Effective for case numbers ordered on or after January 1, 2014
Last week the Federal Housing Administration announced new, lower single-family loan limits for 650 counties across the country, including all of the counties in the Chicago area.
Effective January 1st, the maximum loan size for a single family home will drop to $365,700 from the current $410,000 amount.
The prior high loan amount was put into place in 2008 to help the housing market after the economic collapse. This was supposed to be a temporary 1 year move but was extended by Congress several times.
Now that the housing market appears to be recovering the FHA is working to improve it’s balance sheet.
New FHA Loan Limits:
Click on the following link for a complete list of FHA loan limits: FHA Loan Limits