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FHA loan limits have increased for 2021 in Boise and the rest of the nation. What are the new loan limits and how could they affect your home buying process?
Federal housing officials announced in December 2020 that FHA loan limits for Boise and all other cities across the country would be increased in 2021. This is good news for borrowers who are considering using this loan program to purchase a home in 2021.
In the Boise area, the FHA loan limit for a single-family home will increase to $415,150 in 2021. This number applies to all of Ada, Boise, Canyon, and Gem counties, as outlined in the chart below:
These four counties will have higher loan limits than most of the centers in the state because of higher home values across the Boise area. Most other counties in Idaho will have lower limits than Boise in 2021, with the exception of the following counties: Blaine, Camas, and Teton (see chart below).
FHA loan limits went up for all counties in Idaho.
The new limits will apply to FHA loans as of January 1, 2021, and they will remain unchanged until the end of the year. (These loan limits are generally revisited at the end of every year and modified when increasing home prices warrant it.)
As of December 2020, the median home value in Boise was $379,161, which is pretty close to the new FHA loan limit for 2021 but still under the limit.
Sammamish Mortgage is a local mortgage company serving the broader Pacific Northwest region, including Washington state, Idaho, Colorado, and Oregon. We have been offering a wide variety of mortgage programs and products with flexible qualification criteria since 1992. Please contact us if you have any questions or are ready to apply for a home loan.
Looking to buy a home? Find out what you need to know about conventional home loans in Boise, ID.
As a matter of custom and tradition, autumn was never the high water mark for house shopping, though there are some benefits to doing so. Re-locators, generally, like to be in their new digs by the time school starts. As with so many things, however, the ebb and flow of real estate transactions look different in the year 2021.