HUD has announced the FHA loan limits for 2014. Many Washington state counties have had their loan limits reduced from 2013 levels. The limits are become effective for loans with case numbered issued on or after January 1, 2014. Case numbers can be ordered in December with closings in 2014 and still maintain the higher 2013 loan limits.
If you (or your clients if you are a real estate professional) are purchasing or refinancing with an FHA mortgage that exceeds 2014 limits, make it a priority to confirm with your mortgage originator that your case number has been ordered or will be ordered ASAP. My team is happy to help wherever possible.
King, Jefferson, San Juan, Whatcom, Thurston, Pierce, Snohomish, Island, Skagit, Kittitas, Clark, Skamanie and Mason Counties will have the largest reductions in loan limits. To view the limits in your county, visit HUD.gov or FHA.com.
Eric Belsky released a paper this year titled The Dream Lives On: the Future of Homeownership in America. Eric is both the Managing Director of the Joint Center of Housing Studies at Harvard University and a member of the editorial board of the Journal of Housing Research and Housing Policy Debate.
In his paper are five financial reasons people should consider buying a home:
- Housing is typically the one leveraged investment available.
- You’re paying for housing whether you own or rent.
- Owning is usually a form of “forced savings”.
- There are substantial tax benefits to owning.
- Owning is a hedge against inflation.
Homeownership is not just part of the American Dream – it carries many financial benefits. Read excerpts from Belsky’s paper that support these five reasons at KCMblog.com.