FHA Streamline Refinance - What is the Minimum time elapsed since home purchase before eligible for and FHA Streamline Refinace?. This is a subject of great interest to recent home buyers who took advantage of the benefits of FHA loans to purchase their new homes.
Well, rates have dropped significantly, and the question comes up:
"How long do I have to wait before I can get a FHA Streamline Refinance or FHA Refinance after purchasing my home?" (or after a FHA Refinance loan)
Most banks answer: 6 months - 12 months.
VanDyk Mortgage Answer: No Minimum time! This is for FHA standard size & FHA Jumbo loans.
We do prefer that at least one on-time payment has been made on your loan, as this makes the process quicker & easier to administrate, however this is not required in all cases. Many new homeowners can save from $200-500 per month with the VanDyk FHA Streamline Refinance, with no out of pocket costs! The FHA Streamline Refi is available for FHA, FHA Jumbo Size loans, FHA Secure loans, and FHA 203K loans (if work is complete).
For FHA Streamline Refinance Loans and VA Streamline Refinance (IRRRL) loans call the Government loan experts at VanDyk Mortgage - 866-900-2342 or apply now at http://www.vandykfunding.com/.
VanDyk Mortgage has been making FHA loans & VA Loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter, FHA Direct Lender, & VA Direct Lender. Go with the Government Loan Pros, go with VanDyk. Visit us at http://www.vandykfunding.com/ or call Brian Skaar at 760-752-4480 for help with your FHA Streamline, FHA purchase loan, VA purchase loan, or VA Streamline. We offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Rehab 203K, VA, VA Jumbo, Conforming & Jumbo Loans. We serve the following areas for VA, FHA and Conventional loans: California,Southern California, Northern California, Washington, Texas, Georgia, Florida, San Diego, San Marcos, Carlsbad, Oceanside, Vista, Escondido, Fallbrook, Bonsall, Riverside, Los Angeles, Orange County, Irvine, Corona, Anaheim, and every other city in California, Georgia, Texas, Florida & Washington.
FHA Streamline Refinance - Minimum Time since Purchase of Home or last FHA Refinance. FHA jumbo streamline refinance available now. call today. 866-900-2342 toll free.
Showing posts with label FHA Secure. Show all posts
Showing posts with label FHA Secure. Show all posts
Sunday, January 18, 2009
Wednesday, January 14, 2009
Many more FHA Posts here
Friday, November 7, 2008
New Loan Limits for 2009 released
Fannie Mae & Freddie Mac have new loan limits for 2009, as released today. The standard conventional loan limit remains at $417K accross the USA. High Cost Areas have new limits based on the new formula in the 2008 housing bill passed in July.
We expect to see some updates to the current Fannie Mae & Freddie Mac guidelines for loans that exceed the standard limit of $417K which will keep these larger sized loans affordable & attainable. We will keep you posted as we hear updates.
We also expect to see updates soon from HUD regarding the 2009 FHA loan limits, extension of the FHA Secure loan program, and updated guidelines on Hope for Homeowners.
Here are some highlights of the new loan limits:
Alpine County, CA $463,450
Bellevue, WA $506,000
Carlsbad, CA $546,250
Chula Vista, CA $546,250
Escondido, CA $546,250
Everett, WA $506,000
Greene County, GA $515,200
Key West, FL $529,000
Kirkland, WA $506,000
Long Beach, CA $625,500
Los Angeles, CA $625,500
Lynnwood, WA $506,000
Mono County, CA $529,000
Napa, CA $592,250
Naples, FL $448,500
Oakland, CA $625,500
Oceanside, CA $546,250
Orange County, CA $625,500
Petaluma, CA $520,950
Pierce County, WA $506,000
Riverside, CA $417,000
Sacramento, CA $474,950
Salinas, CA $483,000
San Diego, CA $546,250
San Francisco, CA $625,500
San Jose, CA $625,500
San Juan County, WA $483,000
San Luis Obispo, CA $561,200
San Marcos, CA $546,250
Santa Barbara, CA $603,750
Santa Cruz, CA $625,500
Santa Rosa, CA $520,950
Seattle, WA $506,000
Snohomish County, WA $506,000
Tacoma, WA $506,000
Truckee, CA $477,250
Ventura, CA $598,000
Access the 2009 High cost area loan limits here PDF: 2009 Loan Limits
We believe that these loan limits are ample enough to help out millions of Americans Purchase new homes and Refinance their homes into safe affordable fixed rate loans.
VanDyk Mortgage is a Nationwide Direct Lender. Visit us on the web at www.vandykfunding.com.
We expect to see some updates to the current Fannie Mae & Freddie Mac guidelines for loans that exceed the standard limit of $417K which will keep these larger sized loans affordable & attainable. We will keep you posted as we hear updates.
We also expect to see updates soon from HUD regarding the 2009 FHA loan limits, extension of the FHA Secure loan program, and updated guidelines on Hope for Homeowners.
Here are some highlights of the new loan limits:
Alpine County, CA $463,450
Bellevue, WA $506,000
Carlsbad, CA $546,250
Chula Vista, CA $546,250
Escondido, CA $546,250
Everett, WA $506,000
Greene County, GA $515,200
Key West, FL $529,000
Kirkland, WA $506,000
Long Beach, CA $625,500
Los Angeles, CA $625,500
Lynnwood, WA $506,000
Mono County, CA $529,000
Napa, CA $592,250
Naples, FL $448,500
Oakland, CA $625,500
Oceanside, CA $546,250
Orange County, CA $625,500
Petaluma, CA $520,950
Pierce County, WA $506,000
Riverside, CA $417,000
Sacramento, CA $474,950
Salinas, CA $483,000
San Diego, CA $546,250
San Francisco, CA $625,500
San Jose, CA $625,500
San Juan County, WA $483,000
San Luis Obispo, CA $561,200
San Marcos, CA $546,250
Santa Barbara, CA $603,750
Santa Cruz, CA $625,500
Santa Rosa, CA $520,950
Seattle, WA $506,000
Snohomish County, WA $506,000
Tacoma, WA $506,000
Truckee, CA $477,250
Ventura, CA $598,000
Access the 2009 High cost area loan limits here PDF: 2009 Loan Limits
We believe that these loan limits are ample enough to help out millions of Americans Purchase new homes and Refinance their homes into safe affordable fixed rate loans.
VanDyk Mortgage is a Nationwide Direct Lender. Visit us on the web at www.vandykfunding.com.
Tuesday, October 7, 2008
FHA loans - the Affordable, Safe alternative to Fannie & Freddie Conforming loans
We strongly believe that FHA Loans are the safer, more affordable alternative to Fannie & Freddie loans. Here is a quick comparison of the benefits and differences between the two.
All comparisons are based on a purchase price of $250K, fico score of 675, and full documentation. Rates are example only, presented for sample scenario comparison only.
Fannie & Freddie require a minimum of 10% down in California (are capped at 90% LTV).
FHA requires just 3% down (goes to 97%). You can keep the 7% difference in the bank, which gives you liquidity, security, and peace of mind. (the difference is $17,500) The payment difference is minimal (see below for detailed comparison).
Mortgage Insurance Qualification: Fannie & Freddie utilize private mortgage insurance, which requires a second underwriting process from the Private Mortgage Insurance company the lender utilizes. These companies have increased the thresholds for homeownership in recent months. For instance, They require atleast a 10% downpayment in California & have additional underwriting criteria for homeowners or homebuyers in Declining states such as California. **FHA requires just 3% downpayment nationwide, with no adjustments or additional criteria for Declining Markets.
The monthly mortgage insurance rate on Private Mortgage Insurance is between .62% -.78%. Monthly Insurance Premiums for FHA are just .55%. Even more appealing is that the FHA premium is for a 3% downpayment, whereas the private Mortgage Insurance rates are for 10% down payment.
The Private Mortgage Insurance companies do allow a program called "Lender Paid MI" (MI = Mortgage Insurance). With this program you are still capped at 90% in California, however the cost is not paid monthly, it is paid with a higher interest rate. Typically .75% is added to your rate to cover the cost of the Lender Paid MI.
FHA does have a second Mortgage Insurance cost, the Upfront Mortgage Insurance Premium (UFMIP). This amount is 1.5% (soon to increase to 1.75%, which we will us in our example). This lump sum fee can be paid either in cash at closing, or added to your loan amount. Adding the UFMIP to your loan amount is the most common method. However, if you are receiving a large seller credit towards your closing costs, these can be applied to your UFMIP.
Fannie & Freddie require a 620 minimum score to put down less than 20% (ie go over 80%).
FHA has no minimum. However, most FHA Lenders do require a 550 mid fico score.
Fannie & Freddie have price premiums or increased rates for loans that are over 80%. FHA does not increase the rate in this manner.
Here are the real numbers for the sample scenario above ($250K purchase price, 675 mid fico score, purchase loan, California home)
**All amounts are estimates only, provided only to show the comparison between these loan programs on a given day for a sample scenario.
The FHA Loan is the safest overall option, as it is safer to have a slightly higher Mortgage payment along with $17,500 in savings, than to put the extra money into your downpayment and save just a few dollars per month. You will have the $17,500 earning interest, available for emergencies, and diversifying where your money is stored. I think it is safe to say that storing money in your home is not the safest method of savings.
FHA also offers a couple of programs that Fannie & Freddie do not:
FHA Secure - for homeowners who want to refinance their ARM or Adjustable Rate Mortgage into a safe, secure, fixed rate FHA Loan. This program even allows Short Payoffs, or a Short Refinance. This is where the current lender accepts less than owed, to help the homeowner get into a safe, new loan based on current values. This program allows late payments on the mortgage.
FHA Hope for Homeowners - This is another FHA program that facilitates Short Refinances of your current loan. This program allows some mortgage lates, and gives the banks clear criteria for how much they will receive when agreeing to enter into the Short Refinance into a Hope for Homeowners loan. This loan does have an equity sharing agreement, where the homeowner must agree to share future appreciation in their home above the new lower loan amount with FHA in the event they Refinance or Sell their home in the next 10 years. This is a fair trade for the life preserver this loan offers.
The FHA 203K Streamline loan - This loan allows homeowners to Purchase or Refinance their property and include up to $35K of repair/upgrade work into the primary loan. This avoids the higher interest rates of Equity loans. You have one payment at a low fixed rate.
When it is time to purchase or refinance your home, contact the FHA experts at VanDyk Mortgage. 866-900-2342 toll free or online at http://www.vandykfunding.com/
VanDyk Mortgage is a FHA Direct Lender doing FHA loans (and Fannie / Freddie loans too) in many states including California, Washington, Florida, Georgia, and more.
All comparisons are based on a purchase price of $250K, fico score of 675, and full documentation. Rates are example only, presented for sample scenario comparison only.
Fannie & Freddie require a minimum of 10% down in California (are capped at 90% LTV).
FHA requires just 3% down (goes to 97%). You can keep the 7% difference in the bank, which gives you liquidity, security, and peace of mind. (the difference is $17,500) The payment difference is minimal (see below for detailed comparison).
Mortgage Insurance Qualification: Fannie & Freddie utilize private mortgage insurance, which requires a second underwriting process from the Private Mortgage Insurance company the lender utilizes. These companies have increased the thresholds for homeownership in recent months. For instance, They require atleast a 10% downpayment in California & have additional underwriting criteria for homeowners or homebuyers in Declining states such as California. **FHA requires just 3% downpayment nationwide, with no adjustments or additional criteria for Declining Markets.
The monthly mortgage insurance rate on Private Mortgage Insurance is between .62% -.78%. Monthly Insurance Premiums for FHA are just .55%. Even more appealing is that the FHA premium is for a 3% downpayment, whereas the private Mortgage Insurance rates are for 10% down payment.
The Private Mortgage Insurance companies do allow a program called "Lender Paid MI" (MI = Mortgage Insurance). With this program you are still capped at 90% in California, however the cost is not paid monthly, it is paid with a higher interest rate. Typically .75% is added to your rate to cover the cost of the Lender Paid MI.
FHA does have a second Mortgage Insurance cost, the Upfront Mortgage Insurance Premium (UFMIP). This amount is 1.5% (soon to increase to 1.75%, which we will us in our example). This lump sum fee can be paid either in cash at closing, or added to your loan amount. Adding the UFMIP to your loan amount is the most common method. However, if you are receiving a large seller credit towards your closing costs, these can be applied to your UFMIP.
Fannie & Freddie require a 620 minimum score to put down less than 20% (ie go over 80%).
FHA has no minimum. However, most FHA Lenders do require a 550 mid fico score.
Fannie & Freddie have price premiums or increased rates for loans that are over 80%. FHA does not increase the rate in this manner.
Here are the real numbers for the sample scenario above ($250K purchase price, 675 mid fico score, purchase loan, California home)
**All amounts are estimates only, provided only to show the comparison between these loan programs on a given day for a sample scenario.
The FHA Loan is the safest overall option, as it is safer to have a slightly higher Mortgage payment along with $17,500 in savings, than to put the extra money into your downpayment and save just a few dollars per month. You will have the $17,500 earning interest, available for emergencies, and diversifying where your money is stored. I think it is safe to say that storing money in your home is not the safest method of savings.
FHA also offers a couple of programs that Fannie & Freddie do not:
FHA Secure - for homeowners who want to refinance their ARM or Adjustable Rate Mortgage into a safe, secure, fixed rate FHA Loan. This program even allows Short Payoffs, or a Short Refinance. This is where the current lender accepts less than owed, to help the homeowner get into a safe, new loan based on current values. This program allows late payments on the mortgage.
FHA Hope for Homeowners - This is another FHA program that facilitates Short Refinances of your current loan. This program allows some mortgage lates, and gives the banks clear criteria for how much they will receive when agreeing to enter into the Short Refinance into a Hope for Homeowners loan. This loan does have an equity sharing agreement, where the homeowner must agree to share future appreciation in their home above the new lower loan amount with FHA in the event they Refinance or Sell their home in the next 10 years. This is a fair trade for the life preserver this loan offers.
The FHA 203K Streamline loan - This loan allows homeowners to Purchase or Refinance their property and include up to $35K of repair/upgrade work into the primary loan. This avoids the higher interest rates of Equity loans. You have one payment at a low fixed rate.
When it is time to purchase or refinance your home, contact the FHA experts at VanDyk Mortgage. 866-900-2342 toll free or online at http://www.vandykfunding.com/
VanDyk Mortgage is a FHA Direct Lender doing FHA loans (and Fannie / Freddie loans too) in many states including California, Washington, Florida, Georgia, and more.
Tuesday, July 1, 2008
FHA changes help Homeowners to buy REOs / Bank Owned Homes
HUD has recently made changes allowing homeowners to qualify for FHA loans when buying homes that have been foreclosed, returned to lender (deed in lieu of foreclosure), AKA REO properties. REO stands for Real Estate Owned, which are essentially Bank Owned Repos.
Outdated regulations from HUD to prohibit property flipping and false price appreciation made it difficult for banks to sell recently foreclosed properties due to a HUD rule which prohibited the use of a FHA loan to purchase a home that had not been owned by the seller for atleast 90 days.
This has now been lifted until June 2009.
This will allow homeowners to qualify for Safe, Secure, & Affordable FHA loans to purchase the numerous bargain priced REO or Bank Owned properties coming to market.
We are here to help.
We can help you get the home of your dreams with a Safe, Secure, Affordable FHA loan. Call us at 866-900-2342 toll free to get details and achieve your dream of owning a beautiful new home. VanDyk Mortgage is a Full Eagle Direct Endorsement FHA Direct Lender. We have over 20 years in business Lending FHA loans direct to consumers. Call the experts.
We serve the following areas for FHA and Conventional loans: California, San Diego, San Marcos, Carlsbad, Oceanside, Vista, Escondido, Fallbrook, Bonsall, Riverside, Los Angeles, Orange County, Irvine, Corona, Anaheim, Santa Ana, Seattle, Washington, Bellevue, Kirkland, Redmond, Lynnwood, Olympia, Tacoma, Puyallup, Buckley, Auburn, Kent, Federal Way, Seatac, San Francisco, San Jose, Carson, Gardena, Hawthorne, Lawndale, Inglewood, Ladera Heights, View Park, Windsor Hills, Baldwin Hills, Fox Hills, Culver City, Beverly Hills, Malibu, Santa Monica, Brentwood, Calabasas, Encino, Bel Air Estates, Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates, Manhattan Beach, Redondo Beach, Hermosa Beach, Torrance, San Marcos, San Diego, Rancho Bernardo, Carlsbad, Escondido, Poway, Oceanside, Vista, Encinitas, Carmel Valley, Scripps, Tierra Santa, El Cajon, La Jolla, Chula Vista, National City, San Ysidro, Santee, Eastlake, Ramona, Long Beach, Artesia, La Palma, Cerritos, Compton, Lynwood, Bellflower, Temecula, Murrieta, Southern California, Washington, Everett, Lynnwood, Tacoma, Kent, Federal Way, Auburn, Renton, Bellevue, Redmond, Kirkland, Whittier, Santa Fe Springs, Downey, Irvine, Newport Beach, Los Angeles, San Bernardino, Riverside and Orange County.
Outdated regulations from HUD to prohibit property flipping and false price appreciation made it difficult for banks to sell recently foreclosed properties due to a HUD rule which prohibited the use of a FHA loan to purchase a home that had not been owned by the seller for atleast 90 days.
This has now been lifted until June 2009.
This will allow homeowners to qualify for Safe, Secure, & Affordable FHA loans to purchase the numerous bargain priced REO or Bank Owned properties coming to market.
We are here to help.
We can help you get the home of your dreams with a Safe, Secure, Affordable FHA loan. Call us at 866-900-2342 toll free to get details and achieve your dream of owning a beautiful new home. VanDyk Mortgage is a Full Eagle Direct Endorsement FHA Direct Lender. We have over 20 years in business Lending FHA loans direct to consumers. Call the experts.
We serve the following areas for FHA and Conventional loans: California, San Diego, San Marcos, Carlsbad, Oceanside, Vista, Escondido, Fallbrook, Bonsall, Riverside, Los Angeles, Orange County, Irvine, Corona, Anaheim, Santa Ana, Seattle, Washington, Bellevue, Kirkland, Redmond, Lynnwood, Olympia, Tacoma, Puyallup, Buckley, Auburn, Kent, Federal Way, Seatac, San Francisco, San Jose, Carson, Gardena, Hawthorne, Lawndale, Inglewood, Ladera Heights, View Park, Windsor Hills, Baldwin Hills, Fox Hills, Culver City, Beverly Hills, Malibu, Santa Monica, Brentwood, Calabasas, Encino, Bel Air Estates, Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates, Manhattan Beach, Redondo Beach, Hermosa Beach, Torrance, San Marcos, San Diego, Rancho Bernardo, Carlsbad, Escondido, Poway, Oceanside, Vista, Encinitas, Carmel Valley, Scripps, Tierra Santa, El Cajon, La Jolla, Chula Vista, National City, San Ysidro, Santee, Eastlake, Ramona, Long Beach, Artesia, La Palma, Cerritos, Compton, Lynwood, Bellflower, Temecula, Murrieta, Southern California, Washington, Everett, Lynnwood, Tacoma, Kent, Federal Way, Auburn, Renton, Bellevue, Redmond, Kirkland, Whittier, Santa Fe Springs, Downey, Irvine, Newport Beach, Los Angeles, San Bernardino, Riverside and Orange County.
Sunday, May 18, 2008
Fannie Mae changes Declining markets policy
Fannie Mae announced that they will no longer require an extra 5% down payment for purchases in "Declining Markets" beginning June 1.
The real question is will this change help. The answer is Yes for some borrowers, and not at all for others. There are 2 factors above and beyond Fannie Mae's basic guidance that will continue to hinder homebuyers looking to put less money down. Mortgage Insurers have increased minimum Fico requirements for all loans, especially those over 90% loan to value. Please note that FHA loans do not have Fico minimums at this point. The other factor effecting the quality of the Fannie Mae loan is the "risk premiums" associated with loans over 90% Loan to value. Fannie Mae loans have higher risk premiums (IE higher rates) for these loans. Once again, FHA does not penalize borrowers for opting to put the standard 3% down payment. The rate is the same for 90%, 95% or 97% FHA loans. Fannie Mae rates may vary as much as 1% on these amounts. Now that's alot of money. You can see why FHA loans are quickly becoming the most popular loans in the USA again.
Give us a call to see if our FHA Direct Loans are right for you. Call Brian Skaar at 760-752-4480. Or visit us online at www.vandykfunding.com.
The real question is will this change help. The answer is Yes for some borrowers, and not at all for others. There are 2 factors above and beyond Fannie Mae's basic guidance that will continue to hinder homebuyers looking to put less money down. Mortgage Insurers have increased minimum Fico requirements for all loans, especially those over 90% loan to value. Please note that FHA loans do not have Fico minimums at this point. The other factor effecting the quality of the Fannie Mae loan is the "risk premiums" associated with loans over 90% Loan to value. Fannie Mae loans have higher risk premiums (IE higher rates) for these loans. Once again, FHA does not penalize borrowers for opting to put the standard 3% down payment. The rate is the same for 90%, 95% or 97% FHA loans. Fannie Mae rates may vary as much as 1% on these amounts. Now that's alot of money. You can see why FHA loans are quickly becoming the most popular loans in the USA again.
Give us a call to see if our FHA Direct Loans are right for you. Call Brian Skaar at 760-752-4480. Or visit us online at www.vandykfunding.com.
Thursday, April 3, 2008
Quick primer on new California FHA loan limits
The mortgage limits set by HUD for FHA loans (Federal Housing Administration) for California counties were raised in March. The new limits are set relative to the median price of homes in each county. The bad news: the new limits will only be effective until the end of 2008.
San Diego’s limit has been raised to $697,500 from just over $362,000, while Orange County and Los Angeles county are both at the max of $729,750 now. This change comes as part of the effort to support the origination of larger mortgages, which should lead to lower interest rates. Many Jumbo loan holders or home buyers have been hesitant to finance given the high rates that Jumbo loans have experienced the past few months.
FHA Mortgage Limits in California by County
Alameda County
Median home price $995,000
new FHA Limit $729,750
Alpine County
Median home price $438,000
new FHA Limit $547,500
Amador County
edian home price $355,000
ew FHA Limit $443,750
Butte County
Median home price $320,000
new FHA Limit $400,000
Calaveras County
Median home price $370,000
new FHA Limit $462,500
Colusa County
Median home price $318,000
new FHA Limit $397,500
Contra Costa County
Median home price $995,000
new FHA Limit $729,750
Del Norte County
Median home price $249,000
new FHA Limit $311,250
El Dorado County
Median home price $464,000
new FHA Limit $580,000
Fresno County
Median home price $305,000
new FHA Limit $381,250
Glenn County
Median home price $230,000
new FHA Limit $287,500
Humboldt County
Median home price $315,000
new FHA Limit $393,750
Imperial County
Median home price $260,000
new FHA Limit $325,000
Inyo County
Median home price $350,000
new FHA Limit $437,500
Kern County
Median home price $295,000
new FHA Limit $368,750
Kings County
Median home price $260,000
new FHA Limit $325,000
Lake County
Median home price $321,000
new FHA Limit $401,250
Lassen County
Median home price $200,000
new FHA Limit $271,050
Los Angeles County
Median home price $710,000
new FHA Limit $729,750
Madera County
Median home price $340,000
new FHA Limit $425,000
Marin County
Median home price $995,000
new FHA Limit $729,750
Mariposa County
Median home price $330,000
new FHA Limit $412,500
Mendocino County
Median home price $410,000
new FHA Limit $512,500
Merced County
Median home price $378,000
new FHA Limit $472,500
Modoc County
Median home price $125,000
new FHA Limit $271,050
Mono County
Median home price $370,000
new FHA Limit $462,500
Monterey County
Median home price $599,000
new FHA Limit $729,750
Napa County
Median home price $615,000
new FHA Limit $729,750
Nevada County
Median home price $450,000
new FHA Limit $562,500
Orange County
Median home price $710,000
new FHA Limit $729,750
Placer County
Median home price $464,000
new FHA Limit $580,000
Plumas County
Median home price $328,000
new FHA Limit $410,000
Riverside County
Median home price $400,000
new FHA Limit $500,000
Sacramento County
Median home price $464,000
new FHA Limit $580,000
San Benito County
Median home price $790,000
new FHA Limit $729,750
San Bernardino County
Median home price $400,000
new FHA Limit $500,000
San Diego County
Median home price $558,000
new FHA Limit $697,500
San Francisco County
Median home price $995,000
new FHA Limit $729,750
San Joaquin County
Median home price $391,000
new FHA Limit $488,750
San Luis Obispo County
Median home price $550,000
new FHA Limit $687,500
San Mateo County
Median home price $995,000
new FHA Limit $729,750
Santa Barbara County
Median home price $615,000
new FHA Limit $729,750
Santa Clara County
Median home price $790,000
new FHA Limit $72,9750
Santa Cruz County
Median home price $719,000
new FHA Limit $729,750
Shasta County
Median home price $339,000
new FHA Limit $423,750
Sierra County
Median home price $228,000
new FHA Limit $285,000
Siskiyou County
Median home price $235,000
new FHA Limit $293,750
Solano County
Median home price $446,000
new FHA Limit $557,500
Sonoma County
Median home price $530,000
new FHA Limit $662,500
Stanislaus County
Median home price $339,000
new FHA Limit $423,750
Sutter County
Median home price $340,000
new FHA Limit $425,000
Tehama County
Median home price $250,000
new FHA Limit $312,500
Trinity County
Median home price $200,000
new FHA Limit $271,050
Tulare County
Median home price $260,000
new FHA Limit $325,000
Tuolumne County
Median home price $350,000
new FHA Limit $437,500
Ventura County
Median home price $599,000
new FHA Limit $729,750
Yolo County
Median home price $464,000
new FHA Limit $580,000
Yuba County
Median home price $340,000
new FHA Limit $425,000
San Diego’s limit has been raised to $697,500 from just over $362,000, while Orange County and Los Angeles county are both at the max of $729,750 now. This change comes as part of the effort to support the origination of larger mortgages, which should lead to lower interest rates. Many Jumbo loan holders or home buyers have been hesitant to finance given the high rates that Jumbo loans have experienced the past few months.
FHA Mortgage Limits in California by County
Alameda County
Median home price $995,000
new FHA Limit $729,750
Alpine County
Median home price $438,000
new FHA Limit $547,500
Amador County
edian home price $355,000
ew FHA Limit $443,750
Butte County
Median home price $320,000
new FHA Limit $400,000
Calaveras County
Median home price $370,000
new FHA Limit $462,500
Colusa County
Median home price $318,000
new FHA Limit $397,500
Contra Costa County
Median home price $995,000
new FHA Limit $729,750
Del Norte County
Median home price $249,000
new FHA Limit $311,250
El Dorado County
Median home price $464,000
new FHA Limit $580,000
Fresno County
Median home price $305,000
new FHA Limit $381,250
Glenn County
Median home price $230,000
new FHA Limit $287,500
Humboldt County
Median home price $315,000
new FHA Limit $393,750
Imperial County
Median home price $260,000
new FHA Limit $325,000
Inyo County
Median home price $350,000
new FHA Limit $437,500
Kern County
Median home price $295,000
new FHA Limit $368,750
Kings County
Median home price $260,000
new FHA Limit $325,000
Lake County
Median home price $321,000
new FHA Limit $401,250
Lassen County
Median home price $200,000
new FHA Limit $271,050
Los Angeles County
Median home price $710,000
new FHA Limit $729,750
Madera County
Median home price $340,000
new FHA Limit $425,000
Marin County
Median home price $995,000
new FHA Limit $729,750
Mariposa County
Median home price $330,000
new FHA Limit $412,500
Mendocino County
Median home price $410,000
new FHA Limit $512,500
Merced County
Median home price $378,000
new FHA Limit $472,500
Modoc County
Median home price $125,000
new FHA Limit $271,050
Mono County
Median home price $370,000
new FHA Limit $462,500
Monterey County
Median home price $599,000
new FHA Limit $729,750
Napa County
Median home price $615,000
new FHA Limit $729,750
Nevada County
Median home price $450,000
new FHA Limit $562,500
Orange County
Median home price $710,000
new FHA Limit $729,750
Placer County
Median home price $464,000
new FHA Limit $580,000
Plumas County
Median home price $328,000
new FHA Limit $410,000
Riverside County
Median home price $400,000
new FHA Limit $500,000
Sacramento County
Median home price $464,000
new FHA Limit $580,000
San Benito County
Median home price $790,000
new FHA Limit $729,750
San Bernardino County
Median home price $400,000
new FHA Limit $500,000
San Diego County
Median home price $558,000
new FHA Limit $697,500
San Francisco County
Median home price $995,000
new FHA Limit $729,750
San Joaquin County
Median home price $391,000
new FHA Limit $488,750
San Luis Obispo County
Median home price $550,000
new FHA Limit $687,500
San Mateo County
Median home price $995,000
new FHA Limit $729,750
Santa Barbara County
Median home price $615,000
new FHA Limit $729,750
Santa Clara County
Median home price $790,000
new FHA Limit $72,9750
Santa Cruz County
Median home price $719,000
new FHA Limit $729,750
Shasta County
Median home price $339,000
new FHA Limit $423,750
Sierra County
Median home price $228,000
new FHA Limit $285,000
Siskiyou County
Median home price $235,000
new FHA Limit $293,750
Solano County
Median home price $446,000
new FHA Limit $557,500
Sonoma County
Median home price $530,000
new FHA Limit $662,500
Stanislaus County
Median home price $339,000
new FHA Limit $423,750
Sutter County
Median home price $340,000
new FHA Limit $425,000
Tehama County
Median home price $250,000
new FHA Limit $312,500
Trinity County
Median home price $200,000
new FHA Limit $271,050
Tulare County
Median home price $260,000
new FHA Limit $325,000
Tuolumne County
Median home price $350,000
new FHA Limit $437,500
Ventura County
Median home price $599,000
new FHA Limit $729,750
Yolo County
Median home price $464,000
new FHA Limit $580,000
Yuba County
Median home price $340,000
new FHA Limit $425,000
Saturday, March 8, 2008
New Loan Limits released
HUD has finalized the new 2008 loan limits for FHA, FNMA & FHLMC backed loans.
The new limits increase the max loans for FHA from just over $368K up to $729,750. Although the highest amounts are for high cost metropolitan areas such as Los Angeles, New York, & San Francisco, Every county in America benefits from an increase in the FHA loan limit from $200K to a new minimum limit of $271,050. This helps to increase the number of US households that can qualify to purchase and refinance their homes.
You can find the new limits for your area here: 2008 Loan Limits .
FNMA & FHLMC, AKA Fannie Mae & Freddie Mac, are both GSE's or Government Sponsored Enterprises that purchase loans made by Mortgage Banks that meet their criteria. The new loan limits for Fannie & Freddie rose from $417K up to $729,750 as well in many areas, depending on Geographic area based on housing prices. Many areas did experience a significant increase in this amount, even if it didn't go to the max ceiling. For instance, Seattle homes can now qualify up to $569,500, and San Diego homes now qualify up to $697,500.
Please do not hesitate to call us to find out if the new loan limits can help your financial plans.
Our toll free number is 866-900-2342.
You may also apply online to get your home loan quote at http://www.vandykfunding.com/ , simply click on the Loan Application button at the top of the page.
The new limits increase the max loans for FHA from just over $368K up to $729,750. Although the highest amounts are for high cost metropolitan areas such as Los Angeles, New York, & San Francisco, Every county in America benefits from an increase in the FHA loan limit from $200K to a new minimum limit of $271,050. This helps to increase the number of US households that can qualify to purchase and refinance their homes.
You can find the new limits for your area here: 2008 Loan Limits .
FNMA & FHLMC, AKA Fannie Mae & Freddie Mac, are both GSE's or Government Sponsored Enterprises that purchase loans made by Mortgage Banks that meet their criteria. The new loan limits for Fannie & Freddie rose from $417K up to $729,750 as well in many areas, depending on Geographic area based on housing prices. Many areas did experience a significant increase in this amount, even if it didn't go to the max ceiling. For instance, Seattle homes can now qualify up to $569,500, and San Diego homes now qualify up to $697,500.
Please do not hesitate to call us to find out if the new loan limits can help your financial plans.
Our toll free number is 866-900-2342.
You may also apply online to get your home loan quote at http://www.vandykfunding.com/ , simply click on the Loan Application button at the top of the page.
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