[avatar user=”toddross” size=”100″ align=”left” link=”https://www.therossgroup.com/about-us” target=”_blank”] by Todd Ross, Loan Officer
Mortgage loan limits in many California counties are being altered, pushed lower in some cases, effective January 1, 2014. Both FHA and conforming loans will be impacted by this change.
This will affect buyers who are relying on the ability to borrower higher loan amounts, and it will affect sellers who’s potential buyers might need this higher financing.
If you have questions about these changes, please comment below, or contact us directly.
These are some of the counties that will be changing:
| County | FHA loan limit BEFORE 1/1/14 | FHA loan limits AFTER 1/14 | Conforming loan limits BEFORE 1/1/14 | Conforming loan limits AFTER 1/14 |
|---|---|---|---|---|
| Los Angeles | 729,750 | 729,750 | 625,000 | 625,500 |
| Ventura | 729,750 | 729,750 | 625,000 | 598,000 |
| Alameda | 729,750 | 729,750 | 625,000 | 625,500 |
| Riverside | 500,000 | 500,000 | 417,000 | 417,000 |
| Santa Barbara | 729,750 | 729,750 | 625,000 | 625,500 |
| Contra Costa | 729,750 | 729,750 | 625,000 | 625,500 |
| Monterey | 729,750 | 729,750 | 483,000 | 483,000 |
| El Dorado | 580,000 | 580,000 | 474,950 | 474,950 |
| Marin | 729,750 | 729,750 | 625,500 | 625,500 |
| San Diego | 697,000 | 607,500 | 546,250 | 546,250 |
| Santa Clara | 729,750 | 729,750 | 625,000 | 625,500 |
| San Francisco | 729,750 | 729,750 | 625,000 | 625,500 |
* The above table is for 1 unit properties, multiple unit properties have different loan limits. Numbers are from hud.gov/lender. Comment below or contact us to find out more.
