New lower FHA lending limits will impact the Redding homes market in 2014

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The FHA has announced they are lowering the loan limits for homes in Shasta County and other northstate areas. This quote about the FHA limit drop is from’s David Benda:

“The Qualified Mortgage rules come on line about the time Federal Housing Administration lowers its loan limits on Jan. 1 in Shasta County from $423,750 to $273,700. Limits in Tehama and Siskiyou counties go down to $271,050.”

So, that’s quite a drop. I expect it will have some impact. This came to me from a lender yesterday:

“I am sure you are all aware of the coming change, but thought I would send something out in case you missed it… These loan limits are for SFR— quite a big difference from current limit… if you have a “high end” buyer for FHA, get them into contract before end of the year to get the higher loan amount!”

All Case numbers assigned on January 1st 2014 and after have a new loan limit:

Shasta County $273,700.00

Tehama County $271,050.00

Siskiyou County $271,050.00

Trinity County $271,050.00

Butte County $293,250.00

High end homes anyone? Better hurry.

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