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 March 20, 2009

Loan Limits on FHA, FNMA, and FHLMC in San Diego Return to 2008 Limits
In 2008, loan amounts up to $697,500 were insured by FNMA (Fannie Mae), FHA (Federal Housing Administration), and FHLMC (Freddie Mac). That amount was dropped down to $546,250 on loan closures which took place after January 1 of this year.
These agencies recently announced that 2008 loan limits were reinstated, due to the passage of H.R.1 ( The American Recovery and Reinvestment Act) The limit levels are as follows: San Diego- $697,500, Orange County and Los Angeles- $729,750.

Loan limits of this kind are commonly referred to as High Balance Conforming or Conforming Plus Loans. In San Diego County, FHA Loans which exceed $417,000 are sometimes referred to as FHA Jumbo Loans.

The restoring of the 2008 limits is great news for people who are either looking refinance or purchase with today's historically-low interest rates. Conventional borrowers are currently able to buy a home selling for $775,000 with only a ten percent down payment.