Higher loan limits for FHA loans

By
Home Inspector with 203kOnLine.com, covering the USA S0289

The best 203k team for your project

 

Below are the new loan limits for the the Bay Area, Contra Costa, Alameda, Marin, Santa Clara, San Mateo as examples.

MSA Name     County Name   State One-Family Two-Family Three-Family Four-Family  

 

 
SAN FRANCISCO-OAKLAND-HAYWARD, CA    

CONTRA COSTA

San Francisco

Marin

Santa Clara

San Mateo

  CA $636,150 $814,500 $984,525 $1,223,475

What does that mean for you as a Realtor?

Purchase price of $659,222 less 3.5% down payment and you are at the loan limit.

Duplex purchase price of $844,000 less 3.5% down payment and you at the loan limit.

Any additional money over those thresholds merely means the borrower has to put the difference up in cash.

RE: the increase on a single family home it went from $625,500 to the new level of $636,150. 

Purchase a fixer for $450,000, put $200,000 into the renovation, you have a deal or any combo under that total loan amount. This also might look like $450,000 purchase price plus renovation up to $209,222 and you are at the maximum mortgage amount to still achieve the maximum benefit of the 3.5% down payment.

Where else can you get 96.5% financing for a mixed use building? Stores beneath 4 flats would be a cash cow in the City.

MSA Name MSA Code Division County Name County
Code
State One-Family Two-Family Three-Family Four-Family Median Sale Price Last Revised Limit Year
SAN FRANCISCO-OAKLAND-HAYWARD, CA 41860 36084 CONTRA COSTA 013 CA $636,150 $814,500 $984,525 $1,223,475 $1,200,000 01/01/2017 CY2017
MSA Name MSA Code Division County Name County
Code
State One-Family Two-Family Three-Family Four-Family Median Sale Price Last Revised Limit Year
SAN FRANCISCO-OAKLAND-HAYWARD, CA 41860 36084 CONTRA COSTA 013 CA $636,150 $814,500 $984,525 $1,223,475 $1,200,000 01/01/2017

fCY2017

 

 I know, you are wanting higher limits yet, well that is easy, I know of serveral lenders in the bay area that do renovation loans up to $3,000,000. If you need a loan over $750,000 or over $1,000,000 or maybe over $2,000,000 at a good rate. These loans are not FHA loans but they can include renovations too.

 

 

Downtown

 

Posted by

Mike Young, 203k Team Leader    Mike ready for your 203k order

To learn more about the FHA 203k loan program go to www.203kOnLine.comWhat is your fee? 

Got a 203k project giving you "fits" contact www.203k911.comIf you are looking for quality 203k software for consultants to speed up the underwriting process..

Skype name: the203kconsultant

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Location:
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Groups:
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Tags:
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Show All Comments
Rainmaker
2,386,877
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Mike Young Higher FHA home loan limits can help more home buyers qualify for mortgage.

Jan 03, 2017 03:53 PM #1
Rainmaker
1,396,626
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA

This is a great post. Thanks for sharing and best of luck in the new year!

Jan 03, 2017 04:50 PM #2
Rainmaker
3,618,061
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I wonder if the higher limits will help put people into homes they really can't afford.

Jan 03, 2017 05:49 PM #3
Anonymous
David Dickson

Great post mike. Just talked about this today!

Jan 05, 2017 06:39 PM #4
Rainer
3,937
David Dickson
Chesapeake Inspection Services - Salisbury, MD
Home Inspections, Lead,Well, Septic, etc.

Great post Mike. Just talked about this today!

Jan 05, 2017 06:42 PM #5
Rainmaker
1,356,010
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

 

Let's hope, it will provide stability and certainly to our housing market by giving more buyers a chance at home-ownership. 

Feb 20, 2017 03:25 PM #6
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Rainmaker
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Mike Young

FHA 203k Consultant 916-758-1809
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