HUD announced the FHA Loan Limits for all FHA Case Numbers assigned between January 1, 2014 and December 31, 2014. The new limits will be lower for 650 counties across the country, including all counties in the Chicago area.For the Chicago Metropolitan Area, the FHA limits are as follows:
1-Unit $365,700
2-Unit $468,150
3-Unit $565,900
4-Unit $703,250
Loan limits for FHA Home Equity Conversions Mortgages (reverse mortgages) remains at $625,500. However, the maximum loan amounts are determined by the value of the property and the home owner's age.
To find out the FHA loan limits in other areas, go to: https://entp.hud.gov/idapp/html/hicostlook.cfm
Please contact me with any questions or when you are ready to purchase or refinance a home at BarkerLoans@gmail.com.
