Did you know the FHA has announced that they have reduced
their loan limits starting on Jan 1, 2014?
For example, in Western Pennsylvania the limit for single family
residences will drop from $327,500 to $271,050.
So what does this mean for those that want to borrow more than $271,050? In order to be “grandfathered” for the higher
loan limit you have to apply for an FHA loan and be sure they have obtained an
FHA case number for you before Jan 1, 2014.
The FHA case number is tied to a specific property address so if you are
buying a house you have to have a specific one picked out and it will only be
relevant for that house.
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