One more piece of the proverbial financing puzzle just fell into place.
HUD released the FHA limits (at least for California).
Here's the HUD Press Release
The max amount is now $729,750 for 14 California counties.
Those counties are...
- Alameda,
- Contra Costa,
- Los Angeles,
- Marin,
- Monterey,
- Napa,
- Orange,
- San Benito,
- San Francisco,
- San Mateo,
- Santa Cruz,
- Santa Barbara,
- Santa Clara,
- and Ventura County.
To check on the actual limits for your county, HUD has a quick and easy lookup on their website HERE.
Now we're waiting for the OFHEO to do their thing for Fannie and Freddie.
Want more information on how an FHA loan might work for you?
Just ask! Mike@PatagoniaFinance.com
It appears that FHA has increased its max across the country, since my mortgage contacts have told me that NH limits are now up into the mid $500 range. You are right too that it would be great to see Freddie and Fannie Mae do something also, lets just keep our fingers crossed.
WOW! I thought we had a sweet deal! Our FHA limit just went to $295,000 in Raleigh, NC
That's an awfully high amount for an FHA loan. I assume it has to do with the median price range for those counties?
Mike, This is really great news for people in California. I know here in Florida it was raised as well but many people think that the 729K is for every where in the country..
Mike, All I am going to say is that it's about time. California was needing this for a long time. That is awesome to hear.