The FHA’s Office of Single Family Housing announced this week that on January 1, 2014, the government agency will implement new loan limits on FHA financing. The previous loan limits were established under the Housing and Economic Recovery Act of 2008 (HERA) and expire at the end of 2013.
What does this mean for you?
If you were thinking of getting a loan where you only have to put 3.5% down you might not be able to get as expensive as a house. The FHA loan limits for non-metropolitan areas shall be set at 115% percent of the median home price for the area; the loan limit was previously set at 125%.
When thins won't affect you.
If you have already started your loan you are fine. Or if you are looking to use another loan program, like a convential loan, you won't need to worry.
If the county isn't listed on this chart you can't get a loan over $271,050.
These changes will be effective for January 1, 2014 through December 31, 2014. After that they may change again!