Orange County FHA Limits are Official for 2009!
Great News for Anyone Considering buying a Home in Orange County with an FHA Loan!
Well, its official. Last week FHA released the lending limits for 2009. It had been anticipated that the new limit would be approximately $625,000, and that is very close to where the final number came in. The actual limit is $625,500 for FHA case numbers issued after January 1, 2009. This is good news. FHA had temporarily raised the limit to $729,750 in March of 2008, but very few people have taken advantage of loan amounts even over the old limit, which was $362,790. Having the limit at $625,500 will accommodate almost anyone who is considering buying a home using an FHA loan with 3% down.
This limit is just for Orange County, along with some other "high cost" areas in the US. For example, San Diego will have a limit of $546,250. Riverside and San Bernardino will have a limit of $355,350. Los Angeles, however, will have the higher limit of $625,500.
Anyone looking to buy a home for $645,000 can do it with only 3% down. FHA is a "Full Income" documentation loan, but still has flexibility with credit and down payment. A potential buyer can get approved with a FICO score as low as 580. Also, the down payment can come from a gift or 401K if the buyer doesn't already have the funds in the bank.
In Orange County, and especially in cities like Irvine, Newport Beach, Costa Mesa, Orange, or Tustin, the high limit will make FHA the loan of choice for any buyer who has less than 10% for down payment, or is getting a gift for the down payment.
Well, its official. Last week FHA released the lending limits for 2009. It had been anticipated that the new limit would be approximately $625,000, and that is very close to where the final number came in. The actual limit is $625,500 for FHA case numbers issued after January 1, 2009. This is good news. FHA had temporarily raised the limit to $729,750 in March of 2008, but very few people have taken advantage of loan amounts even over the old limit, which was $362,790. Having the limit at $625,500 will accommodate almost anyone who is considering buying a home using an FHA loan with 3% down.
This limit is just for Orange County, along with some other "high cost" areas in the US. For example, San Diego will have a limit of $546,250. Riverside and San Bernardino will have a limit of $355,350. Los Angeles, however, will have the higher limit of $625,500.
Anyone looking to buy a home for $645,000 can do it with only 3% down. FHA is a "Full Income" documentation loan, but still has flexibility with credit and down payment. A potential buyer can get approved with a FICO score as low as 580. Also, the down payment can come from a gift or 401K if the buyer doesn't already have the funds in the bank.
In Orange County, and especially in cities like Irvine, Newport Beach, Costa Mesa, Orange, or Tustin, the high limit will make FHA the loan of choice for any buyer who has less than 10% for down payment, or is getting a gift for the down payment.
Authored by Tim Storm, an Orange County, CA Loan Officer – Please contact my office at Frost Mortgage Lending Group for more information about an Orange County, CA home loan. 877-786-4243 x 7.
Contact us for your Orange County FHA Mortgage:
Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.
877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com
* Licensed by California Dept. of Real Estate. Lic. # 01190897
Posted by Tim Storm at 11/9/2008 12:24 PM 
Categories: Irvine FHA,First Time Buyer,First Time Home Buyer,Orange County FHA,FHA,Irvine Mortgage,FHA Loans
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Categories: Irvine FHA,First Time Buyer,First Time Home Buyer,Orange County FHA,FHA,Irvine Mortgage,FHA Loans
Tags: Orange county FHA va home loan orange county va loan orange county first time home buyer orange county fha loan
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