FHA Loan Limits Decreasing

As of January 1, 2014 FHA will be lowering the Maximum loan limit in San Bernardino & Riverside Counties from $500,000 to $355,350. Below is a break down. loan

1 Unit $355,3502

2 Units $454,900

3 Units $549,850

4 Units $583,350

As of for now, Fannie Mae & Freddie Mac will be keeping the conforming loan amount at $417,000. If you or someone you know is buying a house with a price above $355,350, a minimum of 5% down will be required to qualify under Conventional guidelines.

If you enter into a contract prior to this date, your lender will have to get a FHA case number prior to this deadline to be able to utilize the existing limits.

If you would like to know the maximum FHA loan amounts for other counties, please let me know.

 

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Ana Thigpen

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