Increasing County Loan Limits, And Why You Care

2015 New County Loan limits have been announced and guess which county was one of the lucky 46 county’s that had their loan limit increased? I’ll give you a hint, if you’re reading this blog post, you most likely live in it. That’s right, San Diego (I hope you guessed San Diego, otherwise I just completely gave that away. Maybe I should have had a longer pause, like an ellipsis instead of a period…)

Any who, our beloved San Diego County has had an increase in the median home price from the previous year, and therefore was awarded a higher county loan limit. Why exactly should you care about this? A  couple reasons; the first is that if you are in the market for a cash out refi and were previously capped by the max conforming loan limit, guess who just got a little extra cash? You! Secondly, if you were in the market to purchase and you had to increase your down payment to stay under the county’s max conforming loan limit, guess who just got a little cash back in their pocket? You! Not to mention this the county loan limit was raised based off of the increase in the median home price in our county, so if you were worried about home appreciation in San Diego, the writing is on the wall, home prices are going up.

If anything written above strikes a chord with you, and you want to know more about these 2015 county loan limits and how they might positively impact your situation, drop me a line at Scott@GreenMeansGrow.com, and me and my team will get to work on it for you.