Tag Archive for: loan limits

FHA Just Got Even MORE AMAZING! (MIP Cut By 30 Basis Points!!)

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I used to blog quite often about how advantageous FHA loans are for a variety of reasons – In Defense of FHA/Misconceptions Persist. The reasons include: 1. Rates much lower than Fannie Mae rates; 2. Fast closes – only 14 calendar days; 3. Don’t need clear pest inspections; 4. Can get large lender credits for […]Read More

2023 Conforming Loan Limits Surge To Over $1 MILLION! Some Interesting Perspective

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1994’s Limit Was $203,150 When I got into the mortgage business in 1994, the conforming loan limit was $203,150. Adjusting for inflation, that is about $408,000 today (almost exactly 2x the 1994 amount) The median house price in 1994 was about $130,000, while it is about $455,000 today (about 3.5x the 1994 number). Today’s maximum […]Read More

What Is A Jumbo Loan In California?

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What Is A Jumbo Loan? A jumbo loan in California is a loan amount that exceeds the conforming county loan limits set by the Federal Housing Finance Agency (FHFA). A jumbo loan is a conventional (not government-insured) mortgage loan. Because jumbo loans do not conform to the loan limits set out by the FHFA, they are not […]Read More

Conforming Loan Limits In California 2022

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  The U.S. Median Home Price has increased over 15% year over year – so it is no surprise that the Federal Housing Financing Agency (FHFA) has increased the Conforming Loan Limits significantly for 2021. Conforming Loan Limits refer to the maximum loan amounts that Fannie Mae and Freddie Mac will allow for financing for […]Read More

5 Reasons Why The New FHA Loan Limits Will DESTROY Our Economy!

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A first-time homebuyer can now buy a $1 million home with only 3.5% down! This is because the FHA just released its new loan limits for 2022: (1) Low Balance Limit (for most of Texas): $420,680; (2) High Balance Limit (for most of coastal California): $970,800. This is great news for many buyers with limited […]Read More

2022 Conforming Loan Limits Increase

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U.S. median home prices continue to increase – so it is no surprise that the Federal Housing Financing Agency (FHFA) has increased the Conforming Loan Limits significantly. Conforming loan limits refer to the maximum loan amounts that Fannie Mae and Freddie Mac will allow for financing for one, two, three and four-unit properties. The two […]Read More

New Reasons to Buy Now; Conforming Loan Limit Reminders

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THE CRAZIEST THING HAPPENED LAST WEEK… A seller in an extremely hot market agreed to $15,000 of credits and concessions after the inspection reports came back. We are still seeing a lot of purchase activity and the above is one of the reasons why – sellers are suddenly much more flexible. In today’s fast-changing market, […]Read More

No VA Loan Limits! FHA and Conforming Loan Limits Way Up!

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VA LOAN LIMITS ELIMINATED – 2020 When “VA loans” first surfaced in 1944, the average cost of a house was only $8,600, making “loan limits” a nonconcern for the most part. As home prices rose, however, loan limits or maximum loan amounts were put in place just like they were for FHA and Conforming loans. […]Read More

Conforming Loan Limits Way Up For 2018; What It Means

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Fannie and Freddie recently announced their 2018 Loan Limits, and they went up significantly. The “Low Balance” limit for a one-unit property jumped from $424,100 to $453,100. And the “High Balance” limit (for “High Cost” counties comprising most of coastal California) jumped from $636,150 to $679,650. The limits for two, three and four unit properties […]Read More

Watch Out For Loan Limit Changes When Crossing County Lines

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We recently had an FHA approved buyer cross the bridge from Contra Costa County to Solano County to make a $600,000 FHA offer on a property. This price would have been no issue in Contra Costa County, but Solano County’s FHA Loan Limit is only $550,8500 and the buyer only qualified for FHA financing. As […]Read More

Rates Up; $1.2MM Conforming or FHA Loan? Limits Are HIGHER for Units

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Conforming and FHA Loan Limits are higher for multiple units. Many people forget this and assume they need to obtain harder to qualify for JUMBO financing for any loan over $625,500. This is not the case. 2014 Conforming and FHA High Balance Loan Limits for High Cost Counties (Bay Area): One Unit: $625,500 Two Units: […]Read More