Mar 8, 2008

New California Loan Limits !!


The new jumbo loan limits are out.

Many thanks to the fine ladies at Masters Team Mortgage for getting this data out immediately. Here are the details behind this change - and remember, these changes are only good until the end of the calendar year (mandated in the Bush stimulus package). We'll see what happens in 2009, but if you can take advantage of these changes now, please do so!

From Masters Team Mortgage, thanks again ladies,
- Jim

The government has raised the limits on mortgages that can be purchased by the Federal Housing Administration this year. New limits are 125 percent of an area's median home price (minimum of $271,050, maximum of $729,750). Here are figures for California counties. (Limits for Bay Area counties not at maximum in parentheses.)

$729,750: Alameda, Contra Costa, Los Angeles, Marin, Monterey, Napa, Orange, San Benito, San Francisco, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Ventura

$600,000-$729,749: San Diego, San Luis Obispo, Sonoma ($662,500)

$500,000-$599,999: Alpine, El Dorado, Mendocino, Nevada, Placer, Riverside, Sacramento, San Bernardino, Solano ($557,500), Yolo

$400,000-$499,999: Amador, Butte, Calaveras, Inyo, Lake, Madera, Mariposa, Merced, Mono, Plumas, San Joaquin, Shasta, Stanislaus, Sutter, Tuolumne, Yuba

$271,051-$399,999: Colusa, Del Norte, Fresno, Glenn, Humboldt, Imperial, Kern, Kings, Sierra, Siskiyou, Tehama, Tulare

$271,050: Modoc, Lassen, Trinity

Source: U.S. Department of Housing and Urban Development

Specific to our surrounding counties:

Placer & Sacramento: $580,000!!
El Dorado & Yolo: $580,000
Merced: $472,500
San Joaquin: $488,750
Solano $557,500

*These loan limits are currently guaranteed until 12/31/08

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