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UPDATE!
Government Announces Conforming Loan Limit Increases
The Office of Federal Housing Enterprise Oversight (OFHEO) today announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, 2008. Fannie and Freddie are reported to be working out new underwriting standards and expect to begin offering the new loans soon.
Also, on Wednesday, the government raised the conforming loan limit for mortgages guaranteed by the Federal Housing Administration, and has begun offering the maximum limit of $729,750 for 14 California counties, up from $362,790, for loans originated between now and Dec. 31, 2008.
The Fed’s economic stimulus package approved earlier this year called for temporary increases on conforming and FHA loan limits to allow troubled borrowers to refinance out of sub-prime loans and make it easier for many new buyers to qualify for mortgages in high-cost areas, particularly in California where home prices remain among the highest in the nation.
California County Limits Obs county_ med_price FHA_1unit 185 Alameda $995,000 $729,750 MAX 186 Alpine $438,000 $547,500 187 Amador $355,000 $443,750 188 Butte $320,000 $400,000 189 Calaveras $370,000 $462,500 190 Colusa $318,000 $397,500 191 Contra Costa $995,000 $729,750 MAX 192 Del Norte $249,000 $311,250 193 El Dorado $464,000 $580,000 194 Fresno $305,000 $381,250 195 Glenn $230,000 $287,500 196 Humboldt $315,000 $393,750 197 Imperial $260,000 $325,000 198 Inyo $350,000 $437,500 199 Kern $295,000 $368,750 200 Kings $260,000 $325,000 201 Lake $321,000 $401,250 202 Lassen $200,000 $271,050 203 Los Angeles $710,000 $729,750 MAX 204 Madera $340,000 $425,000 205 Marin $995,000 $729,750 MAX 206 Mariposa $330,000 $412,500 207 Mendocino $410,000 $512,500 208 Merced $378,000 $472,500 209 Modoc $125,000 $271,050 210 Mono $370,000 $462,500 211 Monterey $599,000 $729,750 MAX 212 Napa $615,000 $729,750 MAX 213 Nevada $450,000 $562,500 214 Orange $710,000 $729,750 MAX 215 Placer $464,000 $580,000 216 Plumas $328,000 $410,000 217 Riverside $400,000 $500,000 218 Sacramento $464,000 $580,000 219 San Benito $790,000 $729,750 MAX 220 San Bernardino $400,000 $500,000 221 San Diego $558,000 $697,500 222 San Francisco $995,000 $729,750 MAX 223 San Joaquin $391,000 $488,750 224 San Luis Obispo $550,000 $687,500 225 San Mateo $995,000 $729,750 MAX 226 Santa Barbara $615,000 $729,750 MAX 227 Santa Clara $790,000 $729,750 MAX 228 Santa Cruz $719,000 $729,750 MAX 229 Shasta $339,000 $423,750 230 Sierra $228,000 $285,000 231 Siskiyou $235,000 $293,750 232 Solano $446,000 $557,500 233 Sonoma $530,000 $662,500 234 Stanislaus $339,000 $423,750 235 Sutter $340,000 $425,000 236 Tehama $250,000 $312,500 237 Trinity $200,000 $271,050 238 Tulare $260,000 $325,000 239 Tuolumne $350,000 $437,500 240 Ventura $599,000 $729,750 MAX 241 Yolo $464,000 $580,000 242 Yuba $340,000 $425,000
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