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FHA loan Limits, Was your State, County Affected?

By
Real Estate Broker/Owner with Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management 01490605

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?

Comments (4)

Stephanie Stringer
First Choice Loan Services NMLS#210764 - San Antonio, TX
Mortgage Loan Originator

Susan,  Very good post with you listing detailed information with each counties new FHA limit.   Wow some of the counties got hit very hard with the reduced loan amount.  Here in Texas many of the major counties stayed the same except there were a few that got hit with about a $60K reduction to the loan limit.  In the currently mortgage with guidelines tighter than ever we need to go back to the originals amounts prior to the change.  I am hoping the new bill proposed will pass.

Nov 07, 2011 03:09 PM
Susan Goulding
Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate

Stephanie - yes my county got WHACKED at 38%  YIKES>

Nov 07, 2011 03:58 PM
Doug Anderson
Tucker Associates Real Estate Services - Danville, CA
Bay Area Real Estate Views

Wonderful information to pass along Susan. Yes California got "whacked" with the reductions. Hopefully the House and Senate can get the bill reconciled so it can move forward and restore the previous limits.

Nov 08, 2011 12:33 PM
Susan Goulding
Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate

Doug - WHACKED is a great description of what happened.  Hopefully OUR government will change that.

Nov 09, 2011 06:11 PM