This is good news for our housing market!!
New loan limits are $729,750 for both FHA and Conforming loans!
As expected, the Department of Housing and Urban Development (HUD), announced higher loan limits yesterday for both FHA and Conventional loans. Loan limits are calculated County-by-County, based on median housing prices. These new limits are applicable to loans Los Angeles, Ventura and Orange Counties. The jump in FHA and Conventional loan limits is quite large as they were previously $362,790 and $417,000 respectively. This should mean lower interest rates for loan amounts that previously fell into the Jumbo category!
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