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{"id":428,"date":"2018-12-30T20:44:56","date_gmt":"2018-12-30T20:44:56","guid":{"rendered":"http:\/\/www.1stnwm.com\/blog\/?p=428"},"modified":"2018-12-30T20:52:47","modified_gmt":"2018-12-30T20:52:47","slug":"orange-county-maximum-loan-limit-increases-in-2019","status":"publish","type":"post","link":"https:\/\/www.1stnwm.com\/blog\/orange-county-maximum-loan-limit-increases-in-2019\/","title":{"rendered":"Orange County Maximum Loan Limit Increases to $726,525 in 2019"},"content":{"rendered":"\n

As of January, 1, 2019, all mortgage lenders in California will recognize the new conforming loan limit of $726,25 for Orange County and other high cost counties throughout the state. Additionally, FHA has made a similar move and raised their own loan limits as well.<\/p>\n

\u00a0This is very good news for prospective home buyers who want to use this program to purchase a home in 2019.<\/p>\n

New FHA Loan Limit for Orange County Area: $726,525<\/strong>
In North and South OC, the conforming and FHA loan limits<\/a> for a single-family home will rise to $726,525 in 2019. That means you can buy a home for $752,800 with just 3.5% down ($26,275). The same applies to L.A. County as well as the two tend to have the same limits. San Diego moved up to $690,000. These three Southern California counties will join the higher loan limits that the San Francisco Bay area, because of higher home values in the Orange County area.<\/p>\n

Most counties in California will have higher FHA and conforming loan limits. The only county in the state where the loan limit will be unchanged from 2018 is Yuba.<\/p>\n

\u00a0<\/p>\n

An recent excerpt from a press release by Housing and Urban Development:
<\/strong>\u201cThe Federal Housing Administration today announced the agency\u2019s new schedule of loan limits for 2019, with most areas in the country to experience an increase in loan limits in the coming year.\u201d<\/p>\n

The new loan limits will be eligible for FHA loans<\/a> with case numbers designated on or after January 1, 2019. (Loan limits are adjusted each year when rising home prices merit the increase.)<\/p>\n

As of December 2018, Orange County’s median home value<\/a> was around $725,300 which is very close to the new 2019 FHA loan limit. This means just about half of all homes in Orange County were valued over the limit, while the other half were valued below that level.<\/p>\n

Here’s a brief review of the major aspects relating to FHA & Conventional loans:<\/strong>
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The Federal Housing Administration insures these loans when borrowers default and the loan goes unpaid. While this insurance mainly safeguards FHA approved mortgage lenders, it also allows more flexible qualification requirements for borrowers such as credit scores below 620 and derogatory credit. Conventional loans have minimum credit scores of 620 and recent credit history is more strict.<\/p>\n