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Posted December 8th, 2016

Corrections to Mortgagee Letter 2016-20: 2017 Nationwide Forward Mortgage Limits

Today, the Federal Housing Administration (FHA) is issuing this communication to notify its FHA-approved mortgagees that originate and service Title II forward mortgages of an error to Mortgagee Letter (ML) 2016-20, 2017 Nationwide Forward Mortgage Limits. ML 2016-20 referenced an incorrect limit ceiling for Alaska, Hawaii, Guam, and the Virgin Islands, which are identified as “special exception areas” due to higher construction costs in these areas.

It is important to note that while ML 2016-20 referenced incorrect limit ceiling for special exemption areas, there are no changes to the forward mortgage limits in these, or any other jurisdiction. The downloadable files that provide the complete list of FHA loan limits for 2017 are posted on the Maximum Mortgage Limits web page, and are not impacted.

FHA will issue a revised Mortgagee Letter that provides official notification of the correction to the limit ceiling for calendar year 2017 in special exemption areas in the near future.

Additionally, it was reported that the List of Increased Loan Limits CY16 to CY17 that was posted on the Maximum Mortgage Limits web page in support of ML 2016-20, did not show the correct loan limits for 2017. That comparison chart has also been updated, and you are advised to discard any previous version you may have downloaded.