2026 FHA multifamily loan limits per unit
A two-bedroom unit in a non-elevator 221(d)(4) building supports at most $93,859 of loan in 2026 before the high-cost multiplier, and $253,419 after it at the 270% every listed area now gets. HUD raised the base limits 2.3% for 2026, effective January 1.
| Unit | Non-elevator | Elevator | Non-elevator at 270% | Elevator at 270% |
|---|---|---|---|---|
| Studio | $68,733 | $80,170 | $185,579 | $216,459 |
| 1 bedroom | $76,138 | $88,832 | $205,573 | $239,846 |
| 2 bedrooms | $90,947 | $108,925 | $245,557 | $294,098 |
| 3 bedrooms | $112,100 | $136,424 | $302,670 | $368,345 |
| 4+ bedrooms | $126,909 | $154,259 | $342,654 | $416,499 |
| Unit | Non-elevator | Elevator | Non-elevator at 270% | Elevator at 270% |
|---|---|---|---|---|
| Studio | $68,401 | $73,889 | $184,683 | $199,500 |
| 1 bedroom | $77,649 | $84,706 | $209,652 | $228,706 |
| 2 bedrooms | $93,859 | $103,004 | $253,419 | $278,111 |
| 3 bedrooms | $117,808 | $133,252 | $318,082 | $359,780 |
| 4+ bedrooms | $133,121 | $146,274 | $359,427 | $394,940 |
| Unit | Non-elevator | Elevator | Non-elevator at 270% | Elevator at 270% |
|---|---|---|---|---|
| Studio | $65,032 | $73,889 | $175,586 | $199,500 |
| 1 bedroom | $72,702 | $84,706 | $196,295 | $228,706 |
| 2 bedrooms | $86,818 | $103,004 | $234,409 | $278,111 |
| 3 bedrooms | $104,483 | $133,252 | $282,104 | $359,780 |
| 4+ bedrooms | $122,838 | $146,274 | $331,663 | $394,940 |
High-cost percentages
The base figures are multiplied by a high-cost percentage. For 2026, Mortgagee Letter 2026-05 (May 20, 2026) sets every listed base city in all five HUD regions at 270%, and marks each as a high-cost area where HUD can approve up to 315% project by project. Alaska, Hawaii, Guam and the U.S. Virgin Islands are special limit areas at 405%. Where a state has one listed city, its percentage applies statewide; with more than one, use the nearest.
At 270%, a two-bedroom 221(d)(4) unit can carry up to $253,419, more than many garden properties' rents support, so for those debt service coverage controls first. The limits bite on studios and one-bedrooms and on expensive new construction, where cost per unit runs high. The sizer applies them automatically.
Other 2026 numbers from the same letter
- Substantial rehabilitation threshold: $20,406 per unit times the high-cost percentage ($55,096 at 270%). Work above that is substantial rehab, a 221(d)(4) deal, not 223(f) repairs.
- Large-loan threshold: $130 million, unchanged from 2025. Loans at or above it get tighter ratios.
- Manufactured home parks under Section 207: $31,553 per space, base.
- Section 241(a) has no table of its own: the supplemental loan plus the first mortgage must fit under the first mortgage's limit (12 U.S.C. 1715z-6).
Sources
FR Doc 2026-08795, Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs (May 6, 2026; effective January 1, 2026). Mortgagee Letter 2026-05 (May 20, 2026). MAP Guide 5.1.2 for the substantial rehabilitation definition.