On January 1st, 2016 seven (7) California counties will see an increase in the FHA loan limits. This counties are Monterey, Napa, Riverside, San Bernardino, San Diego, San Joaquin and Sonoma. To get a detailed list of all the California FHA loan limits county by county click the link to our expanded resource. Note that the actual loan amounts are determined by property value, borrower age, and current interest rates. Also, the FHA “high cost ceiling” of $625,500 will remain in effect for California and the entire United States.
There are a handful of California counties that are at this ceiling including Alameda, Contra Costa, Los Angeles, Marin, Napa (new), Orange, San Benito, San Francisco, San Mateo, Santa Barbara, Santa Clara and Santa Cruz. Napa County will enter the “high cost ceiling” for the first time in 2016. If you have any questions related to FHA loan limits or qualifying for a California FHA home mortgage loan contact ABLEnding today. We have a staff of mortgage professionals that will work with you to help you secure the lowest interest rate on an FHA home loan.
Over the next few weeks we will continue to document the goings on in the mortgage industry. Make certain to follow our blog posts as any rate changes by the Federal Reserve Bank or updates to mortgage programs will be explained in laymen’s terms. When it comes to home loans and the mortgage market understand that no question is a bad question. Feel free to reach out to us with any questions or concerns you may have.
Having helped thousands of California home owners take advantage of low home loan mortgage rates we are confident we will be able to assist you in getting a lower monthly mortgage payment.