HUD Raises Mortgage Limits In 14 High-Cost California Counties

The government on Wednesday raised the mortgage limits for loans guaranteed by the Federal Housing Administration in 14 high-cost California counties.

The Department of Housing and Urban Development released the new loan limits for California — a hotbed during the housing boom that now is suffering the worst home-price declines in the nation. The limits, with the maximum at $729,750, are derived from median home prices in each county.

HUD is expected to raise the limits in other counties nationwide in the coming days.

Read the entire article written by Marcy Gordan at www.MSNBC.com