,950 | $771,125 | $958,350 |
Fulton | $498,257 | $637,950 | $771,125 | $958,350 |
Greene | $498,257 | $637,950 | $771,125 | $958,350 |
Huntingdon | $498,257 | $637,950 | $771,125 | $958,350 |
Indiana | $498,257 | $637,950 | $771,125 | $958,350 |
Jefferson | $498,257 | $637,950 | $771,125 | $958,350 |
Juniata | $498,257 | $637,950 | $771,125 | $958,350 |
Lackawanna | $498,257 | $637,950 | $771,125 | $958,350 |
Lancaster | $498,257 | $637,950 | $771,125 | $958,350 |
Lawrence | $498,257 | $637,950 | $771,125 | $958,350 |
Lebanon | $498,257 | $637,950 | $771,125 | $958,350 |
Lehigh | $498,257 | $637,950 | $771,125 | $958,350 |
Luzerne | $498,257 | $637,950 | $771,125 | $958,350 |
Lycoming | $498,257 | $637,950 | $771,125 | $958,350 |
Mckean | $498,257 | $637,950 | $771,125 | $958,350 |
Mercer | $498,257 | $637,950 | $771,125 | $958,350 |
Mifflin | $498,257 | $637,950 | $771,125 | $958,350 |
Monroe | $498,257 | $637,950 | $771,125 | $958,350 |
Montgomery | $557,750 | $714,000 | $863,100 | $1,072,600 |
Montour | $498,257 | $637,950 | $771,125 | $958,350 |
Northampton | $498,257 | $637,950 | $771,125 | $958,350 |
Northumberland | $498,257 | $637,950 | $771,125 | $958,350 |
Perry | $498,257 | $637,950 | $771,125 | $958,350 |
Philadelphia | $557,750 | $714,000 | $863,100 | $1,072,600 |
Pike | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
Potter | $498,257 | $637,950 | $771,125 | $958,350 |
Schuylkill | $498,257 | $637,950 | $771,125 | $958,350 |
Snyder | $498,257 | $637,950 | $771,125 | $958,350 |
Somerset | $498,257 | $637,950 | $771,125 | $958,350 |
Sullivan | $498,257 | $637,950 | $771,125 | $958,350 |
Susquehanna | $498,257 | $637,950 | $771,125 | $958,350 |
Tioga | $498,257 | $637,950 | $771,125 | $958,350 |
Union | $498,257 | $637,950 | $771,125 | $958,350 |
Venango | $498,257 | $637,950 | $771,125 | $958,350 |
Warren | $498,257 | $637,950 | $771,125 | $958,350 |
Washington | $498,257 | $637,950 | $771,125 | $958,350 |
Wayne | $498,257 | $637,950 | $771,125 | $958,350 |
Westmoreland | $498,257 | $637,950 | $771,125 | $958,350 |
Wyoming | $498,257 | $637,950 | $771,125 | $958,350 |
York | $498,257 | $637,950 | $771,125 | $958,350 |
FAQs About FHA Loans
FAQ 1: What is the FHA Max Loan Amount?
Answer: FHA loan limits are the maximum loan amounts that the Federal Housing Administration (FHA) is willing to insure for homebuyers in a particular area. These limits vary by location and are influenced by factors such as local housing market conditions.
FAQ 2: How are FHA loan limits determined?
Answer: FHA loan limits are determined based on the median home prices in a given area. The Department of Housing and Urban Development (HUD) sets these limits to ensure that FHA loans remain accessible to a broad range of homebuyers while considering regional differences in housing costs.
FAQ 3: Do FHA loan limits change annually?
Answer: Yes, FHA loan limits are subject to change on an annual basis. HUD reviews and adjusts the limits to reflect changes in home prices. It's important for homebuyers to stay informed about the current FHA loan limits in their desired location when considering an FHA-insured loan.
FAQ 4: Can borrowers exceed FHA loan limits?
Answer: While FHA loan limits serve as a guideline, borrowers may still qualify for an FHA loan even if the loan amount exceeds the established limit. However, exceeding the limit may require a larger down payment. Borrowers should consult with lenders and consider other loan options if their financing needs surpass FHA limits. See FHA jumbo loans
Conclusion
In conclusion, FHA loan limits in Pennsylvania offer an excellent opportunity for those looking to purchase a home. It is essential to check the FHA loan limit for your county as it can vary from county to county. Potential borrowers should also know how their credit score and other factors may affect their loan limit. Furthermore, it is wise to get pre-approved before beginning the search for a home within the FHA loan limit.
SOURCE:
U.S. Department of Housing and Urban Development
Recommended Reading
Home Buying 101: Essential Resources for First-Time Buyers
Home Buying Tips for First Time Buyers
Home Possible Mortgage in PA