Tuesday, December 17, 2013

San Diego Mortgage Industry News

One of  the Most Beautiful Places to Live: La Jolla, California

This week's mortgage industry snapshot comes from TLG's Dream Team Member Harry Dennis with Watermark Home Loans. 

FHA Announces New Loan Limits for 2014

The Department of Housing and Urban Development (HUD) released Mortgagee Letter 13-43, which contains the maximum loan amounts eligible for FHA mortgages beginning January 1, 2014. The standard FHA loan limit for areas considered to have low housing costs will remain at the current $271,050. Limits for high cost areas will now have their maximum loan sizes reduced from $729,750 to $625,500. Over 600 counties that have been deemed higher cost may not qualify for FHA financing.

Which Counties Are Affected?

To find out whether or not your county has been affected HUD has provided a FHA Mortgage Limits page. You can look up the FHA or GSE mortgage limits for one or more areas. If you are unable to find the information needed you can reach out to Harry Dennis for assistance. 

How Were These Loan Limits Calculated?

The Federal Government created a complex formula for calculating maximum loan amounts. This year is the first year that calculations will be fully implemented created by the Housing and Economic Recovery Act (HERA). The formula can be referenced directly in HUD's Mortgagee Letter 13-43 on page 3.

Got Questions?

Call Harry Dennis today with any questions regarding more information on the new FHA mortgage limits moving into 2014.

About Harry

Contact Harry

Watermark Capital
Address: 4225 Executive Square, Suite 600
La Jolla, CA 92037
Telephone: 619-723-5608
Fax: 858-761-0366
E-mail: harrydennis25@gmail.com

FHA Loans in a Nutshell

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