With the new year always comes new rules and changes to how things once were. 2014 will be no exception. What is important to those of us who work with Real Estate in Connecticut will be the new FHA Loan Limits that go into place Jan 2014. FHA loan limits in high cost areas will be REDUCED to $625,500 (from the current $729,750). With defaults growing since the loan limits were raised during the crisis it only stands to reason that the pull back was inevitable. The time is now. So the question is will this change the range in which you search for a home? If an FHA backed loan is no longer an option will you be prepared to move forward without it- or will you downsize your home search in order to keep within the guideline limits?
Keep in mind FHA Loan Limits do vary from county to county so check with your lender or agent to get up to date information for your area.
If you are interested in current listings in Lyme, Old Lyme, Salem and Colchester please take a moment to browse a few favorites that are available at this time
(all information is deemed reliable but not guaranteed)