Is it specific to my city or for the whole county of orange? by dantheman_o_c99648 from Costa Mesa, California. Sep 17th 2013
It is specific to your county, and for Orange County it's $625,500 maximum loan amount for a single family residence. Here's Freddie Mac's link to the list.. http://www.fhfa.gov/webfiles/24675/High_Cost_Area_Loan_Limits_CY2013_HERA.pdf .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
To specifically answer your question, it's $695,000. It is $695,000 because you can only go to 90% LTV on a Super Conforming mortgage. The limit in Orange county is $625,500. With 10% down you can have a purchase price of $695,000. It is specific to the entire county of Orange and many other counties in CA.
The only thing to add to the two gentleman's excellent answers that included the maximum loan amount for your county,is that for an FHA loan you can go higher to over $729000. However it begins at the same loan amount as on a conformingconventional loan.
- It's not the home price that matters, it is the loan amount that determines whether it is a superconforming, conforming or jumbo loan - each of which have different qualifying requirements and restrictions. A loan over $417k up to $625,500 is super conforming, unless it is an FHA loan as pointed out by lgray previously
Loan amount over $417,000.00.
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