The Housing and Urban Development (HUD) recently announced that it will lower FHA home mortgage lending limits in the upcoming year of 2014. High cost areas such as the San Francisco Bay Area will see the greatest reduction in home mortgage limits. The FHA loan limits in these type of expensive areas will drop from $729, 750 to $625, 000. This is all in an attempt to lower the amount of losses due to defaults within the past 5 years.
We at Summit Funding are happy to keep our prospective home buyers and real estate agent partners informed! As a direct Seller/Servicer to HUD, Fannie Mae & Freddie Mac, we know that changes like these affect the home buying decision and is the main reason we make it our responsibility to keep you up-to-date. Whether in the San Francisco Bay Area or Reno, we have you covered!
For more information about upcoming changes, for questions about loan qualifications or to speak with me directly contact:
OFFICE: (775) 824-3640 x126