The 2016 loan limits for High Cost counties have been announced. While most of the country will remain unchanged, there are 39 counties that will have increased loan limits. Four of those are in California, including my home county of San Diego. Our High Balance limit will be raised to $580,750 from the current $562,350.
This is great news for first time home buyers trying to become homeowners in a very expensive (but worth it) place to live. It may be expensive to live here but we also enjoy greater appreciation, which is why our limit is going up.
Here is a link to show all of the 39 counties that will get an increase in 2016.
Do you think this will help in your area? Do you live in Washington, Colorado, Maine or Tennesee?
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