2019 FHA Loan Limits in Connecticut
Are you a Connecticut resident looking to get a mortgage through the Federal Housing Administration (FHA)? One of the first pieces of information you should have handy is this: The 2019 range for an FHA loan for a single-family home in Connecticut is $314,827 to $601,450. For a four-plex, the amount tops out at $1,156,650.
In 2018, 1.04 percent of total FHA loans came from Connecticut, according to a government report. In 2016 (the latest year for which this data is available), 12,754 FHA loans originated in Connecticut, for a total of $2.6 billion.
The Connecticut’s population is about 3.57 million, according to the latest U.S. Census Bureau estimates, and it’s the third-smallest state by area. The state includes many rural locations, and its largest city is Bridgeport, with a population of approximately 147,000.The capital, Hartford, has a median single-family home price of $244,200, according to the National Association of Realtors.
Here, we’ll dive deeper into the Connecticut FHA loan limits by county, then explain how these limits are determined.
Connecticut FHA loan limits by county
|FHA Loan Limits in Connecticut|
|County||Single-Family Limit||Two-Family Limit||Three-Family Limit||Four-Family Limit||Median Sale Price|
How are FHA loan limits determined?
The FHA places limits on the sizes of mortgages it insures. The minimum loan limit is referred to as a floor, while the maximum loan limit is known as a ceiling and represents the largest loan the FHA is willing to insure in high-cost areas.
The baseline conforming loan limit, which dictates how large of a loan Fannie Mae and Freddie Mac will purchase, determines FHA loan limits. In 2019, $484,350 is where the national conforming loan limit begins. This is up from $453,100 in 2018.
$314,827 is the 2019 FHA floor, and it represents 65 percent of the conforming limit. The floor is up from $294,515 in 2018.
The FHA ceiling is 115 percent of the median house price in a certain county or metropolitan statistical area. If the median house price is greater than the $484,350 baseline, the ceiling for a single-unit home is $726,525, or 150 percent of the baseline. This is up from $679,650 in 2018.
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 Connecticut?
An FHA loan may be able to help you purchase your dream home in Connecticut. Here, LendingTree provides information on what you need to potentially qualify for a loan, including your credit score, income and other requirements.
Good luck in your search for a Connecticut home!