Our Real Estate Blog

CA Conforming/FHA Loan Limits Dropping Oct. 1, 2011

October 8th, 2011 9:07 AM by Lehel S.

Starting October 1, 2011, temporary conforming and FHA insurable loan limits will be lowered nationwide.

 

HUD has also announced new (lowered) FHA insurable loan limits across the nation for 2011-2012.  Looks like California has several counties that will be negatively affected and potentially impact home buyers who don’t have a large down payment saved up.

Temporary loan limits” were enacted as part of the government’s 2008 economic stimulus package. At the time, the financial sector was entering its crisis and private mortgage lending had all but disappeared. Financing was scarce for both homeowners and home buyers for whom loan sizes exceeded Fannie Mae and Freddie Mac’s national $417,000 limit — even for those with excellent credit and income.

Riverside and San Bernardino will no longer be considered a high cost area in the eyes of Fannie Mae or Freddie Mac…this will impact you when buying a home in the mid $350,000 to mid $450,00 price range.

 

Fannie Mae / Freddie Mac High Balance Loan Limits by County 

                     

Los Angeles County Now:  $729,750                 After 10/1/2011:  $625,000           - $104,250

San Bernardino County Now:  $500,000             After 10/1/2011:  $417,000           - $ 83,000

Riverside County Now:  $500,000                     After 10/1/2011:  $417,000           - $ 83,000

Orange County Now:  $729,750                        After 10/1/2011:  $625,500           - $104,250

San Diego County Now:  $697,500                    After 10/1/2011:  $546,250           - $151,250

 

FHA Loan Limits by County

 

Los Angeles County Now:  $729,750                  After 10/1/2011:  $625,000           - $104,250

San Bernardino County Now:  $500,000             After 10/1/2011:  $355,350           - $144,650

Riverside County Now:  $500,000                      After 10/1/2011:  $355,350           - $144,650

Orange County Now:  $729,750                         After 10/1/2011:  $625,500           - $104,250

San Diego County Now:  $697,500                     After 10/1/2011:  $546,250           - $151,250

 

Posted in:General
Posted by Lehel S. on October 8th, 2011 9:07 AM

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