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FHA-backed loan amounts increased for parts of state

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moh malekpour

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May 25, 2002
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Certified Residential Appraiser
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California
http://www.latimes.com/business/la-fi-fha6mar06,1,3888364.story
WASHINGTON -- The government Wednesday raised the maximum for mortgages in 14 high-cost California counties that could be guaranteed by the Federal Housing Administration to $729,750 from $362,790.

The temporary increases announced by the Department of Housing and Urban Development are part of a recently enacted economic stimulus package and are intended to let more homeowners with high-rate mortgages refinance into government-insured loans.

The department is expected to raise FHA limits in other counties nationwide in the coming days.

The stimulus legislation also includes a temporary boost, to $729,750 from $417,000, in the cap on loans that government-sponsored mortgage giants Fannie Mae and Freddie Mac can buy or guarantee.

The California counties at the new maximum level 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
Why San Diego county is not part of this?
 

Randolph Kinney

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Apr 7, 2005
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Retired Appraiser
State
North Carolina
Maybe the median price has fallen so much, below $500,000, you don't need the new max amount FHA for most of the housing in San Diego county.
 

moh malekpour

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May 25, 2002
Professional Status
Certified Residential Appraiser
State
California
Maybe the median price has fallen so much, below $500,000, you don't need the new max amount FHA for most of the housing in San Diego county.
but not below $362,790. Is the median price in your county below $362,790 now? I don't cover San Diego county and know nothing about that market.
 
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