The Federal Housing Administration stated that it will increase its loan insured limit to $726,525 in high cost areas and $324,827 in low cost areas of the United States. The lower cost areas of America make up the vast majority of the country.
According to the report, 3,053 counties will be affected by the increase, and only 181 counties will have no change. Despite some counties having the average price of a home decrease in value, no counties will face a decrease in loan insurance limits.
The change was due to “robust increases” in median housing prices.