The Federal Housing Administration (FHA) recently announced new mortgage loan limits for 2014, and Ohio will see a substantial reduction in the maximum loan amount FHA will insure.
Currently (2013) most metropolitan areas of Ohio have loan limits of $337,500, and rural area loan limits are $271,050. Effective for all FHA Case Number assigned on or after January 1, 2014 these loan limits are being reduced to $271,050 throughout the entire State of Ohio.
While this reduction does not necessarily affect Ohio homebuyers in rural areas, the $66,450 reduction will affect many Ohio homebuyers and homeowners in more metropolitan areas.
Ohio residents that are seeking an FHA mortgage, whether it be to buy a home or refinance your existing mortgage, you should act soon before the lower loan limits take effect.
Click here to request a free, no obligation Ohio FHA Rate Quote or Contact Me if you’d like to discuss your options.
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