This just in … actually I received it via an email from Jennifer Arnbrister, an Account Executive at Reunion Mortgage. HUD has revised their lending limits for the entire country and according to Jennifer the Central Valley rates are in today while the rest of the country has to wait until tomorrow.
Here are the rates for Fresno and several other Central California counties:
Fresno 381,250 417,000
Kern 368,750 417,000
Kings 325,000 417,000
Madera 425,000 425,000
Merced 472,500 472,500
San Joaquin 488,750 488,750
Stanislaus 423,750 423,750
Tulare 325,000 417,000
You can go to the HUD website to find the information about your area.
For years conventional financing trumped FHA financing and you would rarely see an FHA loan done. I’ll be honest - I HAVE NEVER DONE AN FHA LOAN! Times are changing though and FHA loans look like they may become the loans of choice for home buyers.