This is something everyone needs to know, especially in our county. FHA loan limits are up!!! $729,750 in OC and LA counties, to $500K in Riverside and San Bernardino and $697,500 in San Diego. This is tremendous news as FHA is a very solid program that will allow us to potentially refi homes but more importantly it will allow someone to purchase a home up, to $750,000 in OC; $510,000 in Riverside and San Bernardino Counties; $710,000 in San Diego County, and only put down 3%. All of this can be a gift too!!! Keep in mind though that this program is currently available only till the end of the year.
This is some serious news for homeowners waiting to refinance and also for those wanting to purchase but couldn't or didn't want a jumbo loan. This will bring a boost to the market and housing affordability. Ask a Realtor if you have any questions, or contact your bank or loan officer. We wish you the best in this market and please share this with those you know.
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