FHA Raises Mortgage Limits in California
In what should be very exciting news for new home buyers, The Federal Housing Administration (FHA) increased the maximum mortgage limit in Southern California to $729,750. Counties such as Los Angeles and Orange will be eligible for the maximum limit, which will be increased from $625,500 to $729,750. This means that with the required 3.5% down, your max purchase price is now $756,000.
Unfortunately, in a move that will definitely become confusing to home-buyers and real-estate professionals – both Fannie Mae and Freddie Mac are staying at the current limit of $625,500. Surprisingly there is no talk of them increasing their limits any time soon. This means that FHA buyers with as little as 3.5% down will have over $100,000 in additional purchasing power above and beyond “conforming” home buyers who want to use a Fannie Mae or Freddie Mac loan.
Have questions about these varying loan limits? Contact Scott Groves.
Scott Groves
Your Trusted Lender
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