FHA Loan Limits for Long Beach-Los Angeles and Orange County – Long Beach Real Estate News
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New FHA Loan Limits
Los Angeles County and Orange County FHA loan limits are rising January 1, 2009. What does that mean to todays home buyers? This means that Fannie Mae and Freddie Mac loans remain high through the end of 2008, buyers can qualify for higher loans on homes closing prior to the end of this year. Once the New Year rolls around buyers will have less buying power due to the lower loan limits. This is true for all residential loans, including; homes, condos and residential investment property under 4 units.
| Current FHA Loan Limits through 12/31/2008 |
Maximum Loan Amount |
| One Unit Limit |
$729,750 |
| Two Unit Limit |
$934,200 |
| Three Unit Limit |
$1,129,250 |
| Four Unit Limit |
$1,403,400 |
Whats the big deal? Lower maximums loan amounts means decreased buying power.
| FHA Loan Limits Effective 1/1/2009 | Maximum Loan Amount |
| One Unit Limit |
$625,500 |
| Two Unit Limit |
$800,775 |
| Three Unit Limit |
$967,950 |
| Four Unit Limit |
$1,202,925 |
Today is November 16, 2008. It is still possible to find and close on a home or condo before the new lower loan limits take effect. If you have been thinking about buying, were contemplating putting that purchase off until after the New Year and are in the price range that would be affected by the new lower FHA loan limits, you might want to consider getting out there right now while you can still take advantage of the higher FHA loan limits. Remember, your escrow must close prior to 12/31/2008.
Federal Housing Authority Home
Real estate is always a good purchase, now really is a very good time to consider purchasing a Long Beach Home, Condo or Income Property. If you have been sitting on the fence call us today to discuss your needs and wants. We are always here for you. Call Laurie (562) 212-5420
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