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HUD Announces New FHA Loan Limits to Take Effect January 1st!

The Department of Housing and Urban Development (HUD) has announced that it will implement new FHA single-family loan limits on Jan. 1, 2014, as specified by the Housing and Economic Recovery Act of 2008. The conforming loan amount has been reduced from $417,000 to $365,700 for Chicago and the collar counties. In Rockford, the conforming loan amount will be $339,250. HUD believes implementing lower loan limits is “an important and appropriate step as private capital returns to portions of the market and enables FHA to concentrate on those borrowers that are still underserved.”