For 2021, the FHFA (Federal Housing Finance Agency), FHA, and the VA have updated their maximum county mortgage limits in California. California’s 2021 maximum county loan limits for FHA, VA, Conventional and Jumbo loans are listed down below.
California’s 2021 Conventional Conforming County Loan Limit
What is a Conforming loan? A conforming home loan is one that meets, or “conforms” to certain qualifying guidelines (like loan amounts) set forth by Government Sponsored Entities (GSE’s) Freddie Mac and Fannie Mae.
California has what’s referred to as ‘high-cost’ county loan limits that are derived by median home prices in a particular county and have a ceiling of 150% of the baseline mortgage limit. Loan amounts between $548,250 and $822,375 are referred to agency ‘High Balance’ or ‘Super Conforming’ loans because they exceed the baseline limit.
2021 FHA County Loan Limits in California
HUD/FHA determines their 2021 maximum county mortgage limit differently than FHFA. The FHA (Federal Housing Administration) is required to set a single family floor and ceiling loan limits ranging from 80% to 150% of the median house prices.
The FHA’s current floor is $331,760 and the ceiling is $765,600.
FHA Jumbo loan limit – California FHA loan amounts in high-cost counties between $510,400 and $765,600 are referred to FHA jumbo loans or FHA high balance loans.
2021 VA County Loan Limits in California
Good news….VA loans in California no longer have a county loan limit for 2021! In VA Circular 26-19-30, the VA announced that President Trump signed the Blue Water Navy Vietnam Veterans Act that removes all county loan limits for Veterans
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||2020 FHA Loan Limit||2020 Conventional Loan Limit|
|San Luis Obispo||690,000||690,000|