According to the HUD website, FHA has raised the limit on financed amounts to $729,750. This will be a great help in the Orange County area, especially in South County, where much of the inventory is still north of the $700,000 mark.
Here's a breakdown of homes over $700K compared to total number of active listings by local city:
As you can see, luxury markets like Newport Beach and Coto de Caza have a huge number of over $700,000 listings while the, Ladera Ranch and Laguna Niguel are sort of in the middle and the remaining areas show smaller proportions of these listings.
The obvious benefit will be toward the high end of the market, allowing more people to take advantage of the new FHA limits.
John Alesi - REALTOR®
CENTURY 21 Superstars
Search the MLS at: www.YourOCHome.com
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