If you plan on purchasing a home in Riverside County, California in 2016 you will be able to qualify for a high limit FHA home loan than in 2015. The new loan limits for Riverside County are as follows:
2016 FHA Loan Limits
Single – $356,500
Duplex – $456,350
Tri-plex – $551,650
Four-plex – $685,550
If you have any questions about qualify for a California FHA home loan contact ABLEnding today. We have a team of mortgage professionals that can help you finance the home of your dreams. Even if you don’t have a credit score over 800 and a debt to income ratio that is below 20% there are still opportunity to take out a home loan in Riverside County.
With the overall housing market greatly improving in 2015 there are many economists that predict home prices will continue to increase. Now is as good of a time as ever to consider buying a home as an investment. You may also consider buying a duplex or tri-plex as a rental property. No matter what type of property you plan on purchasing we can help with all the documentation and paperwork. Rather than trying to figure out the entire FHA home loan application by yourself allow us to help. This can save you a significant amount of time and money. Unfortunately, the traffic in Riverside and near Los Angeles has gotten worse, but studies are being completed to make it better.
You may also consider financing a home sooner rather than later. The Federal Reserve Bank increased interest rates for the first time in seven years in December 2015 and some have predicted interest rates could move up three more times in 2016. Rather than waiting until the summer or fall of 2016 now is a great time to get preapproved for a mortgage. Contact us today at 866.260.2253. We will be more than happy to go above and beyond to make certain you understand all your home loan options moving forward.