HUD Decreases FHA Loan Maximum Limits
If you are looking to get and FHA-insured loan for a higher-priced purchase in 2014, you may be out of luck. HUD has announced new maximum limits for the 2014 calendar year. The maximum FHA-insured mortgage loan in 2014 will be $625,500. That’s nearly a 15% decrease from the amount currently allowed, $729,750. 650 counties throughout the country will be affected. Standard streamline refinances that meet all of the other requirements will not be affected by this decrease.