On September 30, 2011 FHA and Fannie/Freddie Loan Limits were reduced in 42 states, INCLUDING CALIFORNIA.
The lower limits could price clients out of the American Dream of home ownership. Even worse, this could hold back the housing recovery. In Mountain House, part of San Joaquin County the average price was creeping towards $350,000. Without higher loan limits our well qualified FHA buyers go away.
Well-qualified buyers don't need another hurdle to access affordable mortgage financing.
Currently there is a Bill that will restore limits back to where they were.
If your county's Previous FHA limit was below $417,000, your Freddie/Fannie limit will be $417,000.
If your county's Previous FHA limit is above $417,000, the Fannie/Freddie limit will be the same as the higher FHA limit.
Read everything the National Association of Realtors is doing to encourage Congress to reinstate the higher loan limits.
County |
PREVIOUS& Prposed FHA Loan Limit |
CURRENY Limit as of 10/1/2011 |
Difference |
Alameda County |
$729,750 |
$625,500 |
($104,250) |
Alpine County |
$547,500 |
$463,450 |
($84,050) |
Amador County |
$443,750 |
$332,350 |
($111,400) |
Butte County |
$400,000 |
$293,250 |
($106,750) |
Calaveras County |
$462,500 |
$373,750 |
($88,750) |
Colusa County |
$397,500 |
$271,050 |
($126,450) |
Contra Costa County |
$729,750 |
$625,500 |
($104,250) |
Del Norte County |
$311,250 |
$271,050 |
($40,200) |
El Dorado County |
$580,000 |
$474,950 |
($105,050) |
Fresno County |
$381,250 |
$281,750 |
($99,500) |
Glenn County |
$287,500 |
$271,050 |
($16,450) |
Humboldt County |
$393,750 |
$327,750 |
($66,000) |
Imperial County |
$325,000 |
$271,050 |
($53,950) |
Inyo County |
$437,500 |
$369,150 |
($68,350) |
Kern County |
$368,750 |
$271,050 |
($97,700) |
Kings County |
$325,000 |
$271,050 |
($53,950) |
Lake County |
$401,250 |
$271,050 |
($130,200) |
Lassen County |
$285,000 |
$271,050 |
($13,950) |
Los Angeles County |
$729,750 |
$625,500 |
($104,250) |
Madera County |
$425,000 |
$271,050 |
($153,950) |
Marin County |
$729,750 |
$625,500 |
($104,250) |
Mariposa County |
$412,500 |
$322,000 |
($90,500) |
Mendocino County |
$512,500 |
$373,750 |
($138,750) |
Merced County |
$472,500 |
$271,050 |
($201,450) 42% |
Monterey County |
$729,750 |
$483,000 |
($246,750) 33% |
Napa County |
$729,750 |
$592,250 |
($137,500) |
Nevada County |
$562,500 |
$477,250 |
($85,250) |
Orange County |
$729,750 |
$625,500 |
($104,250) |
Placer County |
$580,000 |
$474,950 |
($105,050) |
Plumas County |
$410,000 |
$336,950 |
($73,050) |
Riverside County |
$500,000 |
$355,350 |
($144,650) |
Sacramento County |
$580,000 |
$474,950 |
($105,050) |
San Benito County |
$729,750 |
$625,500 |
($104,250) |
San Bernardino County |
$500,000 |
$355,350 |
($144,650) |
San Diego County |
$697,500 |
$546,250 |
($151,250) |
San Francisco County |
$729,750 |
$625,500 |
($104,250) |
San Joaquin County |
$488,750 |
$304,750 |
($184,000) 38% |
San Luis Obispo County |
$687,500 |
$561,200 |
($126,300) |
San Mateo County |
$729,750 |
$625,500 |
($104,250) |
Santa Barbara County |
$729,750 |
$625,500 |
($104,250) |
Santa Clara County |
$729,750 |
$625,500 |
($104,250) |
Santa Cruz County |
$729,750 |
$625,500 |
($104,250) |
Shasta County |
$423,750 |
$273,700 |
($150,050) |
Siskiyou County |
$293,750 |
$271,050 |
($22,700) |
Solano County |
$557,500 |
$400,200 |
($157,300) |
Sonoma County |
$662,500 |
$520,950 |
($141,550) |
Stanislaus County |
$423,750 |
$276,000 |
($147,750) |
Sutter County |
$425,000 |
$271,050 |
($153,950) |
Tehama County |
$312,500 |
$271,050 |
($41,450) |
Tulare County |
$325,000 |
$271,050 |
($53,950) |
Tuolumne County |
$437,500 |
$331,200 |
($106,300) |
Ventura County |
$729,750 |
$598,000 |
($131,750) |
Yolo County |
$580,000 |
$474,950 |
($105,050) |
Yuba County |
$425,000 |
$271,050 |
($153,950) |
Chart provided by NAR
Highlighted are the most 'extremely' impacted. I'm in San Joaquin, 38% drop in loan limits.
Bills currently be presented to Congress to re-establish loan limits in the pre-October limit.
I've contact both my Senators and my Congressman, have you?
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