The 2013 FHA conforming / jumbo loan limit in Riverside County, California was just extended back to $500,000. Many believe this action was critical in helping the Inland Empire housing market rebound to help more home buyers qualify for FHA’s low interest rate & low down payment mortgage programs.
Contrary to what many people believe, you don’t have to be a first time home buyer to qualify for a low rate 3.5% down payment FHA loan. We even have assistance programs that work with FHA financing and only require .5% down payment!!
The Riverside County & San Bernardino County loan limit had dropped to $355,350 after the increased temporary loan limit expired October 1st, 2011. This drop in loan limit meant a home buyer could no longer finance a home purchase over $368,000 using the minimum 3.5% down payment. Needing to come in with larger down payments would mean fewer buyers, right?
Riverside County
Riverside County 2013 FHA Loan Limit: $500,000
Riverside County 2013 Conventional Loan Limit: $417,000
San Bernardino County
San Bernardino 2013 FHA Loan Limit: $500,000
San Bernardino 2013 Conventional Loan Limit: $417,000
Loan Amounts between $417,000 and $500,000 are referred to as FHA jumbo, agency high balance, or jumbo conforming loans and may carry slightly higher rates or fees. Click this link to view county by county California 2013 FHA and conforming Conventional loan limits.
If you want to accurately compare the difference between FHA and Conventional (Fannie Mae/Freddie Mac) financing for your home purchase or refinance, feel free to call me direct at (951) 215-6119.
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