Home buyers looking to purchase via FHA financing in Califronia need to act fast if they plan on taking advantage of the increase FHA loan limits set in the Housing & Stimulus Bill passed in 2008. That bill has set our single family limits at $729,750, but that number will be lowered to $625,500 starting in 2009. In addition to the decrease FHA will require a 3.5% down payment instead of the 3.0% that they are currently requiring. Here is a breakdown of California's 2008 & 2009 FHA Loan Limits :
FHA Loan Limits 2008
Single-Family = $729,750
Two-Family = $934,200
Three-Family = $1,129,250
Four-Family = $1,403,400
FHA Loan Limits in 2009
Single-Family = $625,500
Two Family = $800,775
Three-Family = $967,950
Four-Family = $1,202,825
If you want to take advantage of the lower down payment and higher loan limits you need to get started NOW by sending an email to sabine@lendscape.com to complete our quick and easy FHA Scenario Adviser. Nobody in California knows FHA better than we do. The changes also apply to FHA 203K renovation loans as well. If you are looking for more info on the absolute best loan product on the market then check out the best FHA 203K resource by sending me an email to sabine@lendscape.com. Whether you choose a traditional FHA purchase loan or are looking renovate with FHA 203K; our team of Realtors, Contractors, Architects and Appraisers can ensure that you have not only a pleasant, but also a highly profitable home buying experience.
Sabine Larsen
925-406-9000
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