Tags: 2023 Low-Cost LONDON, KY
This page contains the Conforming, FHA, VA, and HECM Loan Limits for each housing type in Clay County.
Return to the state page to see county affordability charts for Kentucky. Click a county on the map to visit a different county.
Loan Limit Tables Clay County, KY
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 2023 loan limits for Clay County, KY.
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.
VA Loan Limits
If you qualify, veterans loans allow you to buy a house with zero money down.
All Home Sizes
HECM Loan Limits
Home Equity Conversion Mortgages (HECM) allow seniors to convert home equity into cash for unexpected expenses.
All Home Sizes
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 Clay County.
The last survey of home prices in Clay County was conducted in 2021 and found the median home price was $178,000.
Loan Limits Summary
Based on the median home price, Clay County was determined to be a "low-cost" area. Accordingly, 2023 loan limits in Clay County are set equal to the national baseline limit.
The 2023 conforming loan limit for a single-family home in Clay County, KY is $726,200. The FHA loan limit for a single-family home is $472,030.
This is an 10.9% increase over the 2022 loan limits which were set at $647,200 for a single-family conventional.
The tables above provide a complete breakdown of 2023 loan limits in Clay County, KY 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 Clay County, Kentucky: Manchester, Oneida, Garrard, Big Creek, Fall Rock, Hima, and Sextons Creek.
These loan limits also apply to the following ZIP codes in Clay County, Kentucky: 40962, 40972, 40941, 40914, 40932, 40951, and 40983.
Clay County, KY is considered part of the following metro area: LONDON, KY.
Other counties in the same metro area are: 1, KY, 2, KY, and 3, KY.
More on Clay County, KY
Want to learn more about Clay County, KY? See Fair Market Rents in Clay County, KY to view 40th percentile FMRs and SAFMRs by ZIP code or click here to find a Public Housing Authority near Clay County, KY who can help with finding affordable housing near you.
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FHA Loan limits are published by the HUD. Conforming loan limits are published by Federal Housing Finance Agency (FHFA).
Last updated on January 2, 2023