FHA Loan Limits to Change Jan. 1, 2014Dec 30 2013
Limits for mortgage loans insured by the Federal Housing Administration (FHA) will be changing starting Jan. 1, 2014, according to an announcement by the U.S Department of Housing and Urban Development (HUD). The previous loan limits, established as part of the stimulus package in the Housing and Economic Recovery Act of 2008, will expire Dec. 31, 2013.
The limits were temporarily raised as high as $729,750 in high-cost areas and will be reduced to the FHA permanent limit of $625,500 in many high-cost markets. The loan limits vary by metropolitan area, though. Recently, Guaranteed Rate senior vice president of mortgage lending Ben Cohen spoke to the Chicago Tribuneabout the new limits in the Chicago area.
Areas where housing costs are relatively low will likely see their FHA loan limits remain unchanged. For more information on the new FHA mortgage limits, visit the HUD website here. You can find the FHA loan limits for 2014 in your area by going to the FHA website, or by contacting a Guaranteed Rate mortgage professional online or via phone at 866-934-7283.