The US Department of Housing and Urban Development has changes the maximum mortgage limits for FHA loans based on the median home sale price in our local market. The new limits for the Philadelphia Metro Area, effective October 2011, are as follows:
- Single Family Property – $379,500
- Two-family Property (AKA Duplex) – $485,800
- Three-family Property (AKA Triplex) – $587,250
- Four-family Property (AKA Quadraplex) – $729,800
Again, these numbers have not changed drastically, but it is always prudent to know the financing options available.
New FHA limits for all areas can be found on the HUD website: https://entp.hud.gov/idapp/html/hicost1.cfm.