The Federal Housing Administration will be reducing the amount it’ll insure on high-cost mortgages starting in the new year.
Ceiling for loans in high-cost areas falls to $625,500Beginning on Jan. 1, all FHA loans will be capped in high-cost areas at $625,500, reduced from the current cap of $729,750.
FHA will keep its current loan limits in place in areas where housing costs are lower than $271,050. Watch the video at our website on Fannie, Freddie Retain Higher-Priced Mortgage Limits
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