Tags: 2021 Low-Cost LOUISVILLE/JEFFERSON COUNTY, KY-IN
Loan Limit Tables Floyd County, IN
Loan Limits are the maximum amount of money allowed to be lent for a particular kind of loan. Different types of loans have different limits. Below are the 2021 loan limits for Floyd County, IN.
Conforming Loan Limits
Conforming loans must meet the guidelines set by Fannie Mae and Freddie Mac. If a mortgage exceeds the conforming loan limits then it is considered a jumbo loan.
FHA Loan Limits
FHA Loans are home mortgages insured by the Federal Housing Administration. FHA Loans let you get a home loan with a lower down-payment and relaxed credit score requirements.
Loan Limit Breakdown
Median Home Price
The Federal Housing Finance Agency (FHFA) conducts an annual survey to determine the median home prices in each county or metro area in the US. Median home price is then used to determine the loan limits in Floyd County.
The last survey of home prices in Floyd County was conducted in 2020 and found the median home price was $302,000.
Loan Limits Summary
Based on the median home price, Floyd County was determined to be a "low-cost" area. Accordingly, 2021 loan limits in Floyd County are set equal to the national baseline limit.
The 2021 conforming loan limit for a single-family home in Floyd County, IN is $548,250. The FHA loan limit for a single-family home is $356,362.
This is an 6.9% increase over the 2020 loan limits which were set at $510,400 for a single-family conventional.
The tables above provide a complete breakdown of 2021 loan limits in Floyd County, IN for FHA Loans, Conforming Loans, VA Loans, and HECM Reverse Mortgages.
If you are interested in purchasing a home with a conventional or FHA loan, the next step is to talk to a real estate agent and find a lender.
Not all lenders are the same. Some will not do FHA loans while others specialize in it. Rates may vary between lenders so it is important to shop around.
Loan Limits on this page apply to the following cities in Floyd County, Indiana: New Albany, Floyds Knobs, Georgetown, Greenville, and Mount Saint Francis.
These loan limits also apply to the following ZIP codes in Floyd County, Indiana: 47150, 47119, 47122, 47124, 47151, and 47146.
Floyd County, IN is considered part of the following metro area: LOUISVILLE/JEFFERSON COUNTY, KY-IN.
Other counties in the same metro area are: Clark County, IN, Harrison County, IN, Washington County, IN, Bullitt County, KY, Henry County, KY, Jefferson County, KY, Oldham County, KY, Shelby County, KY, and Spencer County, KY.
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