Are you looking to purchase a home in the new year? You may not want to wait if you are using an FHA loan.
There will be new loan limits for FHA will take effect for case numbers ordered on or after January 1st, 2014.
HUD just announced that approximately 650 counties will have lower limits in 2014.
For 1 unit properties, in local Philadelphia counties, the new FHA loan limits are:
- Chester, Delaware, Montgomery, Bucks, and Philadelphia: $379,500 (in 2013 was $420,00 loan limit)
- Lehigh County: $372,600
- Berks & Lancaster: $271,050 (this is also the national floor for FHA)
To obtain an FHA case number prior to January 1st, an FHA buyer must execute a loan application (and agreement of sale on a purchase) by Monday 12/23/13 to be in the safe side.
Use the following website to estimate the FHA Mortgage Limits where you are located: