Good news for our SoCal real estate market!
Effective March 6, 2008, HUD (Housing and Urban Development) extends FHA loan limits that will range from $271,050 to $729,750
FHA loan limits in California are not all the same. They’re based on the county in which a property is located. SoCal home buyers will be able to increase their purchasing power with the increased loan amounts. In addition existing homeowners may be eligible to re-fi an existing loan with the new FHA loan limits.
The maximum loan amount of $729,750 is applicable to extremely high-cost metropolitan areas of Southern California including, Los Angeles County and Orange Counties. Until now, FHA loan limits in these very high-cost areas were capped at $362,790, making the program ineffective in many communities.
It’s important to note however, in January 2009, FHA’s maximum loan limit will return to $362,790, That is unless Congress agrees to an extension.
Want more info on the new guidelines, contact me, Lynda@PreferredHomeBrokers.com
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