2018 Riverside County Conforming, FHA, VA Loan Limit

2018 riverside-county-mortgage-limits

The 2018 Riverside County FHA, VA and Conventional Conforming loan limits have increased once again.

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.

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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