California's 2018 Loan Limits by County
The Federal Housing Finance Agency (FHFA) recently announced new conforming loans limits for 2018, marking the second, and consecutive, increase since 2006. The increased loan limits are for conforming loans sold through Fannie Mae and Freddie Mac, with individual loan limits for 1 to 4-unit properties broken out on a county-by-county basis. The maximum “true” conforming limit has been increased from $424,100 to $453,100 for all California counties. Counties meeting the definition of “high-cost areas” will have increased “high balance” loan limits of up to $679,650. Updated limits for FHA insured loans with 96.5% financing and VA loans with 100% financing have also been released. Note: VA limits are for 100% financing within a given county, however VA guarantees allow for much larger loans.
Loans exceeding a given county’s high balance conforming limit are deemed “jumbo” and typically have far more demanding underwriting requirements.