2014 FHA Loan Limits

HUD announced the FHA Loan Limits for all FHA Case Numbers assigned between January 1, 2014 and December 31, 2014.  The new limits will be lower for 650 counties across the country, including all counties in the Chicago area.

For the Chicago Metropolitan Area, the FHA limits are as follows:
1-Unit  $365,700
2-Unit  $468,150
3-Unit  $565,900
4-Unit  $703,250

Loan limits for FHA Home Equity Conversions Mortgages (reverse mortgages) remains at $625,500.  However, the maximum loan amounts are determined by the value of the property and the home owner’s age.

To find out the FHA loan limits in other areas, go to: https://entp.hud.gov/idapp/html/hicostlook.cfm

Please contact me with any questions or when you are ready to purchase or refinance a home at jkincaid@avenuemortgage.com.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s