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The FHA announces it will reduce some home-mortgage loans that it guarantees
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Thursday, December 12, 2013
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The Federal Housing Administration (FHA) has announced that it will reduce the size of some home-mortgage loans that it will guarantee moving forward, the Wall Street Journal has reported.
The FHA insures lenders against defaults on loans made that conform to the agency’s standards. Taking effect Jan. 1, 2014, the FHA will drop the maximum size of home loans that it guarantees in 650 counties across the nation.
The new national-ceiling loan limit for high-cost areas, such as New York, San Francisco and Los Angeles, will drop from $729,750 to $625,500.
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