The FHA conforming / jumbo loan limit in Riverside County, California was just restored 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.
You don’t have to be a first time home buyer to qualify for a low rate 3.5% down payment FHA loan.
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
FHA Loan Limit: $500,000
Conventional Loan Limit: $417,000
San Bernardino County
FHA Loan Limit: $500,000
Conventional Loan Limit: $417,000
Loan Amounts between $417,000 and $500,000 are referred to as agency jumbo, agency high balance, or jumbo conforming loans and can carry slightly higher rates or fees. Click this link to view county by county California 2012 FHA and conforming Conventional loan limits.
If you want to 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.
Related Articles of Interest:
- 2012 VA Loan Limit in Riverside County
- Riverside County HARP Upside Down Refinance
- Down Payment Assistance Programs for Riverside County
- Are FHA Loans Better Than Conventional Loans?
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