Federal Housing Administration (FHA) announces new 2014 loan Limits.
FHA’s Office of Single Family Housing published Mortgagee Letter 2013-43 today, which announces that on January 1, 2014, FHA will implement new single family loan limits for mortgages as detailed in the Housing and Economic Recovery Act of 2008 (HERA). As a result, the calculation of FHA’s maximum loan limits in high cost metropolitan areas of the country will be reduced and the current high “ceiling” of $729,750 will be reduced to $625,500.
The revisions will be effective for all FHA case numbers assigned on or after January 1, 2014 through December 31, 2014.
So, home-seekers looking to get in above the new loan-limits, still have a few weeks to get into the market up to $729,750.00 provided they get into escrow prior to Jan. 1st.
To view the letter, click here.