San Diego CA - The FHA Loan Limits for 2015 were released on Friday, December 5th, and the maximum FHA loan limit for forward mortgages has been increased for 187 counties nationwide.
San Diego County's FHA loan limit will match the recent Fannie/Freddie increase from $546,250 to $562,350 which is an increase of $16,100. The new FHA loan limits apply to all loans with FHA case numbers assigned from January 1st, 2015 through December 31st, 2015.
Other High Cost areas, such as Los Angeles and Orange Counties, are seeing their FHA Loan Limit stay at the current ceiling of $625,500 for one-unit properties.
Riverside and San Bernardino Counties are seeing their FHA maximum loan for 2015 stay at their current level of $355,350 for one-unit properties which had dropped from $500,000 to $355,350 for 2014.
Three other counties in California are seeing their FHA Loan Limits increase for 2015. These are:
- Monterey County - increasing from $483,000 to $502,550
- Napa County - increasing from $592,250 to $615,250
- Ventura County - increasing from $598,000 to $603,750
Is this a big deal? Maybe. Right now, San Diego County homebuyers can put as little as 3.50% down payment on a home purchase up to about $566,050. Based on the FHA loan limits for 2015, San Diego County homebuyers will be able to put as little as 3.50% down payment up to a price of $582,700.
Please keep in mind that the new FHA loan limits are for the FHA base loan amounts, i.e., purchase price minus down payment. FHA has an Upfront Mortgage Insurance Premium, currently at 1.75%, that is typically financed into the loan. That number is allowed to exceed the loan limit.
So we have heard from Fannie Mae and Freddie Mac, and now from FHA. Maybe VA will increase the VA Zero Down home loan limit for San Diego County as well. We shall see.
Looking for an FHA Home Loan in San Diego County or any other part of California? Contact me today so that we can discuss your FHA home loan options by calling 760-500-1919.
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