The Federal Housing Administration raised the mortgage limits to a maximum of $729,750 for 14 high-cost counties in California, as the government began providing aid to homeowners required by the recently enacted economic-stimulus package. This is huge if you have a loan balance up to 729750 or are about to buy a house with that loan amount. FHA loans do not care about credit scores and they will lend up to 97% of the value of the home with a below-market interest rate. The only catch is that you have to verify your income.
The upper mortgage limits also will apply to loans purchased or guaranteed by government-sponsored mortgage companies Fannie Mae and Freddie Mac, FHA officials said.
Details for the rest of the country are due to be announced this week. California counties such as Los Angeles and Orange will be eligible for the maximum limit, which was raised from $362,790. Lower- priced regions, such as Trinity and Lassen counties, will qualify for a loan cap of $271,050, up from $200,160.
FHA officials predicted the increases in California would aid about 33,000 individuals. The new loan limits will be in effect through the end of this year. The goal is to invigorate the market for larger mortgages, which should help push down interest rates.
The FHA said there would be an appeal process through which the new loan limits could be raised higher for counties that aren't now eligible for the $729,750 maximum, but none of the limits will be lowered, said Bill Glavin, special assistant for public affairs in the FHA's Commissioner's Office. That appeals process could be announced, along with new loan limits for the rest of the country, as early as Thursday.
"From what we understand there are not going to be a lot of areas in the country except for California that are going to be at the maximum," Mr. Glavin said.
Those who have applied for an FHA loan but haven't yet closed on it will be able to take advantage of the new limits. The new ceilings also will apply to people seeking to refinance into an FHA loan.
FHA Mortgage Limits in California by County
| County Name | Median Home Price | FHA Limit |
| Alameda County | $995,000 | $729,750 |
| Alpine County | 438,000 | 547,500 |
| Amador County | 355,000 | 443,750 |
| Butte County | 320,000 | 400,000 |
| Calaveras County | 370,000 | 462,500 |
| Colusa County | 318,000 | 397,500 |
| Contra Costa County | 995,000 | 729,750 |
| Del Norte County | 249,000 | 311,250 |
| El Dorado County | 464,000 | 580,000 |
| Fresno County | 305,000 | 381,250 |
| Glenn County | 230,000 | 287,500 |
| Humboldt County | 315,000 | 393,750 |
| Imperial County | 260,000 | 325,000 |
| Inyo County | 350,000 | 437,500 |
| Kern County | 295,000 | 368,750 |
| Kings County | 260,000 | 325,000 |
| Lake County | 321,000 | 401,250 |
| Lassen County | 200,000 | 271,050 |
| Los Angeles County | 710,000 | 729,750 |
| Madera County | 340,000 | 425,000 |
| Marin County | 995,000 | 729,750 |
| Mariposa County | 330,000 | 412,500 |
| Mendocino County | 410,000 | 512,500 |
| Merced County | 378,000 | 472,500 |
| Modoc County | 125,000 | 271,050 |
| Mono County | 370,000 | 462,500 |
| Monterey County | 599,000 | 729,750 |
| Napa County | 615,000 | 729,750 |
| Nevada County | 450,000 | 562,500 |
| Orange County | 710,000 | 729,750 |
| Placer County | 464,000 | 580,000 |
| Plumas County | 328,000 | 410,000 |
| Riverside County | 400,000 | 500,000 |
| Sacramento County | 464,000 | 580,000 |
| San Benito County | 790,000 | 729,750 |
| San Bernardino County | 400,000 | 500,000 |
| San Diego County | 558,000 | 697,500 |
| San Francisco County | 995,000 | 729,750 |
| San Joaquin County | 391,000 | 488,750 |
| San Luis Obispo County | 550,000 | 687,500 |
| San Mateo County | 995,000 | 729,750 |
| Santa Barbara County | 615,000 | 729,750 |
| Santa Clara County | 790,000 | 72,9750 |
| Santa Cruz County | 719,000 | 729,750 |
| Shasta County | 339,000 | 423,750 |
| Sierra County | 228,000 | 285,000 |
| Siskiyou County | 235,000 | 293,750 |
| Solano County | 446,000 | 557,500 |
| Sonoma County | 530,000 | 662,500 |
| Stanislaus County | 339,000 | 423,750 |
| Sutter County | 340,000 | 425,000 |
| Tehama County | 250,000 | 312,500 |
| Trinity County | 200,000 | 271,050 |
| Tulare County | 260,000 | 325,000 |
| Tuolumne County | 350,000 | 437,500 |
| Ventura County | 599,000 | 729,750 |
| Yolo County | 464,000 | 580,000 |
| Yuba County | 340,000 | 425,000 |
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