New FHA loan limits for 2014 have been announced. For Washoe County, Nevada the loan limit for a single-family home is decreasing from $403,750 to $325,450. That’s a reduction of more than $78,000 to max amount of an FHA loan.
The new FHA loan limits are effective for case numbers assigned on or after January 1, 2014. So, if you are currently in the process of getting an FHA Loan and have a case number already assigned, then the $403,750 amount applies. If you don’t yet have an FHA case number assigned and think you’ll need the higher loan amount, then you only have a few days left to lock in the higher limit.
Source: HUD.gov; to search the new FHA loan limits in any area in the U.S., click here.