Monterey County, California FHA Loan Limits Increase in 2016

Monterey County is one of seven (7) counties in the state of California to see an increase in the FHA loan limits. Below find the limits for 2016 as well as the limits for the previous year of 2015

2016 FHA Loan Limits
Single – $529,000
Duplex – $677,200
Tri-plex – $818,600
Four-plex – $966,450

Old FHA Loan Limits
Single – $502,550
Duplex – $643,350
Tri-plex – $777,650
Four-plex – $1,017,300

If you are considering a home purchase in Monterey County, California in 2016 there are opportunities to find a bigger home and still qualify for a California FHA home mortgage. Remember that an FHA home loan will allow borrowers to put down a much lower down payment – only 3.5% versus a conventional mortgage which requires 20%. This is very important for first time home buyers and those that have not saved up a significant amount of cash.

With mortgage rates still very close to all time lows now is a great time to make a home purchase in Monterey County, California. Having been in the mortgage industry for years we have relationships with a number of local real estate agents and brokers that can help you find the home of your dreams. Feel free to reach out to us at any time as we can assist you in finding the best home for your current financial situation. We will also be honest and up front when it comes to the financing of a new home in 2016.

There are a number of reasons to purchase a home in 2016 with one of the best reasons is a low interest rate environment. Even though the Federal Reserve Bank could increase interest rates up to three times in the fiscal year of 2016 rates will still be near the lowest levels in history. For more information on locking in to low mortgage interest rates do not hesitate to reach out to us at any time. We will be more than happy to answer any of the questions you may have related to FHA home loans.