FHA loan limits were modified effective January 1, 2014. They were reduced in every county I am aware of, however, Salt Lake and Tooele countries took it on the chin, but there is a story behind that. Please see the explanation under the chart below:
|
County |
2013 Loan Limit |
2014 Loan Limit |
|
Box Elder |
$ 271,050 |
$ 389,850 |
|
Davis |
$ 397,500 |
$ 389,850 |
|
Morgan |
$ 397,500 |
$ 389,850 |
|
Salt Lake |
$ 729,750 |
$ 300,150 |
|
Summit |
$ 729,750 |
$ 600,300 |
|
Tooele |
$ 729,750 |
$ 300,150 |
|
Utah |
$ 323,750 |
$ 271,050 |
|
Wasatch |
$ 431,250 |
$ 331,200 |
|
Washington |
$ 372,500 |
$ 278,300 |
|
Weber |
$ 397,500 |
$ 389,850 |
There is story behind the big drop for Salt Lake and Tooele counties. It began with a mistake by a government data entry worker in Washington DC almost 10 years ago. You can see that Tooele County is right below Summit County. When the loan limit data was entered for Summit County years ago, the same entry was mistakenly made for Tooele County. You can imagine the uproar by Salt Lake County mortgage and real estate professionals when the list came out years ago with the Tooele limit set at $729,750! In response to the outcry, the government had to make an adjustment. So they chose to quiet the complaints in Salt Lake by raising the limit in that county to match Tooele and Summit counties. (Davis, Utah and Wasatch counties must not have made their voices heard and were left out of the party.) That was probably not the best solution to fix their error, but Salt Lake has benefitted from this for many years. Now we Salt Lake is arguable lower than they should be, but when was the last time government decisions made everyone happy at the same time?
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