24 CFR §203.18 — Maximum mortgage amounts
24 CFR §203.18 sets the FHA single-family maximum-mortgage-amount rules.
Verbatim regulatory text
Verbatim provisions from 24 CFR §203.18 — Maximum mortgage amounts — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
24 CFR §203.18(a) — Maximum principal amount for principal or secondary residences
(a) Mortgagors of principal or secondary residences. The principal amount of the mortgage must not exceed the lesser of the following amounts that apply:
24 CFR §203.18(b) — Veteran qualifications for special section 203(b)(2) terms
(b) Veteran qualifications. The special veteran terms provided in section 203(b)(2) of the National Housing Act shall apply only if the mortgagor submits one of the following certifications:
24 CFR §203.18(e) — Disaster-victim mortgages
(e) Disaster victims. A mortgage covering a single family dwelling , in an amount not in excess of the maximum dollar limitation specified in paragraph (a)(1) of this section (unless a higher maximum mortgage amount is authorized under § 203.29), and not in excess of the lesser of 100 percent of the appraised value of the property or the cost of acquisition as of the date the mortgage is accepted for insurance, shall be eligible for insurance if:
24 CFR §203.18(g) — Maximum principal obligation as percent of appraised value
(g) Maximum principal obligation. Except for mortgages meeting the requirements of § 203.18(b) , § 203.18(e) or § 203.50(f) , and notwithstanding any other provision of this section, a mortgage may not involve a principal obligation in excess of 98.75 percent of the appraised value of the property (97.75 percent, in the case of a mortgage with an appraised value in excess of $50,000), plus the amount of the mortgage insurance premium paid at the time the mortgage is insured.
24 CFR §203.18(a) — Maximum principal amount for principal or secondary residences — enumerated items (chapeau recall fix)
(1) The dollar amount limitation that applies for the area under section 203(b)(2)(A) of the National Housing Act including any increase in the dollar limitation under § 203.29 , as announced in accordance with § 203.18(h) ; (2) (i) The amount based on appraised value that is permitted by section 203(b)(10) of the National Housing Act , if that provision is in effect and applies to the mortgage ; or (ii) If section 203(b)(10) is not in effect or otherwise does not apply to the mortgage , the lesser of the amounts based on appraised value that are permitted by section 203(b)(2)(B) of the National Housing Act and paragraph
24 CFR §203.18(b) — Veteran qualifications for special section 203(b)(2) terms — enumerated items (chapeau recall fix)
(1) A certification issued by the Secretary of Defense establishing that the veteran performed extra hazardous service while serving in the armed forces for a period of less than 90 days; or (2) A Certificate of Eligibility from the Department of Veterans Affairs establishing that the person served 90 days or more on active duty in the armed forces (U.S. Army, Navy, Marine Corps, Air Force, Coast Guard , the Army Reserve, the Naval Reserve, the Marine Corps Reserve, the Air Force Reserve, the Coast Guard Reserve, the National Guard of the United States, or the Air National Guard of the United States); that he or she enlisted before September 8, 1980; and that he or she was discharged or released under conditions other than dishonorable (a copy of the veteran's discharge papers or Form DD-214 shall be submitted with the certificate); or (3) A Certificate of Eligibility from the Department of Veterans Affairs establishing that the person:
24 CFR §203.18(e) — Disaster-victim mortgages — enumerated items (chapeau recall fix)
(1) The mortgage is executed by a mortgagor who is to occupy the dwelling as a principal residence (as defined in paragraph (f)(1) of this section); (2) The mortgagor establishes that the home which he or she previously occupied as owner or tenant was destroyed or damaged to such an extent that reconstruction or replacement is required as a result of a flood, fire, hurricane, earthquake, storm, riot or civil disorder or other catastrophe which the President has determined to be a major disaster; and (3) The application for insurance is filed within one year from the date of such presidential determination, or within such additional period of time as the period of federal assistance with respect to such disaster may be extended.
24 CFR §203.18(b) — Veteran qualifications for special section 203(b)(2) terms — enumerated items (chapeau recall fix) — enumerated items (chapeau recall fix)
(i) (A) Originally enlisted in a regular component of the armed forces after September 7, 1980; or entered on active duty after October 16, 1981, and he or she had not previously completed a period of active duty of at least 24 months or been discharged or released from active duty under 10 U.S.C. 1171 ; and (B) Has completed, since enlistment or entering on active duty, either:
24 CFR §203.18(b) — Veteran qualifications for special section 203(b)(2) terms — enumerated items (chapeau recall fix) — enumerated items (chapeau recall fix) — enumerated items (chapeau recall fix)
(1) Twenty-four months of continuous active duty, or the full period for which he or she was called or ordered to active duty, whichever is shorter; or (2) Any other period of active duty if he or she was discharged or released from duty under 10 U.S.C. 1171 or 1173 ; was discharged or released from duty for disability incurred or aggravated in the line of duty; or has a disability which the Department of Veterans Affairs has determined to be compensable under 38 U.S.C. chap. 11 ; and (ii) Was discharged or released under conditions other than dishonorable (a copy of the veteran's discharge papers or Form DD-214 shall be submitted with the certification).