Pennsylvania Mortgage News: January 2012

your guide to the Pennsylvania Mortgage Market * Programs * Rates * Information *

Maximum FHA Loan Amounts in Pennsylvania Reinstated to Higher Limits Again

Pennsylvania FHA MortgageThe maximum FHA loan amounts for Pennsylvania mortgages have changed again.  Previously these maximum loan amounts had reset back to the lower pre-2008 maximum loan amounts after the time limit on the temporary increase had expired.  Pressure from the housing industry and the home buying public helped push a reinstatement through Congress and the Oval office to increase the FHA loan limits back to the limits that have been in place since 2008.   These reinstated temporary maximum FHA loan limits will be in effect through at least the remainder of 2012.  These limits will be looked at again at the end of 2012.  Hopefully, a more permanent change to the maximum FHA loan amounts will be put in place then.

 

For example, when the increase expired, somebody looking to obtain an FHA mortgage in Pittsburgh and the Pittsburgh region saw their maximum FHA loan amount reduced from $327,500 to $271,050. With the reinstatement of the higher FHA loan limits, this same home buyer or homeowner saw that limit reinstated to $327,500. This higher loan amount availability is enough to make the difference between some people being able to purchase a home or not.  It could also make the difference between qualifying for a budget saving FHA refinance or not.

 

The areas that are primarily affected by the reinstatement of the FHA loan limits are the areas in Pennsylvania that are considered "high cost".   The government determines these high cost areas based on median income.  Generally these high cost areas are located in population centers and metro areas that also have higher costs of living and higher real estate costs. 

 

The high cost regions in Pennsylvania as defined by the FHA include...

  • Philadelphia FHA Mortgage region
  • Pittsburgh FHA Mortgage region
  • Allentown - Bethlehem - Easton FHA Mortgage region
  • Reading FHA Mortgage region
  • York FHA Mortgage region

 

Hey wait a minute.....   Why does Pike County have such a high FHA Mortgage Limit?

Pike County is located in the far northeast corner of Pennsylvania.  The FHA's regional map is including Pike County in the New York City regional area.  This regional area is the highest of the high cost areas of the country and thus Pike County has a much higher maximum FHA loan limit.  

 

Check the chart below to see if this recent change to the maximum loan amount for FHA mortgages in Pennsylvania affects you. 

 

 

  Pennsylvania FHA Mortgage Highlights

·        3.5% down payment

·        down payment can be gift from relative

·        seller can pay buyer's closing costs (up to 6% of sales price)

·        more flexible credit guidelines than conventional financing

 

 

 

 

Pennsylvania FHA Loan Limits By County and Property Type

Pennsylvania County

One-Family

Two-Family

Three Family

Four-Family

Adams

$271,050

$347,000

$419,425

$521,250

Allegheny

$327,500

$419,250

$506,800

$629,800

Armstrong

$327,500

$419,250

$506,800

$629,800

Beaver

$327,500

$419,250

$506,800

$629,800

Bedford

$271,050

$347,000

$419,425

$521,250

Berks

$300,000

$384,050

$464,200

$576,900

Blair

$271,050

$347,000

$419,425

$521,250

Bradford

$271,050

$347,000

$419,425

$521,250

Bucks

$420,000

$537,650

$649,900

$807,700

Butler

$327,500

$419,250

$506,800

$629,800

Cambria

$271,050

$347,000

$419,425

$521,250

Cameron

$271,050

$347,000

$419,425

$521,250

Carbon

$402,500

$515,250

$622,850

$774,050

Centre

$280,000

$358,450

$433,250

$538,450

Chester

$420,000

$537,650

$649,900

$807,700

Clarion

$271,050

$347,000

$419,425

$521,250

Clearfield

$271,050

$347,000

$419,425

$521,250

Clinton

$271,050

$347,000

$419,425

$521,250

Columbia

$271,050

$347,000

$419,425

$521,250

Crawford

$271,050

$347,000

$419,425

$521,250

Cumberland

$271,050

$347,000

$419,425

$521,250

Dauphin

$271,050

$347,000

$419,425

$521,250

Delaware

$420,000

$537,650

$649,900

$807,700

Elk

$271,050

$347,000

$419,425

$521,250

Erie

$271,050

$347,000

$419,425

$521,250

Fayette

$327,500

$419,250

$506,800

$629,800

Forest

$271,050

$347,000

$419,425

$521,250

Franklin

$271,050

$347,000

$419,425

$521,250

Fulton

$271,050

$347,000

$419,425

$521,250

Greene

$271,050

$347,000

$419,425

$521,250

Huntingdon

$271,050

$347,000

$419,425

$521,250

Indiana

$271,050

$347,000

$419,425

$521,250

Jefferson

$271,050

$347,000

$419,425

$521,250

Juniata

$271,050

$347,000

$419,425

$521,250

Lackawanna

$271,050

$347,000

$419,425

$521,250

Lancaster

$383,750

$491,250

$593,800

$738,000

Lawrence

$271,050

$347,000

$419,425

$521,250

Lebanon

$271,050

$347,000

$419,425

$521,250

Lehigh

$402,500

$515,250

$622,850

$774,050

Luzerne

$271,050

$347,000

$419,425

$521,250

Lycoming

$271,050

$347,000

$419,425

$521,250

Mckean

$271,050

$347,000

$419,425

$521,250

Mercer

$271,050

$347,000

$419,425

$521,250

Mifflin

$271,050

$347,000

$419,425

$521,250

Monroe

$271,050

$347,000

$419,425

$521,250

Montgomery

$420,000

$537,650

$649,900

$807,700

Montour

$271,050

$347,000

$419,425

$521,250

Northampton

$402,500

$515,250

$622,850

$774,050

Northumberland

$271,050

$347,000

$419,425

$521,250

Perry

$271,050

$347,000

$419,425

$521,250

Philadelphia

$420,000

$537,650

$649,900

$807,700

Pike

$729,750

$934,200

$1,129,250

$1,403,400

Potter

$271,050

$347,000

$419,425

$521,250

Schuylkill

$271,050

$347,000

$419,425

$521,250

Snyder

$271,050

$347,000

$419,425

$521,250

Somerset

$271,050

$347,000

$419,425

$521,250

Sullivan

$271,050

$347,000

$419,425

$521,250

Susquehanna

$271,050

$347,000

$419,425

$521,250

Tioga

$271,050

$347,000

$419,425

$521,250

Union

$271,050

$347,000

$419,425

$521,250

Venango

$271,050

$347,000

$419,425

$521,250

Warren

$271,050

$347,000

$419,425

$521,250

Washington

$327,500

$419,250

$506,800

$629,800

Wayne

$271,050

$347,000

$419,425

$521,250

Westmoreland

$327,500

$419,250

$506,800

$629,800

Wyoming

$271,050

$347,000

$419,425

$521,250

York

$425,000

$544,050

$657,650

$817,300

 

 

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Keith Landis is a Licensed Mortgage Loan Officer covering all of Pennsylvania.  He can be reached directly at 412-567-6560 at klandis@keystonehomefinance.com 

NMLS # 137243

 

Keystone Home Finance LLC - NMLS# 834342

 

www.keystonehomefinance.com

 

Comment balloon 0 commentsKeith Landis • January 12 2012 07:28AM
Maximum FHA Loan Amounts in Pennsylvania Reinstated to Higher Limits…
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The maximum FHA loan amounts for Pennsylvania mortgages have changed again. Previously these maximum loan amounts had reset back to the lower pre-2008 maximum loan amounts after the time limit on the temporary increase had expired. Pressure from… more