Below you will find the maximum FHA loan amounts for Orange County, Florida as well as the entire Orlando metropolitan area. In 2017, the loan limit for a single-family home purchase is $277,150. They might go up in 2018, due to significant home-price gains that have occurred over the last year or so.
Orange County, Florida Maximum FHA Loan Amount
FHA loans are insured by the federal government, under the management of the Department of Housing and Urban Development. The insurance protects lenders from losses that might result from borrower default.
There are limits to the amount you can borrow with an FHA loan, using the standard 3.5% down payment. The maximum amount for an FHA loan varies by county, because they are based on median home prices (which also vary by location).
Maximum FHA loan amounts for Orange County, Florida in 2017:
- Single-family home: $277,150
- Two-family home: $354,800
- Three family home: $428,850
- Four-family home: $532,950
If you’re a home buyer purchasing a regular single-family house or condo in Orange County, Florida, the first limit shown above applies to you: $277,150. The other three maximum FHA loan amounts shown above apply to multifamily properties, such as duplexes and triplexes.
Applies to the Orlando-Kissimmee-Sanford Metro Area
Loan limits are generally the same across an entire metro area. This is true for the FHA, conventional, and VA mortgage programs. This means that the maximum FHA loan amounts shown above apply to the entire Orlando-Kissimmee-Sanford, Florida metropolitan area.
The metro area consists of Lake, Orange, Osceola, and Seminole counties. The maximum FHA loan amount for a single-family home purchase anywhere in the Orlando metro area is set at $277,150 for 2017.
Will The Limits Go Up in 2018?
As mentioned earlier, maximum FHA loan amounts vary by county and are based on median home prices. When house values rise significantly in a single year, federal housing officials often increase the applicable loan limits to keep pace with rising housing costs.
This is what we saw between 2016 and 2017, for Orange County, Florida and the entire Orlando metro area. The maximum FHA loan amount for this area rose slightly from 2016 to 2017, due to significant home-price gains that occurred during the same timeframe.
Which begs the question: Will the FHA loan limits for Orange County, Florida go up in 2018 as well? Unfortunately, it’s too soon to tell. The Federal Housing Finance Agency typically announces any revisions to the loan limits for an upcoming year at the end of the previous year. This usually occurs in November or December. We will know more then.
With that being said, there’s a good chance the maximum FHA loan amounts for the Orlando metro area (including Orange County) will go up for 2018.
According to the real estate information company Zillow, the median home value for the Orlando area rose by around 11% during the 12-month period ending in September 2017. Additionally, the company’s economists are predicting a continued rise in home prices for the area (though the year-over-year gains will likely be smaller than what we’ve seen in the past).
Due to the above-average home price increases across the Orlando metro area, we might see higher FHA loan limits in 2018. We will update our website if and when this change occurs.
Quick fact: Did you know you can use gift money from a family member to help cover your FHA down payment? It’s true. The Department of Housing and Urban Development’s allows FHA borrowers to obtain gift money from approved third-party donors. To learn more, refer to HUD Handbook 4000.1, also known as the Single-Family Housing Policy Handbook.