Every year the FHFA (Fannie Mae & Freddie Mac), FHA, and the VA revise their maximum county mortgage limits throughout California. You can search the 2018 maximum loan limits by county for FHA, VA, and Conventional loans throughout all of California down below.
California’s 2018 Conventional Conforming County Loan Limit
What is a Conforming loan? A conforming home loan is one that meets, or “conforms” to certain qualifying guidelines set forth by Government Sponsored Entities (GSE’s) Freddie Mac and Fannie Mae.
California high-cost county loan limits are derived by median home prices in a particular county and have a ceiling of 150% of the baseline mortgage limit. Loan amounts between $453,100 and $679,650 are referred to agency ‘High Balance’ or ‘Super Conforming’ loans because they exceed the baseline limit.
2018 FHA County Loan Limits in California
HUD/FHA determines their maximum county mortgage limit differently than FHFA (Conventional conforming loans). The FHA is required to set single family floor and ceiling loan limits ranging from 80% to 150% of the median house prices.
The current floor is $294,515 and the ceiling is $679,650.
FHA Jumbo loan limit – California FHA loan amounts in high-cost counties between $453,100 and $679,650 are referred to FHA jumbo loans or FHA high balance loans.
2018 VA County Loan Limits in California
The VA (Dept. of Veteran Affairs) Home Loan doesn’t actually cap or limit the loan amount but they do limit the amount they will insure.
The VA has once again adopted the FHFA’s 2018 baseline conforming and high balance loan limits for there own.
VA Jumbo Loans – VA loan amounts greater than the county mortgage limit are often referred to as VA Jumbo loans. When the loan amount exceeds the county limit, a down payment (or equity) equal to 25% of the difference between the maximum loan limit and the lower of the sales price or appraisal value is required to secure VA financing.
Loan limits listed below are for 1 unit properties. Loan limits for 2-4 units are higher. Contact me for details on qualifying and loan limits for 2-4 unit property.
|County||2018 FHA Loan Limit||2018 Conventional Loan Limit||2018 VA Loan Limit|
|San Luis Obispo||615,250||615,250||615,250|