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2019 FHA Loan Limits in Delaware

Are you a Delaware resident looking to get a mortgage through the Federal Housing Administration (FHA)? If so, here’s an essential piece of information you should have: The state’s 2019 range of FHA loan limits for a single-family home is $314,827 to $402,500. For a four-plex, the amount tops out at $774,050.

The median home price is $215,000 in Kent County, Del., and $350,000 in New Castle County, Del., according to the FHA.

In 2018, only 0.42 percent of total FHA loans originated in Delaware, according to a government report. A 2016 report (the most recent supplying this data) showed there were 4,977 FHA loans in the state, for a total of $1 billion.

Delaware’s population in 2018 was an estimated 967,171, according to the U.S. Census Bureau, and it’s the second-smallest state by area (only Rhode Island is smaller). There are many rural parts of Delaware, and the largest city is Wilmington, with a population of approximately 71,106.

Keep reading to learn more about Delaware FHA loan limits by county and what goes into determining these limits.

Delaware FHA loan limits by county

FHA Loan Limits in Delaware
County Single-Family Limit Two-Family Limit Three-Family Limit Four-Family Limit Median Sale Price
Kent $314,827 $403,125 $487,250 $605,525 $215,000
New Castle $402,500 $515,250 $622,850 $774,050 $350,000
Sussex $336,950 $431,350 $521,400 $648,000 $293,000

How are FHA loan limits determined?

The FHA places limits on the sizes of mortgages it insures. The minimum national loan limit in lower-cost areas 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. This 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 Delaware?

An FHA loan may be able to help you purchase your dream home in Delaware. Here, LendingTree provides information on what you need to potentially qualify for an FHA loan, including your credit score, income and other requirements. Best of luck in your search for a home in Delaware!

 

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