FHA Implements New Loan Limits
By S.E. Slack
Get your guitar, start improvising and have faith your songwriting skills will be enough to afford that dream mansion near Music Row because the government isn’t going to give you much help. The Department of Housing and Urban Development has implemented new FHA single-family loan limits, which means home loans are going to be tougher to get in some areas.
“Implementing lower loan limits is an important and appropriate step as private capital returns to portions of the market and enables FHA to concentrate on those borrowers that are still underserved,” said FHA Commissioner Carol Galante.
The current standard loan limit for areas where housing costs are relatively low remains unchanged at $271,050. The new national-ce