 FHA increases loan limits in 2018
FHA announced recently increases to their loan limits beginning in 2018. These are based on 115% of median prices subject to other conditions. San Diego county is considered high-costs area. This is good news not only for standard FHA loans, but will include 203K renovation loans. This is much needed in San Diego area that will open up more neighborhoods that will fall under this new limit. 2017 2018 1 Home - $636,150 $649,750 2 Home - $814,500 $831,800 3 Home - $984,525 $1,005,450 Regarding renovation loans, using a hypothetical $60,000 construction loans the 203K loans will grow into additional zip codes in San Diego county. This will be about 10 more zip codes to a total of 58 zip codes that fall into within the new FHA loan limit. In 2018 home buyers and realtors will be able to explore more neighborhoods. This will be a significant benefit at a time when inventory is limited. Renovation loans will create more opportunities by seeking homes that are distressed, outdated or with deferred issues that will create that dream home to the home buyers personal preferences.
1 Comment
|
AuthorWill Johnson is a HUD Certified 203K Consultant since 2008. Will actively manages loans from HUD & Fannie Mae throughout San Diego & Riverside County. Archives
October 2022
Categories |
RSS Feed
We Can Help
|
Our specialty is financing with focus and expertise on construction financing. We have a full portfolio and a process to identify financing that best meets your needs and goals.
Our years of experience have developed firsthand knowledge and relationships of the full range of professionals needed in construction. We developed a team approach of highly coordinated and compatible resources to assist in feasibility, survey, design, permit process and build to the final product.
|
|
 Will Johnson,
Renovation Loan Consultant
"Work with Will"
"Financing is the Foundation to building ADUs". Will shares his expertise to renovation/construction financing since 2009. Will Johnson is a licensed mortgage loan officer specialized and committed to assist clients in creating financing to build ADUs and income properties. Will has a full portfolio of financing solutions to meet the needs of every homeowner and home buyer.
|
|