FHA Loan Limits 2015 California

FHA ANNOUNCES NEW LOAN LIMITS TO TAKE EFFECT  THE 1ST OF JANUARY
The 2015 FHA Loan limits for highest and lowest cost areas will remain unchanged

California FHA Loan Limits 2015WASHINGTON – The Federal Housing Administration (FHA) today announced the agency’s news schedule of loan limits for 2015. These loan limits are effective for case numbers assigned on or after January 1, 2015, and will remain in effect through the end of the year. Read FHA’s mortgagee letter detailing the agency’s new loan limits.

FHA’s calculation for maximum loan limits in high cost metropolitan areas of the country will remain the same as the 2014 level of $625,500. The current standard loan limit for areas where housing costs are relatively low will also remain unchanged at $271,050.

Each year, FHA recalculates its national loan limit based on a percentage calculation of the national conforming loan limit. Depending on those limits, FHA’s minimum national loan limit “floor” is at 65 percent of the national conforming loan limit. The floor applies to those areas where 115 percent of the median home price is less than 65 percent of the national conforming loan limit.

Conversely, any area where the loan limit exceeds the “floor” is considered a high cost area. The maximum FHA national loan limit “ceiling” is at 150 percent of the national conforming limit. In areas where 115 percent of the median home price (of the highest cost county) exceeds 150 percent of the conforming loan limit, the FHA loan limits remain at 150 percent of the conforming loan limit.

Areas are eligible for FHA loan limits above the national standard limit, and up to the national ceiling level, based on median area home prices. Additional information and loan limit adjustments for two-, three-, and four-unit properties, and in Special Exception Areas, are noted in FHA’s mortgagee letter. An attachment to the Mortgagee Letter provides information on which counties are eligible for loan limits above the national standard. Borrowers with existing FHA insured mortgages may continue to utilize FHA’s Streamline refinance program regardless of their loan balance.

The mortgage loan limits for FHA-insured reverse mortgages will also remain unchanged. The FHA reverse-mortgage product, known as the Home Equity Conversion Mortgage (HECM), will continue to have a maximum claim amount of $625,500, with actual loan limits based on property value, borrower age, and current interest rates. Reverse mortgages allow homeowners age 62 and older to age in place by borrowing against the value of their homes without any requirements for monthly payments; no repayment is required as long as a homeowner lives in the home. The reverse mortgage is repaid, with interest, when the homeowner leaves the home.

Resourse page for information found here http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2014/HUDNo_14-152

California City Name Limits 1 Unit Limits 2 Units Limits 3 Units Limits 4 Units
ALPINE, CA  463,450   593,300  717,150  891,250
AMADOR, CA  332,350  425,450  514,300  639,150
CHICO, CA  293,250  375,400  453,750  563,950
CALAVERAS, CA  373,750  478,450  578,350  718,750
SACRAMENTO,ROSEVILLE, ARDEN, ARCADE, CA  474,950  608,000  734,950  913,350
FRESNO, CA  281,750  360,700  436,000  541,800
EUREKA, ARCATA, FORTUNA, CA  327,750  419,550  507,150  630,300
INYO, CA  369,150  472,550  571,250  709,900
MARIPOSA, CA  322,000  412,200  498,250  619,250
UKIAH, CA  373,750  478,450  578,350  718,750
MONO, CA  529,000  677,200  818,600  1,017,300
SALINAS, CA  502,550  643,350  777,650  966,450
NAPA, CA  615,250  787,650  952,050  1,183,200
TRUCKEE-GRASS VALLEY, CA  477,250  610,950  738,500  917,800
PLUMAS, CA  336,950  431,350  521,400  648,000
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA  355,350  454,900  549,850  683,350
SAN DIEGO-CARLSBAD, CA  562,350  719,900  870,200  108,1450
STOCKTON-LODI, CA SAN JOAQUIN, CA  304,750  390,100  471,550  586,050
SAN LUIS OBISPO-PASO ROBLES-ARROYO GRANDE  561,200  718,450  868,400  1079,250
REDDING, CA  273,700  350,350  423,500  526,350
SIERRA, CA  304,750  390,100  471,550  586,050
VALLEJO-FAIRFIELD, CA SOLANO, CA  400,200  512,300  619,300  769,600
SANTA ROSA, CA  520,950  666,900  806,150  1,001,850
MODESTO, CA  276,000  353,300  427,100  530,750
SONORA, CA  331,200  424,000  512,500  636,900
OXNARD-THOUSAND OAKS-VENTURA, CA  603,750  772,900  934,250  1,161,050
YOLO, CA  474,950  608,000  734,950  913,350

FHA High Balance FHA Loan Limits 2015 California

Area Location LIMITS 1 Unit LIMITS 2 Units LIMITS 3 Units LIMITS 4 Units
SAN FRANCISCO-OAKLAND-HAYWARD, CA  625,500  800,775 $967,950 $1,202,925
LOS ANGELES-LONG BEACH-ANAHEIM, CA  625,500  800,775 $967,950 $1,202,925
SAN JOSE-SUNNYVALE-SANTA CLARA, CA  625,500 800,775 967,950 1,202,925
SANTA MARIA-SANTA BARBARA, CA  625,500  800,775  967,950  1,202,925
SANTA CRUZ-WATSONVILLE, CA  625,500  800,775  967,950  1,202,925

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