Great news, the new FHA loan limits were released today, ahead of schedule, with little fan-fair.
The new limits for Orange County are:
- Single Family Residences: $729,750
- *2 Family Residences: $934,200
- *3 Family Residences: $1,129,250
- *4 Family Residences: $1,403,400
Single Family Limits for San Diego were increased to $629k and for Riverside they were increased to $500k.
Now it will take a little time to filter down, but this temporary increase, will certainly help home buyers have access to better jumbo loans, which was previously set at $417,000 and help with down payment requirements, currently FHA down payments are at 3%. As well, this should build some security for investors to increase their demand for these federally insured loans, resulting in jumbo rates coming down!
If you are in the process of re-financing and or considering buying a home, keep in mind not all Lenders are FHA approved. In addition, there are specific requirements a homeowner must meet when selling to a FHA buyer.
Keep in mind this is technically a temporary change till the end of 2008. I wouldn't imagine they will go back down to the previous levels as there is legislation to secure California is a high cost state but you never know.
This change, along with the current inventory level and reduced pricing, we just about have a perfect storm for buyers!
* These are 2-4 units' investment properties
Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she's helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you're considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It's Possible!
The above information is provided as a courtesy and is deemed reliable but not guaranteed.
Kelly's positive spirit, sound business and marketing skills, and experience negotiating multimillion dollar contracts all combine to make her one of the premier real estate professional in the Saddleback Valley. She takes a big-picture approach to make sure all of your goals, both short and long-term, are part of a larger plan that's guiding you towards success. Call Kelly to schedule a free consultation on how she can help you achieve your objectives. Whatever your Real Estate Dream is, with Kelly Turbeville at your side, It's Possible!
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The above information is deemed reliable but not guarenteed.
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