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2015 Loan Limits for San Diego County

It’s that time of year again.  The 2015 loan limits for San Diego County are now available.

Let’s take  look at the 2015 Loan Limits for Conventional, FHA and VA loans.

Prefer to watch a video about 2015 loan limits?  CLICK HERE

Conventional

The conforming 2015 loan limits for San Diego County will remain at $417,000.  However, because San Diego is considered a high cost area, we do have access to high balance loans (or super conforming depending on the term your lender uses) which allow for higher loan limits without the loan being considered jumbo or non-conforming. Check the limits for your county HERE

2015 Loan Limits - Conventional

The 2015 loan limits are increasing for the first time since 2011. During the 2008 to 2011 fiscal years we enjoyed temporary loan limits as a result of the Housing and Economic Recovery Act of 2008

Temp Loan Limits 2008-2011

 

FHA

The FHA loan limits are not going to be changing from 2014, at least not for now.  Changes during the year are always possible, but for now, the maximum 2015 loan limits will remain the same as last year.2015 Loan Limits - FHACheck your FHA County Loan Limits HERE

VA

The 2015 loan limits for VA loans is still somewhat up in the air.  Congress currently holds the keys to the Veteran’s Administration budget which includes the funds allocated to loan guarantee.  At this time, there is no change being made to the loan limits for 2015.  It is worth noting that VA does not have different loan amounts for different unit types.  There is only one figure for 1-4 unit properties.2015 Loan Limits - VA

One thing to remember, the loan limit is simply setting the ceiling on the maximum amount for 100% financing.  VA does not limit the loan amount as long as the veteran’s entitlement is sufficient.  That means that if a veteran wants to purchase a home that is over the county’s loan limit, a calculation is made to determine how much down payment would be required.

Check you county’s loan limit HERE

As always, feel free to contact me with any questions about this article or any other mortgage and community related topic

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