San Diego County FHA Loan Limits Increasing For 2016
The FHA Loan Limits for 2016 were released this month and the maximum FHA loan limit for forward mortgages originated in 2016 has been increased for San Diego County.
San Diego County's FHA loan limit will match the recent Fannie/Freddie increase from $562,350 to $580,750 which is an increase of $18,400. 
The new FHA loan limits apply to all loans with FHA case numbers assigned from January 1st, 2016 through December 31st, 2016.
Other High Cost areas, such as Los Angeles and Orange Counties, are seeing their FHA Loan Limit stay at the current ceiling of $625,500 for one-unit properties.
Out of the 3,143 counties and county equivalents in the United States, only 235 are considered High Cost counties. And out of those, there are only 39 counties affected by the 2016 change.
Besides San Diego County, three other counties in California are seeing their FHA Loan Limits increase for 2016. These are:
- Monterey County - increasing from $502,550 to $529,000
- Napa County - increasing from $615,250 to $625,500
- Sonoma County - increasing from $520,950 to $554,300
Right now, San Diego County homebuyers can put as little as 3.50% down payment on a home purchase up to about $582,700. Based on the FHA loan limits for 2016, San Diego County homebuyers will be able to put as little as 3.50% down payment up to a price of $601,800.
Please keep in mind that the new FHA loan limits are for the FHA base loan amounts, i.e., purchase price minus down payment. FHA has an Upfront Mortgage Insurance Premium, currently at 1.75%, that is typically financed into the loan. That number is allowed to exceed the loan limit.
The Department of Veterans Affairs also increased the VA Zero Down Loan Limit for San Diego County to match the Fannie/Freddie number of $580,750.
Looking for an FHA Home Loan in San Diego County or any other part of California? Contact me today so that we can discuss your FHA home loan options by calling 760-500-1919.
