FHA Loan Limits Lowered in 2014
For homebuyers in Broward and Palm Beach Counties, the maximum loan you can take out is $345,000 down from $423,750. The Federal Housing Administration said, "This chage will come into effect the first of the new year." This change applies to mortgages for single-family homes and condos within both counties.
Carol Galante, Federal Housing Administration Commissioner stated, "As the housing market continues to increase, it is our job to evaluate our role. That is why us implementing lower loan limits in an imperative step as private capital returns to shares of the market and alows us to focus on the buyers who are still unmerited."
The Federal Housing Administration (FHA) loan in popular with first-time homebuyers due to the low down payments required.