HUD Announces Reduced FHA Single-Family Loan Limits for Year 2014
Dear Licensed Partner,
On December 6, 2013, Housing and Urban Development (HUD) announced reduced FHA Single-Family Loan Limits effective case numbers assigned on or after January 1, 2014.
HUD Mortgagee Letter 13-43 included following announcements:
1. The new national-ceiling loan limit for the very highest cost areas will be reduced from $729,750 to $625,500. For a complete list of affected areas, please refer to HUD Mortgagee Letter 13-43.
2. The mortgage loan limits for Home Equity Conversion Mortgages (HECMs) will remain unchanged. HECMs will continue to have a maximum claim amount of $625,500, with actual loan limits based on property value, borrower age, and current interest rates.
3. Existing FHA-insured mortgages will continue to be able to utilize FHA’s Streamline Refinance program regardless of the loan balance.
Take advantage of existing higher FHA single-family loan limits and submit your loans today. If you have any questions, please contact your Account Executive at (855) OK-SUNWEST or (855) 657-8693.
Sun West Mortgage Company, Inc.