Home LoansFHA Loans: What You Need to Know in 2021
How Does LendingTree Get Paid?

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

2021 FHA Loan Limits in New York

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

The FHA loan limits in New York have increased to $356,362 for a single-family home in much of the state in 2021, while the maximum limit in higher-cost areas (like Manhattan) is $822,375 for a single-family home. FHA loan limits vary by county.

If you’ve had a move to the Empire State on your mind, this may be the perfect time to start your search. And thanks to the Federal Housing Administration (FHA), some New Yorkers can qualify for federally backed loans with lower credit scores and down payment requirements. This year, New York residents will be able to borrow even more with an FHA loan.

New York FHA loan limits by county

FHA Loan Limits in New York
County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
Albany $356,362 $456,275 $551,500 $685,400 $285,000
Allegany $356,362 $456,275 $551,500 $685,400 $63,000
Bronx $822,375 $1,053,000 $1,272,750 $1,581,750 $960,000
Broome $356,362 $456,275 $551,500 $685,400 $123,000
Cattaraugus $356,362 $456,275 $551,500 $685,400 $80,000
Cayuga $356,362 $456,275 $551,500 $685,400 $123,000
Chautauqua $356,362 $456,275 $551,500 $685,400 $91,000
Chemung $356,362 $456,275 $551,500 $685,400 $104,000
Chenango $356,362 $456,275 $551,500 $685,400 $82,000
Clinton $356,362 $456,275 $551,500 $685,400 $141,000
Columbia $356,362 $456,275 $551,500 $685,400 $250,000
Cortland $356,362 $456,275 $551,500 $685,400 $120,000
Delaware $356,362 $456,275 $551,500 $685,400 $145,000
Dutchess $356,500 $456,350 $551,650 $685,550 $295,000
Erie $356,362 $456,275 $551,500 $685,400 $170,000
Essex $356,362 $456,275 $551,500 $685,400 $147,000
Franklin $356,362 $456,275 $551,500 $685,400 $85,000
Fulton $356,362 $456,275 $551,500 $685,400 $115,000
Genesee $356,362 $456,275 $551,500 $685,400 $132,000
Greene $356,362 $456,275 $551,500 $685,400 $175,000
Hamilton $356,362 $456,275 $551,500 $685,400 $140,000
Herkimer $356,362 $456,275 $551,500 $685,400 $132,000
Jefferson $356,362 $456,275 $551,500 $685,400 $146,000
Kings $822,375 $1,053,000 $1,272,750 $1,581,750 $960,000
Lewis $356,362 $456,275 $551,500 $685,400 $89,000
Livingston $356,362 $456,275 $551,500 $685,400 $180,000
Madison $356,362 $456,275 $551,500 $685,400 $152,000
Monroe $356,362 $456,275 $551,500 $685,400 $180,000
Montgomery $356,362 $456,275 $551,500 $685,400 $115,000
Nassau $822,375 $1,053,000 $1,272,750 $1,581,750 $960,000
New York $822,375 $1,053,000 $1,272,750 $1,581,750 $960,000
Niagara $356,362 $456,275 $551,500 $685,400 $170,000
Oneida $356,362 $456,275 $551,500 $685,400 $132,000
Onondaga $356,362 $456,275 $551,500 $685,400 $152,000
Ontario $356,362 $456,275 $551,500 $685,400 $180,000
Orange $356,500 $456,350 $551,650 $685,550 $295,000
Orleans $356,362 $456,275 $551,500 $685,400 $180,000
Oswego $356,362 $456,275 $551,500 $685,400 $152,000
Otsego $356,362 $456,275 $551,500 $685,400 $125,000
Putnam $822,375 $1,053,000 $1,272,750 $1,581,750 $960,000
Queens $822,375 $1,053,000 $1,272,750 $1,581,750 $960,000
Rensselaer $356,362 $456,275 $551,500 $685,400 $285,000
Richmond $822,375 $1,053,000 $1,272,750 $1,581,750 $960,000
Rockland $822,375 $1,053,000 $1,272,750 $1,581,750 $960,000
Saratoga $356,362 $456,275 $551,500 $685,400 $285,000
Schenectady $356,362 $456,275 $551,500 $685,400 $285,000
Schoharie $356,362 $456,275 $551,500 $685,400 $285,000
Schuyler $356,362 $456,275 $551,500 $685,400 $125,000
Seneca $356,362 $456,275 $551,500 $685,400 $120,000
St. Lawrence $356,362 $456,275 $551,500 $685,400 $75,000

How are FHA loan limits determined?

The U.S. Department of Housing and Urban Development (HUD) sets limits on how expensive a house the FHA will insure in each county in the United States. These limits are set based on the current year’s conforming loan limit — or how large of a mortgage Fannie Mae and Freddie Mac will purchase. In 2021, that conforming limit is $548,250, up roughly $38,000 from 2020’s limit of $510,400.

The FHA “floor” is the largest mortgage the agency will issue in most of the country and is 65% of the conforming loan limit. In 2021, the FHA floor is set at $356,362, an increase of about $24,600 above the 2020 limit of $331,760.

The FHA “ceiling” is a higher limit that only applies to high-cost areas. This is set at 150% of the conforming loan limit, or $822,375 for single-family homes. With a few exceptions, this is generally the largest mortgage amount the agency will insure for a single-family home. In many parts of the country, loan limits fall somewhere between the FHA floor and ceiling.

Outside of the lower 48 states, FHA maximum loan limits are higher because of more expensive construction costs. These include the special exception areas of Alaska, Hawaii, Guam and the U.S. Virgin Islands.

Here are the 2021 standard FHA limits for all property types:

  • One-unit: $356,362
  • Two-unit: $456,275
  • Three-unit: $551,500
  • Four-unit: $685,400

Here are the 2021 standard FHA limits for high-cost areas:

  • One-unit: $822,375
  • Two-unit: $1,053,000
  • Three-unit: $1,272,750
  • Four-unit: $1,581,750

Do you qualify for an FHA loan in New York?

FHA loans are a great deal for qualified buyers, thanks to lower down payments and closing costs. Find out if your credit score and income will help you qualify for one of these loans.

 

Compare FHA Loans for Free