2017 Loan Limits for VA, FHA and Conventional loans | The Mortgage Minute | San Diego Home Loans
Hello and welcome to this week’s episode of The Mortgage Minute presented by Laura Borja, your San Diego home loan expert. This week we will be taking a look at the 2017 conforming and high balance loan limits for San Diego county. We have some very exciting news! For the first time since 2006, the conforming loan limit has been increased! Say goodbye to the old 417 limit and say hello to the new 2017 conforming loan limits nationwide! These loan limits have been confirmed by Fannie and Freddie for conventional financing as well as by HUD for FHA loans. VA is expected to follow suit except that they have only one loan limit. They don’t increase it based on the number of units in the property. The expected maximum conforming VA loan limit should be $424,100. Now if you live in high-cost areas like we do here in San Diego, you also have access to high balance loans. And these are the loan limits for us here in San Diego. A high balance loan allows you to finance a bigger loan amount but still be able to follow the standard conforming loan guidelines by fannie and freddie instead of having to move over to be sometimes more restrictive guidelines of jumbo or non-conforming financing. By the way, when you see interest rates advertised on the internet or newspaper or radio, those rates usually are referring to conforming loans not high balance loans. Do you want to check out what the loan limits are in other parts of the country or the state? Then go to mysdlender.com/2017limitsUS Let’s do a quick recap of down payment requirements. These will all be for one unit properties by the way. If you are a first time homebuyer purchasing an owner-occupied property, conforming loans will allow you to get in with as little as 3% down, 5% is the minimum requirement for everybody else unless you are an investor. Then you will need a minimum of 15%. FHA remains the same at 3.5% and VA at zero down up to the county loan limit. The high balance down payment requirements are pretty much the same as the conforming loans accept that there is no provision for first-time homebuyers. Everyone has to come up with a minimum of 5% down for one unit properties owner occupied or 15% if you are an investor. And there you have it. A quick look at the 2017 loan limits for San Diego County. Thanks for checking out this week’s The Mortgage Minute. Until next time.