LoanLove.com, a home loan borrower advice website that empowers borrowers with first class knowledge, valuable resources and connections to top rated industry professionals, recently released a guide that takes a look at the 2014 loan limits for conforming, conventional and FHA loans. The guide is meant to help prospective home buyers to better plan for their upcoming purchases.
The article starts by stating, “Prospective home buyers shopping around for conforming, conventional and FHA loans in 2014 will find only a few changes in loan limits compared to last year. For the most part, the limits—which set the maximum allowable loan size for a mortgage in a given geographical area—remain at 2013 levels, other than a few adjustments up or down in some high-cost regions.”
These limits were increased, however, in several high cost locations. In most of these areas, conforming loan limits max out at:
• $625,500 for a one-unit home
• $800,775 for a two-unit home
• $967,950 for a three-unit home
• $1,202,925 for a four-unit home
2014 loan limits for conventional loans follow those of conforming loans.
2014 loan limits for FHA loans have also increased in several high cost areas this year. The guide says, “While the standard loan limit for areas where housing costs remain relatively low will stay unchanged at
To find out more details about the changes to loan limits in 2014, please click here to view the full article at LoanLove.com.
Read the full story at http://www.prweb.com/releases/loan-love/2014-loan-limits/prweb11613429.htm
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