The Federal Housing Administration (FHA) is lowering single-family loan limits in many high cost U.S. counties including those in the Chicago area, the Chicago Tribune reports. Beginning Jan. 1, 2014, the qualifying loan limit in that area will drop from $410,000 to $365,700. Limits for multiple-unit properties will also drop. Read the article, “FHA lowering loan limits in Chicago” for details. You can also find more information and county limits from HUD.
The National Association of REALTORS® has spoken out against the loan limit changes. Read more.
In other headlines:
FHA faces $1.3 billion capital shortfall, audit finds – Washington Post
Wall Street moving in on American Dream – Chicago Tribune