Great News for SoCal Home Buyers and Home Owners!
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
