FHA Announces New Loan Limits

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FHA - Dominic

The Federal Housing Administration (FHA) has announced new loan limits for loans made after January 1, 2016.

Here in Los Angeles, where we are considered a high cost area, FHA sets the national loan limit “ceiling” at 150 percent of the national conforming limit of $417,000.

These limits differ depending on the number of units in the property being lended on, for 2016:

With FHA loans requiring just 3.5% of the sales price as a down payment, this is an excellent opportunity to take advantage of Federal Housing Administration backed loan products, which will keep your down payment lower than the typical 20% required on a conventional loan. I am a big proponent of multi-family properties also, as the income from other units can help offset the mortgage expense for your new home.

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Call or email me today so I can connect you with a reputable lender who can help you to find out how much you qualify for and begin to show you some of the properties within your price range.

For more details on the FHA’s new loan limits, visit HUD.

 

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We do not guarantee the accuracy of square footage, lot size, or other information concerning the condition or features of the property provided by the seller or obtained from public records or other sources and the buyer is advised to independently verify the accuracy of that information through personal inspection with appropriate licensed professionals.

8124 W. 3rd Street, Suite 200, Los Angeles, CA 90048 | mobile: 310.926.2375 | dominic@dialdominic.com | calbre#01978797 | Labriola calbre#01905889
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