The 2017 Riverside County FHA, VA and Conventional Conforming loan limits have been published and are slowly increasing.
Each year the government agencies review the area median incomes and area median home prices and update their loan limits for each county in California.
2017 Conforming Riverside County Loan Limit
2017 Riverside County Conforming loan limit is $424,100
This means if your loan amount exceeds $424,100, it will not ‘conform’ to Fannie/Freddie guidelines and require 1 of 2 options.
- Secure a Jumbo or Non-Conforming loan
- Secure a conforming 1st at $424,100 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.
2017 FHA Riverside County Loan Limit
The Federal Housing Administration (FHA) sets a floor and ceiling loan limit for each county in California.
2017 FHA loan limit in Riverside County is $379,500
If putting the minimum 3.5% down for an FHA loan, that means your max sales price would need to be about $393,000.
To purchase a home priced more than $393,000, you would need a down payment large enough to keep the loan amount at $379,500….or use our Conventional loan that only requires 3% down or even 1% down.
2017 VA Riverside County Loan Limit
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.
2017 Riverside County VA loan limit at $424,100
Veterans can still secure a VA loan (with no monthly mortgage insurance) that exceeds $424,100 with a small down payment.
For example: If the county VA loan limit is $424,100, and the Veteran is buying a $500,000 home, they’ll need to come in with 25% of the difference between $424,100 and $500,000. So the VA loan down payment requirement would be $18,975 if 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.