Well everybody, here is some great news on the FHA increases, please read below.
HUD released the new FHA loan limits for California, with the remainder of the country soon to follow. OFHEO has not, however, but in theory the median home price data could allow loan officers to calculate the new conforming loan limit for Freddie Mac and Fannie Mae (it’s 125 percent of the median home price, or $417,000, whichever is more, up to a maximum of $729,750). 14 California counties saw their loan limits for FHA bumped all the way up to the $729,750 cap. Most were in the San Francisco Bay Area or northern California (Alameda, Contra Costa, Marin, Monterey, Napa, San Francisco, San Mateo, Santa Cruz, and Santa Clara) with five more in the L.A. area (Los Angeles, Orange, San Benito, Santa Barbara, and Ventura). Below is a link to the pr piece from HUD. We will endeavor to tell you more specifics on the timing as we receive information from the investors.
http://www.hud.gov/news/release.cfm?content=pr08-026.cfm&CFID=1862283&CFTOKEN=35888399
Here is what we have from a news source.
Article link http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/03/06/BUJBVEACQ.DTL
Here is a list from Walls Street Journal, county by county: http://online.wsj.com/article/SB120475762910514877.html?mod=googlenews_wsj
Tags: FHA Loan Limit increases, HUD released the new FHA loan limits for California, The bzpros real estate team Keller Williams Pasadena, the new conforming loan limit
