New 2019 Loan Amounts!
The following article will discuss the new loan amounts for Riverside, San Diego, Los Angeles and Orange county; as well as what that means for a home buyer!
FHA: The previous FHA loan limit in Riverside county was $405,950. This meant that you could buy a maximum home price of about $420,675. Now with the new loan limits, in Riverside county ($431,250) you can buy a $446,500 home with only 3.5% down! This is exciting because it opens more options for shoppers in a higher price range.
Los Angeles and Orange counties are going up to a loan limit of $726,575! That means you could purchase up to about a $753,000 purchase price with only 3.5% down!
Conventional: Conventional loan limits will rise nationally to $484,350, which means you could buy up to a $499,300 home with only 3% down, no matter the county!
VA:For VA the typical increase will be to $484,350, except in special areas. San Diego will increase to $690,000 while Los Angeles and Orange counties will go to $726,525 with 0% down!
I am excited because this will open doors for so many families that loved homes that were just out of their price range because of the previous loan amount caps!