New FHA Loan Limits On January 1, 2014

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Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut NMLS #65149

New FHA Loan Limits On January 1, 2014, as a result of the Congressional Authority for FHA Loan Limits established under the Economic Stimulus Act for 2008  expiring on December 31, 2013. 

The new FHA loan limits will be effective for all case numbers ordered on or after January 1, 2014.  Below is a table that illustrates the loan limits prior the to Economic Stimulus in 2008, during the Economic Stimulus, and the January 1, 2014 Loan Limits (in red) for Connecticut.

New Connecticut FHA Loan Limits January 1, 2014

There was a big change in the limits from the existing FHA Loan Limits under the Economic Stimulus Act of 2008, to the new FHA Loan Limits going into effect on January 1, 2014.  However, the new Loan Limits are actually higher for every County in Connecticut then those of 2007 to 2008, except for New London County.

To see what the New FHA Loan Limits On January 1, 2014 will be for your State and County, click on this link New FHA Loan LimitsMake sure you select the Loan Limits for CY2014 in the Limit Year block.

 

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

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Debbie Reynolds
Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional, 931-920-6730 - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Those are some real changes and will affect the qualifying of many buyers. I am surprised they went down instead of up.

Dec 10, 2013 06:45 AM #9
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
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Michael it will have a negative impact even though FHA is not the primary choice right now.  This will make a lot of proper not eligible for FHA financing.

Debbie you are right, the limits in Fairfield County went down by more than $200,000 that is not good.

Joe hope the limits did not go down to much for you

Joe, the reduction in the FHA limits is not good, and the impact will be felt.  Hopefully they will take another look at them in the beginning of the year. 

Barbara, from what I have seen the FHA Limits have at best returned back to the limits prior to the Stimulus.  Follow the link at the end of my blog and put in your town to see what they will be adjusting to in January.

Joan that does not surprise me.  Here in CT they are close to the Pre Stimulus limits, but Fairfield County (most expensive county in CT) the limits went down by more than $200,000.

Patricia you are right it is sad, but that seems to be the nature of our government these days.  Little thought seems to be given to the consequences of their actions.

Eric, glad I could be of help

Debbie, I don't think they took a very realistic look at the consequences this will have.  This is going to impact a number of properties and Borrowers.

Dec 10, 2013 07:22 AM #10
Rainmaker
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Nick T Pappas
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

George, I just checked the new loan limits for Alabama and they all went up and some substantially.

Dec 10, 2013 07:40 AM #11
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

Nick that is great because most areas it decreased.  Also make sure you put in CY2014, because the default setting on the site until January is CY2013 and those limits would be the limits under the Stimulus.

Dec 10, 2013 08:07 AM #12
Rainmaker
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Gloria Todor and Doug Durren - Delaware County PA Real Estate
Century 21 Absolute Realty - Media, PA
Hard Working Professionals (484) 431-3686

Geroge, Changes all around with rates and other details about FHA mortgages in January.  Good to get the word out.

All the best in 2014.

Gloria

Dec 10, 2013 09:50 AM #13
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

Gloria and Doug, yep lots of changes next month and most of them are not good, but at least if we are informed we can prepare for them.

Dec 10, 2013 11:35 AM #14
Rainmaker
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Lisa Von Domek
Lisa Von Domek & Associates LLC Team at Real Estate Broker/Associate with Real Living Real Estate Group www.LisaVon.com - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello George,

Thank goodness the Government is involved and fixing all of the problems in the housing industry...LOL

As Conrad would say "Hello, I am with the Government and I am here to help you"!

Dec 10, 2013 03:38 PM #15
Rainmaker
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Bob Ratliff, Broker Associate - REALTOR® 512-587-5689
RE/MAX Capital City ~ Call Bob ~512-587-5689 Austin TX - REALTOR® CRS GRI - Cedar Park, TX
Your Cedar Park & Leander, REALTOR® CRS GRI

George, thanks for the link to check our FHA Loan Limits in our state. Your always on top of your market and we appreciate you keeping us informed. Sad but more than our own in house mortgage person at my office.

Dec 10, 2013 04:12 PM #16
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

Lisa I wonder if can get them to concentrate on helping the people I don' like .... LOL

Bob I am always available on my Cell Phone and happy to help with any mortgage question you may have.

Dec 10, 2013 05:13 PM #17
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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

George thanks for this reminder. I need to update a page on one of my site with the new rates.

Dec 10, 2013 10:08 PM #18
Rainer
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Ron Aguilar
Real Estate Buying Advice - Salt Lake City, UT
Mortgage & Real Estate Advisor since 1995

and the beat goes on..

Dec 11, 2013 07:17 AM #19
Rainmaker
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Jan Green
Scottsdale, Phoenix, Cave Creek, Carefree, Fountain Hills - Scottsdale, AZ
RE/MAX Excalibur Scottsdale REALTOR®, GREEN

Great local post for your area.  Our FHA loan limit just dropped to $271,500!

Dec 11, 2013 09:55 AM #20
Rainer
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Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Kimo's Lifestyle Solutions

I'm betting this regulation will be changed as soon as the newly appointed and confirmed Director of FHFA, Mel Watt takes command, don't you agree?

Dec 11, 2013 10:23 AM #21
Rainmaker
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Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

You know with 5% down conventional loans I am not sure that this will be that big of deal.  

Dec 11, 2013 10:49 AM #22
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

Jennifer glad I could serve as a reminder for you.

Ron and we just need to keep marching to it :)

Jan some areas are going to see big drops.

Kimo I don't know, but I hope so.  These days I have stopped guessing.

Gene I think it is going to be a bigger deal than some may think especially with the new CFPB QM Rules going into effect on January 10, 2014.  The DTI is going down to 43% on conventional loans which is a lot lower than the DTI on FHA Loans, also conventional loans still require the first 5% of the downpayment to be the borrowers own funds, and FHA does not.  This is a big issue especially with first time homebuyers who many times are depending on gift funds for the downpayment.  That is just a couple of reasons why it will be a bigger issue than it might first appear.  Having said that these days a conventional loan is a much better option than FHA if the borrower can qualify.

Dec 11, 2013 11:22 AM #23
Rainmaker
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Rob Spinosa
RPM Mortgage, Marin County, CA - Mill Valley, CA
Marin Mortgage Broker

As you know, we're on the same page with our thinking on FHA.  Restricting a program that helps the restricted borrower can't help the first-time buyer market.  There are so many ripples from this splash that are yet to be felt and too many have forgotten the role FHA played in resurrecting the dead after the wheels came off in 2008. 

Dec 12, 2013 07:59 AM #24
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
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Rob I completely agree, this is a very bad move and hopefully they come to that realization soon.

Dec 12, 2013 06:25 PM #25
Rainmaker
760,835
Sharon Parisi
Keller Williams Dallas Premier Realty - Dallas, TX
Dallas Homes

George, thank you for providing us with this important information to share with readers and clients.

Dec 13, 2013 04:50 AM #26
Rainmaker
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Graziella Bruner
BRUNER REALTY LLC - Wayne, MI
Broker/Owner - Serving Wayne & Oakland County

Good to know - Thanks for sharing!  Greatly appreciated!

Dec 13, 2013 10:48 AM #27
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

Sharon you are welcome

Graziella, hope it is helpful.

Dec 13, 2013 11:27 AM #28
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