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In Dec of 2022 the FHA Announced the 2023 loan limits. So what does that translate into for Palm Beach and Martin County?
FHA Loans for Single Family in Palm Beach County is $557,750.
FHA Loans for Single Family Home in Martin County is $500,250.
But most folks will use a “conforming” Fannie/Freddie loan. And this loan limit is the same for Palm Beach and Martin County and is now set at $726,200.
Loans for single units range from $472,030, the floor, to $1,089,300, the ceiling. For four units, it’s $907,000 to over $2M – and in some non-Fla. areas, over $3M.
Source: FHA Announces 2023 Loan Floors and Ceilings
By Kerry Smith
Loans for single units range from $472,030, the floor, to $1,089,300, the ceiling. For four units, it’s $907,000 to over $2M – and in some non-Fla. areas, over $3M.
WASHINGTON – The Federal Housing Administration (FHA) announced new loan limits for calendar year 2023 for its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) insurance programs. For most of the country, loan limits will increase next year due to house price appreciation during the first half of 2022, which is factored into calculations FHA uses to determine the limits each year. The yearly increase calculations for FHA loans and those backed by Fannie Mae and Freddie Mac are written into law. “The loan limits announced today reflect steep increases in home prices throughout much of the country and will ensure continued access to FHA-insured mortgage financing despite those increases,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon.
Mortgage limits for the special exception areas of Alaska, Hawaii, Guam, and the U.S. Virgin Islands are adjusted by FHA to account for higher costs of construction. In 2023 the maximum loan limits for FHA forward mortgages will rise in 3,222 counties. In 12 counties, FHA’s loan limits will remain unchanged. By statute, the median home price for a Metropolitan Statistical Area (MSA) is based on the county within the MSA that has the highest median price.
The HECM maximum claim amount will increase from $970,800 this year to $1,089,300 for FHA case numbers assigned on or after Jan. 1, 2023. This maximum claim amount is applicable to all areas, including the special exception areas of Alaska, Hawaii, Guam, and the U.S. Virgin Islands. To find a complete list of FHA loan limits, areas at the FHA ceiling, and areas between the floor and the ceiling, visit FHA’s Loan Limits Page. © 2022 Florida Realtors®
Palm Beach TPA to Hold Workshop Concerning U.S. 1 Improvements
| Palm Beach TPA to Hold Workshop Concerning U.S. 1 Improvements Wednesday, December 7 4:00 Housing Sales Stats for Jupiter and Palm Beach Gardens Florida for October 2022The rising cost of borrowing is continuing to affect the local market. In Jupiter, the year to date median sales price of a single family home is up 31% compared to the same period of 2021. We do continue to see fewer Closed sales and more (75 in Sept to 101 in Oct 2022) homes being listed for sale. This has driven up the “Months Supply of Inventory” from 1.4 months in Oct of 2021 to 3.0 months in Oct of 2022 for Single family houses. For condos and town houses there has been an even more dramatic rise of just 0.6 months in Oct 2021 to 2.2 months in Oct 2022. 860 Fathom Road W, North Palm Beach, FL 33408860 Fathom Road W, North Palm Beach, FL 33408 located in The Yacht Club Addition Don’t miss out on this rare opportunity to own a piece of paradise in North Palm Beach. This incredible vintage pool home has four bedrooms, three full bath & a split floor plan. All it needs is you. The home will need renovating, however it is move in ready. This rare gem is not to be missed in a NO HOA neighborhood. This coastal community has a park within walking distance, a playground and a small beach on the intercostal. The North Palm Beach school district is a desired school zone. The North Palm Beach Country Club is within walking distance. You are also close proximity to amazing beaches, incredible restaurants, boating and shopping. All Information deemed reliable to be verified by buyer.  Credit Scores: How Are They Calculated?Source: Credit Scores: How Are They Calculated? Credit Scores: How Are They Calculated?Many people know what a credit score is, and some know their personal score. But it has such a large impact on lifetime finances that it
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