What's New in California Mortgage Lending?
Advantage Mortgage Service - Su Casa Project
Gift Money to Help You Buy a Home
Nehemiah, a non-profit organization, assists low to moderate income homebuyers in acquiring gift funds to purchase their first home! Call today to find out if you qualify.
New Loan Limits for 2000
| Max Conventional Loan: |
Number of Units |
| $252,700 |
1 - SFR or Condo |
| $323,400 |
2 Units |
| $390,900 |
3 Units |
| $485,800 |
4 Units |
Conventional, Conforming Loans are purchased in the secondary mortgage market by Fannie Mae (FNMA), Freddie Mac (FHLMC) and other investors. The for these loans are shown in the above table.
Higher loan amounts are available. Loans amounts which exceed conventional, conforming limits are called Jumbo Loans or Non-conforming.
| Max FHA Loan: |
Number of Units |
| $219,849 |
1 - SFR or Condo |
| $281,358 |
2 Units |
| $340,083 |
3 Units |
| $422,646 |
4 Units |
FHA Loans - As of December 30, 1999, HUD revisited FHA loan limits and established new limits for FHA loans based upon geographic median housing prices and/or FNMA loan limits. Effective, 1/1/2000, the new mortgage loan maximums are shown in the table above. Limits are area specific. A list of current limits may be found at the HUD web page. Max loan limits for Los Angeles County are shown below.
| Max FHA Loan - Los Angeles County: |
Number of Units |
| $214,985 |
1 - SFR or Condo |
| $252,866 |
2 Units |
| $305,631 |
3 Units |
| $379,842 |
4 Units |
Fannie Mae and Freddie Mac offer computerized, one day, underwriting
FNMA Desktop Underwriting - LOAN FUNDING IN LESS THAN 2 WEEKS!
- Apply by computer.
- Approval within !
- Loan funds in 10 - 14 days!
- CALL TODAY to ask about the new computer assisted application!
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