There's good news for homebuyers in Southern California looking to secure a mortgage loan with a great interest rate for a home purchase in Orange County, Ventura County, San Bernardino County, Riverside County LA County, and San Diego County.
For homebuyers looking to purchase a single-family home in Los Angeles County, the new FHA and conforming loan limits have increased to $636,150. Likewise, in Orange County, new FHA and conforming loan limits are now $636,500. Riverside County and San Bernardino County also have new FHA and conforming loan limits for a single-family home of $424,100.
North of Los Angeles in Ventura County FHA loans are now available up to $636,150, while San Diego County's new limits are $612,950
Home Loan Options in Southern California
The increases in mortgage loan limits have been widely lauded by not only home buyers, but by REALTORS®, and mortgage brokers alike. With Southern California being a high cost housing market, the increase in loan amounts offered through FHA, Freddie Mac, and Fannie Mae, will make it far easier for Southern Californians to obtain mortgage loans with great interest rates, when purchasing a home this year.
As a reminder, conforming loan limits determine the maximum amount of a mortgage that government-sponsored enterprises Fannie Mae and Freddie Mac are able to buy or guarantee. Loans that exceed these limits are deemed nonconforming or jumbo loans and almost always come affixed with higher mortgage interest rate than conforming loans.
Therefore, by increasing these loan limits in Orange County, San Diego County, Ventura County, Los Angeles County, San Bernardino County and Riverside County, greater numbers of buyers will be able to qualify for government loans and GSE loans, which often have less rigid lending requirements, and are often available with the best interest rates.
At Orange County-based Summit Lending, we are here to answer any and all questions you have regarding home loan options available today. As a direct real estate mortgage lender, we help homebuyers and existing homeowners to secure affordable mortgage loans that make sense based on your unique circumstances.
As a top Yelp! reviewed Southern California mortgage broker and direct mortgage lender, Summit Lending provides low interest rate mortgage loans to buyers and homeowners in Orange County, Riverside County, San Diego County, San Bernardino County, Ventura County and Los Angeles County markets. Summit Lending's team has the experience necessary to help you with all your home financing needs, whether you're a first-time buyer or you've bought and sold multiple homes.
Based in Huntington Beach, CA, with offices throughout Southern California, Summit Lending can be reached online, on Facebook or via phone at 888-451-9006. From conventional fixed-rate loans to Jumbo loans, VA loans and cash out refinances, we are eager to help you accomplish your short and long term real estate financing goals.