For the first time since 2006 the GSE's are raising the conforming loan limits for 2017. The base conforming loan amount is going up from $417,000 to $424,100..
While this is outstanding news for most of the country, there are certain areas that are going to benefit more than others.. I do most of my lending in San Diego and Riverside counties. San Diego is considered a high balance County, and our maximum loan amount is changing from $580,750 to$612,950 an increase of 5.4%.
What I'm really excited about is that Riverside County which in prior years has actually been below the maximum loan amount, their limits are increasing from $356,500 to 524,100, the new maximum nationwide limit. This is an increase of 18.96% which was desperately needed in certain areas of the county like Palm Springs and Palm Desert where the prices are higher than the balance of the County.
This will be particularly helpful for retirees that flock to that area and will enable them to use government loans, conventional loans, and reverse mortgages to help secure their retirement.
Have a GREAT 2017 everyone!