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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.   

Sincerely,

Sun West Mortgage Company, Inc.
18303 Gridley Road
Cerritos, CA 90703
Phone: (800) 453-7884

This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.

Sun West Mortgage Company, Inc. (NMLS ID 3277) in California holds a Finance Lenders Law License (#6030119), a Finance Lenders Law Branch License (#603I424) for the Scottsdale, AZ Branch Office (NMLS ID 359295), a Finance Lenders Law Branch License (#603I428) for the Corona, CA Branch Office (NMLS ID 363427), a Finance Lenders Law Branch License (#603J810) for the Guaynabo, Puerto Rico Branch Office (NMLS ID 516931), and a Finance Lenders Law License (#603K256) for the Cerritos, CA Branch Office (NMLS ID 1031622) approved by the California Department of Business Oversight, Phone: (866) ASK-CORP, and a BRE Real Estate Corporation License (#00793885), BRE Branch License Endorsements for the Corona, CA (NMLS ID 363427) and Cerritos, CA (NMLS ID 1031622) Branch Offices approved by the California Department of Real Estate, Phone: (877) 373-4542. Please refer to www.swmc.com and www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. In all jurisdictions, the principal (Main) licensed location of Sun West Mortgage Company, Inc. is 18303 Gridley Road in Cerritos, CA 90703, Phone: (800) 453-7884.

   Equal Housing Opportunity