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2019 FHA Loan Limits in New York

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Most of New York State qualifies as a low-cost area, with an FHA loan limit of $314,827. Pricier areas have higher limits, however. The very expensive New York City metro area has an FHA loan limit of $726,525. The Albany area, on the other hand, has just a slightly higher maximum loan limit than that of most low-cost areas, at $315,100.

This might be surprising, since New York City is home to some of the most expensive real estate in the country. New York County’s median home price, for one, is in the top 0.2% of the U.S., at $1,033,669. Hedge fund billionaire Ken Griffin made headlines in January 2019 for setting a new record for most expensive home ever purchased in the U.S., when he closed on a $238 million Manhattan apartment.

Of course, purchases like that are on the extreme end, and most of New York State has much more affordable real estate than the city. The median home price for the state in 2018 was $265,000, according to the New York State Association of Realtors. This is good news for those considering an FHA loan, as these loans do have limits.

FHA loans are relatively popular in New York, making up 21.2% of all mortgages originated in the state, according to a 2016 FHA annual report, which has the most recent data available. A 2018 FHA report notes that New York generates 2.85% of all FHA loans nationwide. With their more flexible credit and down payment requirements, FHA loans can provide a path to homeownership for many potential New York homebuyers.

New York FHA loan limits by county

FHA Loan Limits in New York
County Single-Family Limit Two-Family Limit Three-Family Limit Four-Family Limit Median Sale Price
Albany $331,760 $424,800 $513,450 $638,100 $282,000
Allegany $331,760 $424,800 $513,450 $638,100 $59,000
Bronx $765,600 $980,325 $1,184,925 $1,472,550 $996,000
Broome $331,760 $424,800 $513,450 $638,100 $115,000
Cattaraugus $331,760 $424,800 $513,450 $638,100 $73,000
Cayuga $331,760 $424,800 $513,450 $638,100 $115,000
Chautauqua $331,760 $424,800 $513,450 $638,100 $83,000
Chemung $331,760 $424,800 $513,450 $638,100 $94,000
Chenango $331,760 $424,800 $513,450 $638,100 $80,000
Clinton $331,760 $424,800 $513,450 $638,100 $122,000
Columbia $331,760 $424,800 $513,450 $638,100 $210,000
Cortland $331,760 $424,800 $513,450 $638,100 $112,000
Delaware $331,760 $424,800 $513,450 $638,100 $117,000
Dutchess $356,500 $456,350 $551,650 $685,550 $276,000
Erie $331,760 $424,800 $513,450 $638,100 $155,000
Essex $331,760 $424,800 $513,450 $638,100 $128,000
Franklin $331,760 $424,800 $513,450 $638,100 $85,000
Fulton $331,760 $424,800 $513,450 $638,100 $95,000
Genesee $331,760 $424,800 $513,450 $638,100 $111,000
Greene $331,760 $424,800 $513,450 $638,100 $157,000
Hamilton $331,760 $424,800 $513,450 $638,100 $145,000
Herkimer $331,760 $424,800 $513,450 $638,100 $118,000
Jefferson $331,760 $424,800 $513,450 $638,100 $132,000
Kings $765,600 $980,325 $1,184,925 $1,472,550 $996,000
Lewis $331,760 $424,800 $513,450 $638,100 $80,000
Livingston $331,760 $424,800 $513,450 $638,100 $173,000
Madison $331,760 $424,800 $513,450 $638,100 $144,000
Monroe $331,760 $424,800 $513,450 $638,100 $173,000
Montgomery $331,760 $424,800 $513,450 $638,100 $89,000
Nassau $765,600 $980,325 $1,184,925 $1,472,550 $996,000
New York $765,600 $980,325 $1,184,925 $1,472,550 $996,000
Niagara $331,760 $424,800 $513,450 $638,100 $155,000
Oneida $331,760 $424,800 $513,450 $638,100 $118,000
Onondaga $331,760 $424,800 $513,450 $638,100 $144,000
Ontario $331,760 $424,800 $513,450 $638,100 $173,000
Orange $356,500 $456,350 $551,650 $685,550 $276,000
Orleans $331,760 $424,800 $513,450 $638,100 $173,000
Oswego $331,760 $424,800 $513,450 $638,100 $144,000
Otsego $331,760 $424,800 $513,450 $638,100 $119,000
Putnam $765,600 $980,325 $1,184,925 $1,472,550 $996,000
Queens $765,600 $980,325 $1,184,925 $1,472,550 $996,000
Rensselaer $331,760 $424,800 $513,450 $638,100 $282,000
Richmond $765,600 $980,325 $1,184,925 $1,472,550 $996,000
Rockland $765,600 $980,325 $1,184,925 $1,472,550 $996,000
St. Lawrence $331,760 $424,800 $513,450 $638,100 $75,000
Saratoga $331,760 $424,800 $513,450 $638,100 $282,000
Schenectady $331,760 $424,800 $513,450 $638,100 $282,000
Schoharie $331,760 $424,800 $513,450 $638,100 $282,000
Schuyler $331,760 $424,800 $513,450 $638,100 $114,000
Seneca $331,760 $424,800 $513,450 $638,100 $108,000
Steuben $331,760 $424,800 $513,450 $638,100 $91,000
Suffolk $765,600 $980,325 $1,184,925 $1,472,550 $996,000
Sullivan $331,760 $424,800 $513,450 $638,100 $115,000
Tioga $331,760 $424,800 $513,450 $638,100 $115,000
Tompkins $331,760 $424,800 $513,450 $638,100 $192,000
Ulster $331,760 $424,800 $513,450 $638,100 $218,000
Warren $331,760 $424,800 $513,450 $638,100 $194,000
Washington $331,760 $424,800 $513,450 $638,100 $194,000
Wayne $331,760 $424,800 $513,450 $638,100 $173,000
Westchester $765,600 $980,325 $1,184,925 $1,472,550 $996,000
Wyoming $331,760 $424,800 $513,450 $638,100 $96,000
Yates $331,760 $424,800 $513,450 $638,100 $173,000

How are FHA loan limits determined?

The U.S. Department of Housing and Urban Development (HUD) sets FHA loan limits based on the conforming loan limit — or how large of a mortgage Fannie Mae and Freddie Mac will purchase. In 2019, the conforming loan limit is $484,350.

The FHA then sets loan limits by county between a “floor” and a “ceiling,” depending on how expensive real estate is in a particular area. The FHA “floor” is the largest mortgage the agency will insure in most of the country and is set at $314,827 for 2019. The FHA “ceiling” applies to high-cost areas and is set at 150% of the conforming loan limit, or $726,525. This is the highest mortgage the agency will insure for a single-family home. In other areas, loan limits fall somewhere between the FHA floor and ceiling.

Here are the 2019 standard FHA limits for all property types:

  • One-unit: $314,827
  • Two-unit: $403,125
  • Three-unit: $487,250
  • Four-unit: $605,525

Here are the 2019 standard FHA limits for high-cost areas:

  • One-unit: $726,525
  • Two-unit: $930,300
  • Three-unit: $1,124,475
  • Four-unit: $1,397,400

Do you qualify for an FHA loan in New York?

FHA loans require lower down payments and have more flexible credit score requirements, which make them appealing to many homebuyers. To find out whether an FHA loan may be right for you, visit LendingTree’s FHA loan page, which provides step-by-step instructions on preparing to apply for an FHA loan, along with more details on how the loans work. You can also compare FHA loan offers.

 

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