Mortgage Video & Blogging Community

The FHA loan limits in Southern California have just been raised.  Local cities like Claremont, Upland, Pomona, Rancho Cucamonga, Glendora, will all see their loan limits increase to help home buyers with 3.5% down payment FHA programs.  Los Angeles County will see it’s FHA limits go up to $729,750 and San Bernardino County will have it’s new FHA limit be $500,000 for single family residences.  FHA units and FHA investment properties will have higher loan limits.

FAQ

Q:  Will the rates be the same as the old FHA interest rates?

A:  It is likely that the government will price in some discount points to accommodate the risk of these higher loan limits.

Q:  Who does these new FHA loans?

A:  Only lenders and brokers licensed by HUD can perform these loan services.

Q:  Will these loans be harder to qualify for if the government thinks they are riskier?

A:  No, standard FHA approval underwriting standards will still apply.  Have a pay stub, decent credit and access to 3.5% down payment and you’re ready to start.

———————————