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FHFA Maximum Conforming Loan Limits Increase Announced

FHFA Maximum Conforming Loan Limits Increase Announced

fhfa-conforming-loan-limit-increse-2017The Federal Housing Finance Agency (FHFA) announced an increase in the Maximum Conforming Loan Limits for mortgages acquired by Fannie Mae and Freddie Mac. These limits will increase in most counties across the US for the first time since 2006 as a result of rising home prices across the country. In general, the maximum loan amount increases for one unit properties to $424,100, up from $417,000, and higher in higher priced markets. The increase in loan limits take effect on January 1, 2017.

The chart below shows a sample of select California counties and their new maximum conforming loan limits:

County Name One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
Southern California
San Diego $612,950 $784,700 $948,500 $1,178,750
LOS ANGELES $636,150 $814,500 $984,525 $1,223,475
ORANGE $636,150 $814,500 $984,525 $1,223,475
RIVERSIDE $424,100 $543,000 $656,350 $815,650
SAN BERNARDINO $424,100 $543,000 $656,350 $815,650
Imperial $424,100 $543,000 $656,350 $815,650
Bay Area
SAN FRANCISCO $636,150 $814,500 $984,525 $1,223,475
SAN MATEO $636,150 $814,500 $984,525 $1,223,475
SANTA CLARA $636,150 $814,500 $984,525 $1,223,475
ALAMEDA $636,150 $814,500 $984,525 $1,223,475
MARIN $636,150 $814,500 $984,525 $1,223,475
VOTE! – Local, State and National Resources

VOTE! – Local, State and National Resources

vote-todayJust a quick note to remind everyone how important it is to exercise your privilege to VOTE! With so many items on the ballot this year locally, statewide and nationwide, there has never been a more important time to vote. Get out there and vote!

Here are a few resources to assist:

San Diego Registrar of Voters

State of California Elections and Voter Information

Federal Elections and Voter Information

Is an FHA Home Loan Right for Me?

Is an FHA Home Loan Right for Me?

federal-housing-administrationWhat is an FHA Home Loan?

FHA loans are insured by the Federal Housing Administration, protecting the lending institution against loss from default. The down payment can be smaller, as low as 3.5% of the property price. Additionally, the down payment can be from a qualified gift. FHA loans allow the borrower to cosign with a non-occupant family member (single-family homes only). FHA loans are available in 15 or 30 year terms in both fixed rate mortgages and adjustable rate mortgages.

Benefits of an FHA Loan

  • Generally easier qualifications
  • Lower down payment
  • Do not have to be first time homebuyers
  • Seller may contribute a maximum of 6% of the lower of the sales price or the appraised value
  • Non-occupant such as parent or relative may be a co-pplicant on the loan

Who should apply for an FHA Loan?

  • Someone who doesn’t have a lot to put down on a property
  • First time homebuyers

Anything else to note?

  • Mortgage Insurance (MI) is required with an FHA loan. Borrowers can finance the total MI premium into their loan.
  • Closing costs and fees can be included in the loan
  • Monthly payment nust not exceed 30% of monthly income
  • 2 years of verified income necessary
  • FHA 203(k) renovation loans assist with repairs up to $35,000 (only certain repairs are eligible)
  • The maximum FHA loan amount in San Diego County is $580,750 as of January 1, 2016

The following condos in Downtown San Diego are FHA Approved as of October 12, 2016. Please visit our FHA Approved Condos in Downtown San Diego page regularly to check for updates.

Name Address FHA Expiration Date
Alta 575 6th Ave. 12/16/2016
Aria 1441 9th Ave. 10/15/2017
Atria 101 Market St. 6/27/2018
Bay Vu Front St. 8/7/2017
Bayside 1325 Pacific Hwy 7/28/2017
Beech Tower 1514 7th Ave. 9/1/2018
Discovery at Cortez Hill 850 Beech St. 6/24/2018
Farenheit 1025 Island Ave. 12/15/2017
Electra 700 West E St. 1/27/2017
Horizons 555 Front St. 11/24/2017
Island Lofts 221 Island Ave. 3/10/2017
The Legend 325 7th Ave 8/27/2017
M2i 1050 Island Ave 9/15/2017
Marina Park 750 State St. 2/18/2018
Palermo 1501 Front St. 1/12/2018
The Park at 10th Avenue 1640 10th Ave. 8/20/2017
Park Place 700 W Harbor Dr. 9/10/2017
Park Row 701 Kettner Blvd. 11/14/2016
Parkloft 877 Island Ave. 9/1/2017
Porto Siena 1601 India St. 6/25/2017
Smart Corner 1080 Park Blvd. 12/2/2017
Trellis Fifth Avenue 530 K Street 5/5/2017

*Updated 10/12/16

Questions? Fill out the form below to contact us directly.

Information on this list deemed accurate but not guaranteed.