- The new limits for Orange County are:
Single Family Residences: $729,750
*2 Family Residences: $934,200
*3 Family Residences: $1,129,250
*4 Family Residences: $1,403,400
- Single Family Limits for San Diego were increased to $629k and for Riverside they were increased to $500k.
Now it will take a little time to filter down, but this temporary increase, will certainly help home buyers have access to better jumbo loans, which was previously set at $417,000. As well, this should build some security for investors to increase their demand for these federally insured loans, resulting in jumbo rates coming down!
If you are in the process of re-financing and or considering buying a home, keep in mind not all Lenders are FHA approved. In addition, there are specific requirements a homeowner must meet when selling to a FHA buyer.
Keep in mind this is technically a temporary change till the end of 2008. I wouldn't imagine they will go back down to the previous levels as there is legislation to secure California is a high cost state but you never know.
This change, along with the current inventory level and reduced pricing, we just about have a perfect storm for buyers!
* These are 2-4 units’ investment properties
Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she’s helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you’re considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It’s Possible!
The above information is provided as a courtesy and is deemed reliable but not guaranteed.