Effective Jan. 1, 2014, FHA loan limits for most of the counties in Georgia will drop from $346,250 to $320,850, a decrease of more than $25,000! This applies for all FHA forward purchase loans with FHA case numbers assigned on or after Jan. 1, 2014 through Dec. 31, 2014.
If you’re hoping to secure an FHA loan above the new $320,850 loan limit level, you better act fast! Homebuyers will need an accepted, signed Sales Contract; a full Loan Application; and signed and returned all documents to their FHA lender no later than December 20, 2013 in order to meet the deadline and allow time to have their FHA Case # request processed and issued before the deadline and the decreased loan limits come into effect.
The FHA loan limit is dropping to $320,850 for the following counties: Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding and Walton.
Some counties are facing even more dramatic decreases. For instance, the Greene County FHA loan limit is decreasing from $662,500 to $515,200, a drop of close to $150,000!
Over 651 US Counties will be impacted by reduced FHA loan limits for 2014. To view the FHA loan limits by county go to: https://entp.hud.gov/idapp/html/hicostlook.cfm.
Take advantage of the higher FHA loan limits before they are GONE!
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