HUD (Department of Housing and Urban Development) recently announced that the FHA (Federal Housing Administration) will be lowering their loan limits for their high balance loan program. This program is typically for high priced counties and higher priced homes. San Diego County currently has a loan limit of $697,500. Starting October 1st, 2011 the San Diego County FHA loan limit will be reduced to $546,250.
Many lenders will stop accepting loans up to the old limit after September 1st, 2011. If you are looking to purchase or refinance a home in San Diego County and the loan amount is greater than $546,250 you need to get your application in soon and close the loan in the next few months. Please feel free to contact me if you have questions.
Here are some additional California Counties that will also be affected:
Los Angeles County Current Loam Limit: $729,750 New Loan Limit: $625,500
Orange County Current Loam Limit: $729,750 New Loan Limit: $625,500
Riverside County Current Loam Limit: $500,000 New Loan Limit: $355,350
San Francisco County Current Loam Limit: $729,750 New Loan Limit: $625,500
Santa Barbara County Current Loam Limit: $729,750 New Loan Limit: $625,500
San Bernardino County Current Loam Limit: $500,000 New Loan Limit: $355,350