Fairfield County, CT 2021 FHA Loan Limits
FHA Loan Limits
Local Loan Limits — Fairfield County, CT
FHA and conventional Loan limits vary based on the number of living-units on the property. FHA loans are only allowed on 1 to 4 living-unit properties. These 1 to 4 unit properties can be purchased with an FHA loan as long as the owner occupies one of the unit. Properties with over 4 units are considered commercial and do not quality for FHA or conventional loans.
Loan Limit Summary
Limits for FHA Loans in Fairfield County, Connecticut range from $601,450 for 1 living-unit homes to $1,156,650 for 4 living-units. Conventional Loan Limits in Fairfield County are $601,450 for 1 living-unit homes to $1,156,650 for 4 living-units. The 2021 Home Equity Conversion Mortgage (HECM) limits in Fairfield County is $822,375. HECM limit does not depend on the size of the home.
What are Conventional Loans?
Conventional loans (also called "conforming") are loans that conform to the requirements set by Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac buy home loans from lenders to provide liquidity. This allows lenders to continue lending to home buyers. Otherwise, banks might not have enough money on hand continue lending. Fannie and Freddie set strict standards for the types of loans they will buy.
Fairfield County has high cost limits to compensate for above average housing prices. Limits in Fairfield County are above the 2021 national floor.
FHA Home Appraisal in Fairfield County
To see if a home qualifies for an FHA loan, the property must be appraised by an approved FHA appraiser. Find FHA-approved appraisers in Fairfield County. If you need a home inspector, click here to find FHA-approved inspectors in Fairfield County. You can also save time by looking for FHA Condos that have already been approved.
VA Loan Limits in Fairfield County
VA Loans are similar to FHA Loans in that it allows you to buy a home with very little money down. However VA Loans are only available to veterans of the Armed Forces. With VA loans the Department of Veterans Affairs guarantees the loan on the veteran's behalf. The maximum the VA will guarantee is set to the same amount as the single-family Fannie/Freddie Loan Limit. So the Fairfield County, CT 2021 VA Loan Limit is $601,450
How to qualify for an FHA Loan in Fairfield County, Connecticut?
The minimum loan amount in Fairfield County is $5,000 dollars and may go up to $1,156,650 depending on home size and loan type. In order to qualify for an FHA loan, you must be planning to live in the home. Although a loan can include some renovation costs, FHA loans cannot be used for real estate investments in Fairfield County.
Additionally, your loan amount cannot exceed the value of home you are purchasing. Learn more about FHA Loan Requirements.
Cities and ZIP Codes in Fairfield County
The FHA Limits, VA Loan Limits, HECM Loan Limits, and Conforming Loan Limits listed on this page apply to Fairfield County, Connecticut which includes the following cities: Stamford, Danbury, Shelton, Bridgeport, Trumbull, Stratford, Fairfield, Westport, Norwalk, Ridgefield, Greenwich, Darien, New Canaan, Monroe, Wilton, Bethel, Brookfield, Newtown, New Fairfield, Sandy Hook, Weston, Redding, Riverside, Easton, Old Greenwich, Cos Cob, Southport, Sherman, Botsford, Hawleyville, Redding Center, Redding Ridge, Georgetown, Stevenson, and Greens Farms.
Fairfield County loan limits also apply to the following ZIP codes: 6902, 6810, 6484, 6606, 6611, 6614, 6824, 6811, 6880, 6851, 6877, 6854, 6830, 6820, 6905, 6840, 6468, 6604, 6610, 6825, 6897, 6801, 6615, 6850, 6605, 6804, 6470, 6903, 6831, 6812, 6482, 6883, 6608, 6907, 6906, 6896, 6878, 6612, 6870, 6855, 6807, 6901, 6607, 6890, 6784, 6853, 6813, 6904, 6601, 6852, 6856, 6927, 6860, 6699, 6404, 6889, 6817, 6910, 6928, 6440, 6911, 6875, 6912, 6876, 6913, 6828, 6914, 6829, 6920, 6879, 6491, 6921, 6857, 6922, 6881, 6602, 6836, 6858, 6650, 6925, 6814, 6838, 6859, 6673, 6926, 6816, and 6888.