FHA to LOWER loan limits in 2014

Good afternoon...

FHA announced that it will lower all loan limits beginning with case numbers ordered on or after January 1st. 

The Chicago-land area will see a drop from the current $410,000 maximum to $365,700 for 1-unit properties. 

The loan limits listed below are for the following counties:

Illinois:
Cook
Dekalb
Dupage
Grundy
Lake
Kane Kendall McHenry Will Winnebago
Indiana:
Jasper
Lake
Newton 
Porter

1 unit:$365,700
2 unit:$468,150
3 unit:$565,900                                                                                                             
4 unit:$703,250                                  

If you're in the market for a higher-dollar FHA loan, make sure to look at the new limits. Case #'s ordered before the new year will still be able to get the current loan limits.

If you have any questions, please let me know.

Have a good evening...