On October 1st 2011 Congress allowed the high balance loan limits on Freddie Mac, Fannie Mae, and FHA loans to be reduced to 115% of the medium home price of each county. In Sonoma County the limit went from $662,500 to $520,950; a $141,550 drop. In Marin it dropped $104,250 from $729,750 to $625,500.
On November 18th 2011 Congress renewed the higher limits for FHA loans through 2013. At this time Fannie Mae and Freddie Mac are staying the same. So if you’re looking to purchase a home here are the new loan limits:
Sonoma County:
FHA: $662,500
Fannie Mae and Freddie Mac: $520,950
Marin County:
FHA: $729,750
Fannie Mae and Freddie Mac: $625,500
Napa County:
FHA: $729,750
Fannie Mae and Freddie Mac: $592,250
This increase will help many buyers secure more affordable financing and help the battered housing market recover.
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Michael Regan is a real estate financing specialist in Petaluma, CA, who offers solutions for your home loan needs.
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