Temecula FHA Homes: The link to the left has a list of homes in the price range for borrowers who want to purchase using an FHA backed Loan. FHA Limits for Riverside County single family homes are currently $355,350.
(The links in this post are live links and update automatically)
If you want a specific type of home such as a single story home in Temecula or Murrieta or San Diego county, call me direct at (951) 757-6152, for a "customized", list of homes that meet your specific criteria.
If you qualify for an FHA insured loan then your down payment is 3.5%, of the purchase price which is lower than the various conventional loan products that are available to home buyers.
Since FHA reduced the FHA loan limits for 2014 in Riverside County from $500,000 to $355,000, many borrowers are finding that the home they wanted to buy can only be purchased with a larger down payment with a conventional loan.
FHA will insure loans up to differing amounts depending on the county that the home is located in. Here are the FHA loan limits for every county in California.
*VA guarantees loans up to an amount of $417,000 in Riverside County, California and will guarantee loans in San Diego County up to $546,250.
There is the cost of Mortgage Insurance Premium on an FHA insured loan and conventional loans have Private Mortgage Insurance (PMI) if the borrower has less than 20% of the purchase price for a down payment.
Keep in mind that a home that is purchased with an FHA insured loan must meet FHA guidelines as far as the condition of the home and although there are other loan products that can be used for a home that does not meet condition requirements for the standard FHA insured home loan, every situation is different as far as the type of repairs that are needed on a Hud 203(k) Rehab Loan. http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou
Talk to a lender for information on the best loan program for you:
All of the homes in this post have been accessed from the Multiple Listings Service and from my Market Leader website, and are priced at or below the range that meets FHA lending limits.
*Although VA guaranteed loans do not have a maximum dollar amount, lenders who sell their VA loans in the secondary market must limit the size of those loans to the maximums prescribed by GNMA (Ginnie Mae).
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