Each year the big lending institutions that regulate “Conforming Loan Limits” determine if the current guidelines are appropriate. This is measured from county to county and typically reflects the median cost of housing in each area. These loan limits are important as they cap the amount on can borrower for specific types of loans. In the past, these limits have been different depending on the type of loan you wanted – FHA, VA, or Conforming. However, more recently they different groups have simplified things by aligning their limits to be the same. There have been many years when nothing changes, and some years some counties change while other remain the same. So as a Mortgage Planner, each year we anxiously await the announcements to find out what we have to work with. We just found out that some counties will get increased loan limits for 2016 – but which ones? This year only 40 counties nationally received increases in their Conforming Loan Limits. Most relevant for us here at the GHG, only 4 counties in CA received increases. They are *Monterey *Napa *San Diego *Ventura These new loan limits will help buyers in that area take advantage of the benefits of conforming loans, when in some cases they couldn’t otherwise. If you’d like to find out what the new limits are, or are interested in how this can be important to
The new 2015 Loan Limits could affect millions of homeowners, and they might not even know why. But before we get to why, let’s talk about what… What are loan limits? In this case, we’re talking about the Fannie Mae and Freddie Mac loan limits for 2015. These are the highest loan amounts that the 2 giants will purchase, also known as conforming loans. This is a built in demand for loans that fit these specific guidelines, which typically yields the best rates and terms. More recently, FHA and VA have simply adopted Fannie and Freddie’s limits as well, making these figures even more important. In all 46 Counties hive increased loan limits for 2015. 4 of those counties are here in CA. You guessed it, San Diego is one of them! Ok, so now the WHY, why does is matter? The impact of the increased limits could be very substantial. In fact, it’s a mistake to think it simply effects home buyers and those seeking refinances. Here’s a short list of all the things that new loan limits could effect: 1- Home Buyers 2- Sellers 3- Real Estate Agents 4- Refinances 5- Home Values The most surprising consequence will be to those folks that are not currently selling, buying or refinancing. Everyday homeowners could have options open up to them that could save thousands of dollars simply by taking
Just a quick one today. Over the last several weeks I’ve been bringing you updates on the different loan limits for individual loan programs such as FHA, VA & Conventional loans. I thought it would be valuable to have a quick reference to all of them in one spot. Below you’ll find a chart of the 2014 Loan Limits for FHA VA and Conventional Programs. 2014 Loan Limits FHA Conventional VA San Diego 546,250 546,250 527,500 Los Angeles 625,500 625,500 687,500 Orange County 625,500 625,500 687,500 Riverside 355,350 417,000 417,000 San Fransisco 625,500 625,500 1,050,00 Most of these have changed in some way. So of course it’s important to make sure you pre-approvals from 2013 are still in line with these figures. For example, in Riverside county FHA now only goes upto $355,350! That a huge decrease from previous years. Conversely, VA limits went up in most cases. These numbers don’t tell the whole story though. To find how they might affect your next purchase or refinance send me a quick email by clicking here, or click my name below for my full contact info. Jeremy Beck | Mortgage Planner | 2014 Loan Limit Liason
With all the challenging news 2014 has brought the lending world, it’s great to get some good news! The 2014 VA Loan Limits have increased. What this means is that those who qualify for VA loans can now buy with Zero Down to higher limits. For Example – San Diego went from $500,000 to $527,500 -Orange County went from $668,750 to $687,500 These numbers will allow more Veterans to take advantage of one of the best loan programs in existence, and a real benefit to those who have served. For a full list of the New Loan Limits for VA or any other program CLICK HERE and shoot me a quick email with your request. Also, if your a glutton for super dry reading, here’s a direct link to the VA’s website. Have a great week! Jeremy Beck | Mortgage Planner | Bringer of Good News
Posted by Frank & Brian of the NREP FHA loan limits vary in size across the country and they top out at $729,750 in the highest of high cost areas. Come January they are reducing this max loan amount to $625,500 and they are reducing the max limits in most area’s across the board. In your real estate news and mortgage news today we come across FHA and the fact that they are lowering loan limits across the board. If this occurs in lower loan amount areas we can understand that there could be some frustration there, but in the high cost areas it seems to us to be a good idea. Think about it. You’re going to get a loan amount of almost a million dollars and you’re only required to put 3.5% down? Just seems like there’s something wrong with that. We get that in high cost areas you need higher loan amounts, but if you live in an area that requires an FHA loan of almost a million dollars, you’re probably making a decent living and it would stand to reason that you could possibly save a couple more bucks for a down payment. Re-posted by David Hughson 858-863-
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The GreenHouse Group INC Broker CA BRE#:01859042
Co-Owner, Jesse Ibanez, Agent – Jesse@GreenMeansGrow.com 858-863-0261 CA BRE#: 01405643
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