FHA Announces 2014 Loan Limits
are effective for all Forward Mortgages (except streamline refinances without an
appraisal) with case numbers ordered on or after January 1, 2014
The FHA loan limit calculation process involves determining national loan amount ‘floors’ and
‘ceilings’. Once the floors and ceilings are established, other calculation criteria determine the
final loan limits for each county.
Due to expiring legislation, the loan limit calculation has changed resulting in lower national
ceiling amounts. Combine this with adjusted median home prices in counties and the result is lower
2014 loan limits for many areas. (Occasionally you will see increases in some counties. Box
Elder is the only Utah county that has an increased limit.)
The following chart offers examples of change for some counties in Utah.
You can go to https://entp.hud.gov/idapp/html/hicostlook.cfm and print a complete list of loan
limts for the counties in your origination state.
For Home Equity Conversion Mortgages (HECMs) the maximum claim amount for FHA- insured HECMs will remain $625,500.
County 2013 Loan Limit 2014 Loan Limit
Box Elder $271,050 $389,850
Davis $397,500 $389,850
Morgan $397,500 $389,850
Salt Lake $729,750 $300,150
Summit $729,750 $600,300
Tooele $729,750 $300,150
Utah $323,750 $271,050
Wasatch $431,250 $331,200
Washington $372,500 $278,300
Weber $397,500 $389,850
Some restrictions apply. Contact your Veritas Funding mortgage professional today for more details
about the FHA2014 Loan Limits.