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High Cost FHA Loan Limit Lowered

New FHA limits effective Jan. 1

Dec. 6, 2013

By Mortgage Daily staff

The new loan limits for mortgages that are insured by the Federal Housing Administration have been released.

FHA loan limits are determined based on specifications outlined in the Housing and Economic Recovery Act of 2008, or HERA.

The new FHA limits are effective on loans with case numbers assigned between Jan. 1, 2014, and Dec. 31, 2014.

According to the Department of Housing and Urban Development, the current standard loan limit for areas where housing costs are relatively low will remain unchanged at $271,050.

HUD discussed the changes in Mortgagee Letter 2013-43.

But the national ceiling on loans in the highest cost areas is being reduced to $625,500 from $729,750 on single-family residences, HUD said.

The two-unit limit ranges from $347,000 in low-cost areas to $800,775 in high-cost areas. On three-unit properties the limit ranges from $419,425 to $967,950, while it ranges from $521,250 to $1,202,925 on four-plexes.

"This will be the first full implementation of loan-limit calculations under HERA," HUD said. "Approximately 650 counties will have lower limits as a result of this change in the governing law. The higher limits that have been in place for six years were established by the Economic Stimulus Act of 2008 as emergency measures to assure that mortgage credit was widely available during a time when private lending options were severely constrained. The lower loan limits under HERA were originally scheduled to take effect in January of 2009, however, due to continuing strains in credit markets, Congress delayed implementation several times."

HUD said that the maximum claim amount for Home-Equity Conversion Mortgage will remain at $625,500.

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