HUD just announced last week the new FHA loan limits by county for 2014.
Home buyers in San Diego will be surprised by how much the loan limits were decreased.
San Diego experienced the largest decline of any Southern California County.
You can see the current limits, new 2014 limits, and the amount of change in the chart below.
FHA Loan Limits Compared
As you can see from the chart, San Diego County’s 2014 FHA loan limit will be $546,250; a decrease of $151,250.
This will make it harder for buyers who are looking to take advantage of the low down payment of 3.5% that FHA allows or those who have lower credit scores and cannot qualify for a San Diego jumbo loan.
These new loan limits go into effect January 1st, 2014.
If you want to be able to qualify under the current loan limits, you have to have an FHA case number before the 1st. In order to get a case number, you must have an accepted offer on a house and have your San Diego Mortgage Broker request it from the lender.
If you would like to get a Free interest rate quote, click HERE or feel free to call me at 619-312-0612 with any questions you may have.