Maximum FHA Loan Amounts in Pennsylvania Reinstated to Higher Limits Again

by Keith Landis on January 16, 2012

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 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

 

 

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