New FHA Loan Limit For Long Beach Homes
Leave a comment »Updated 10/10/2008:
FHA loans
are available to a maximum loan of $729,750 with a minimum 3.5% down
payment (up from 3% as of 1/1/09).
January 1, 2009 they are
currently scheduled to drop the maximum loan amount to $625,000, this
could change.
FHA Lending Limits for LOS ANGELES COUNTY (LOS ANGELES-LONG BEACH-GLENDALE, CA METROPOLITAN AREAS):
- Single Family Home or Condo: $729,750
- Duplex: $934,200
- Tri-plex: $1,129,250
- Four-Plex: $1,403,400
Jumbo Loans are
currently requiring approximately 30% down payment and start at
$729,000, also currently scheduled to drop concurrently on 1/1/09 to
$625,000 unless something changes between now and then.
What is the new FHA loan limit for Long Beach?
I was a guest on Real Estate Radio USA,
yesterday, hosted by Barry Cunningham and Barry Johnson. I talked
about the impact of the higher conforming and FHA loan limits and how
it might shore up the “desperate” real estate markets. Real Estate
Radio USA is a provocative and engaging program for real estate
professionals and airs daily from 1PM-3PM (Pacific Daylight Time). Listen to my interview here.
Sorry to keep you in suspense with the little self promotion there. The new FHA loan limit for Long Beach is $729, 750. FHA loans can be useful for Long Beach home buyers because:
1- Only 3.5% downpayment is required. Some Long beach homebuyers have had to put as much as 10% down to obtian financing; the FHA loan can solve that problem.
2- Credit scores are not used in the underwriting process. You still need to pay your bills but a loan can be funded if your credit score fell because of incorrect information on your credit report.
3- FHA loans don’t have a “declining market adjustment”. Many Long Beach home buyers have been caught by surprise, when trying to obtain a home loan, and have had to put an extra 5% down.
4- the FHA 203-k loan program allows for “rehab or repair” financing.
Interested in buying a home in Long Beach but unsure about how to finance it?
Call Brian Brady at (858)-777-9751
| Laurie Manny Long Beach Realtor (562) 212-5420 |
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