The Departmentof Housing and Urban Development (HUD) recently announced new FHA
single-family loan limits that will go into effect on January 1, 2014. This
announcement came just weeks after the department claimed that it would not
lower home loan limits in 2014. The new loan limits will vary by county depending
on the median cost of housing for that area. However, the new changes are
mostly targeting high income earners who
looking to take advantage of favorable FHA loan financing options, and focusing
instead on the lower income borrowers.
These changes will have a dramatic impact on both on buyers
and builders. Buyers who were planning on purchasing a more expensive home
using the favorable FHA loan terms may no longer be able to buy the home they
were planning on. In turn, more builders may lose buyers who were planning on
buying within the next few months.
If you are a buyer who wants to secure your FHA loan before
these lower limits go into effect, you must have a case number on file with HUD
before the end of the year to not be affected by these changes.
Here's a look at what the new FHA loan single-family home
limits are for the counties Keystone Custom Homes builds in:
Pennsylvania
- Adams-Current: $271,050 vs. New: $271,050
- Berks-Current: $300,000 vs. New: $271,000
- Chester-Current: $420,000 vs. New: $379,500
- Cumberland-Current: $271,050 vs. New: $271,050
- Dauphin-Current: $271,050 vs. New: $271,050
- Lancaster-Current: $383,750 vs. New: $271,050
- Lebanon-Current: $271,050 vs. New: $271,050
- York-Current: $425,000 vs. New: $271,050
Maryland
- Cecil-Current: $420,000 vs. New: $379,500
- Harford-Current: $560,000 vs. New: $494,500
If you have questions about the new FHA loan limits, I would
love to answer them. Feel free to leave a comment below.
Until next time,
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