There is some good news on the real estate horizon for borrowers – the Federal Housing Agency (FHA) recently announced that the maximum conforming loan limits will be increased for Fannie Mae and Freddie Mac mortgages in 2018. High balance/super conforming maximum loan amounts in San Diego County will be $649,750.00 for single unit properties. (See below for all types of properties).
Maximum conforming loan limit for single unit properties across most of the country will increase to $453,100 in 2018. This is an increase from the current maximum of $424,100. Some counties will go up to $679,650 for single unit properties. Anything above this will be considered jumbo financing.
It is important to note that the above rates only apply to conventional loans, not to FHA and VA. But my mortgage professional tells me that those will soon change as well.
Here are the new Conventional Loan Limits for San Diego, California:
2018 Loan Limit – 1 Unit
2018 Loan Limit – 2 Unit
2018 Loan Limit – 3 Unit
2018 Loan Limit – 4 Unit
If you have any questions you can contact my mortgage broker extraordinaire, Elvin Wesley with Ranch and Coast Mortgage, at 760-580-1733.