FHA has announced that they will reduce the loan limits starting January 1st 2014.
Most Counties in Arizona will see a reduction in the FHA loan limits. Maricopa and Pinal counties with have their loan limits reduced from $346,250 to $271,050.
This new ruling will affect FHA borrowers who have been looking to get a FHA loan between $271,050 and $346,250. In order to receive a loan above $271,050, buyers will need to have a FHA Case # assigned before January 1st 2014. A FHA Case # is assigned to the property address, so buyers will need to have identified the property they want to purchase and ask their lender to order a FHA Case # as soon as possible.
Note: this only affects FHA loans. Conventional loans will remain at $417,000.
This information is from our preferred lender – Eddie Knoell at Signature Home Loans.