Every year the FHFA (Fannie Mae & Freddie Mac), FHA, and the VA revise their maximum county mortgage limits throughout California. You can search California’s 2020 maximum county loan limits for FHA, VA, Conventional and Jumbo loans down below.
California’s 2020 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 $510,400 and $765,600 are referred to agency ‘High Balance’ or ‘Super Conforming’ loans because they exceed the baseline limit.
2020 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 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.
2020 VA County Loan Limits in California
The VA (Dept. of Veteran Affairs) Home Loan surprised everyone by announcing in VA Circular 26-19-30 that President Trump signed the Blue Water Navy Vietnam Veterans Act that removes all county loan limits for Veterans!
This means a Veteran is no longer limited to a certain loan amount and will not be required to make a down payment in order to exceed the county loan limit.
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|