2018 Riverside County Conforming, FHA, VA Loan Limit

2018 riverside-county-mortgage-limits

2018 Conforming Loan Limit in Riverside County

Conforming Conventional loan limits refers to loans secured and underwritten to the FHFA or Fannie Mae/Freddie Mac guidelines and standards.  The term ‘Conforming’ is often used to refer to Conventional financing.

2018 Riverside County Conforming loan limit is $453,100

This means if your loan  amount exceeds $453,100, it will not ‘conform’ to Fannie/Freddie guidelines and require 1 of 2 options.

  1. Secure a Jumbo or Non-Conforming loan
  2. Secure a conforming 1st at $453,100 and a 2nd loan for the balance exceeding that amount, often referred to as a piggyback combo loan or 80/10/10 or 80/15/5.

2018 FHA Loan Limit in Riverside County

The Federal Housing Administration (FHA) sets a floor and ceiling loan limit for each county in California.

2018 FHA loan limit in Riverside County is $405,950

If putting the minimum 3.5% down for an FHA loan, that means your max sales price would need to be about $420,500.

To purchase a home priced more than $420,500, you would need a down payment large enough to keep the loan amount at $405,950….or use our Conventional loan that only requires 3% down or even 1% down.

2018 VA Loan Limit in Riverside County

Although the the Dept. of Veteran Affairs (VA) technically doesn’t have a maximum loan limit, the VA loan establishes a limit to determine how much of a down payment the Veteran will need when exceeding the limit.

2018 Riverside County VA loan limit is $424,100

Veterans can still secure a VA loan (with no monthly mortgage insurance) that exceeds $453,100 with a small down payment.

For example: If the county VA loan limit is $453,100, and the Veteran is buying a $500,000 home, they’ll need to come in with 25% of the difference between $453,100 and $500,000.  So the VA loan down payment requirement would be $11,725….assuming the Veteran has full entitlement.

Work with a Creative Mortgage Lender

When preparing to buy a home or even refinance a home, make sure you get the facts and learn about all of your options.  The last thing you want is to receive and act on limited or poor advice from a sales person pretending to be a mortgage advisor.

Call me at 951-215-6119 or contact me here to discuss your scenario, get an estimate, or simply ask a question.

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