FHA Will Drop Loan Limits in 2014
The Department of Housing and Urban Development (HUD) announced late last week that it will implement new FHA single-family loan limits starting on January 1, 2014. That means the maximum size of an FHA loan in the DC area will drop from $729,750 to $625,500.
“As the housing market continues its recovery, it is important for FHA to evaluate the role we need to play,” said FHA Commissioner Carol Galante in a statement. “Implementing lower loan limits is an important and appropriate step as private capital returns to portions of the market and enables FHA to concentrate on those borrowers that are still underserved.”
The FHA news comes just a few weeks after the Federal Housing Financing Agency announced that it would not lower conforming home loan limits in 2014. The move was slightly unexpected given that just a few months ago, the government’s plan was to reduce the maximum size of a home loan backed by Fannie Mae and Freddie Mac on January 1. Fannie and Freddie will back loans of up to $417,000 in most of the country and up to $625,500 in more expensive housing markets.
This article originally published at https://dc.urbanturf.com/articles/blog/fha_will_drop_loan_limits_in_2014/7906
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