Effective as of March 6, 2008, the mortgage limits for loans guaranteed by the Federal Housing Administration(FHA) have been raised in 14 high cost California Counties.
The California counties at the new maximum level of $729,750 for FHA loans are Alameda, Contra Costa, Los Angeles, Marin, Monterey Napa, Orange, San Benito, San Francisco, San Mateo, Santa Barbara, Santa Clara, Santa Cruz and Ventura.
The new, temporary loan limits range from $271,050 to $729,750. These limits are derived from the median home prices in each county. Loan limits will be set at 125% of the median sales price for an area. This increase will help provide economic stability to communities in California and give hundreds of thousands of homeowners and homebuyers throughout the country a more affordable mortgage alternative.
However, these higher loan limits are temporary and expire at the end of 2008.
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