FHA Loan Limits have been modified – Check with your Lender

Still in process, the FHA is modifying their Lending Guidelines as far as Purchase Amounts that will be allowed for FHA financing.

Santa Clarita LendersIn the Past this number differed by County/City.  Today the same still holds true when it comes to borrowing money using a FHA loan.

Best advice? – Contact your lender if you are in the “home buying” process to make sure this does not negatively affect you.

Here is a link to the FHA website that will allow you to search for the new numbers as they relate to your FHA loan and lending.

Click here for the Federal Housing Administration Loan Guidelines and Approved Amounts.

BTW – We have GREAT Lenders that work well with our Paris911 Santa Clarita Real Estate Team. Let us know if you would like us to introduce you.

FHA Mortgage Limits

Welcome to the FHA Mortgage Limits page. This page allows you to look up the FHA mortgage limits for your area or several areas, and then list them by state, county, or Metropolitan Statistical Area. Detailed help is available, or send questions to the Single Family Administrator.

/ /


Appraisals can be a sellers worst nightmare

When a Real Estate Agent approaches a seller with an offer for their home, that they have listed for sale, they should have a pretty solid idea of Fair Market Value. However, we have been surprised in the past as have other agents.

With regard to buyers, we have been watching as our clients have had us construct an offer, on a home for sale, at Fair Market Value. The appraiser, working for the bank that is loaning our buyers money, came back establishing value at lower than was originally offered.  Paris and I are elated as are our clients.

However, it does not always happen that way.  Sellers, be them bank or private, sometimes don’t adjust their sale price to meet the value as established by the appraiser. If the offer that was written was conventional – that appraisal will not be seen by anyone.  However, if the offer that was written was FHA or VA, the property is now tagged with that specific appraisal for 6 months.

The fact that the seller refused to adjust their sales price to the value established by the appraiser will be seen by every subsequent FHA or VA offer.  Each FHA or VA appraisal that is completed on a property establishes a FHA/VA Case Number corresponding to the specific street address.  Basically, the seller shot themselves in the foot with being able to accept any future VA or FHA offers, unless willing to adjust their list price.

Conventional Offers are a different story – they are not tracked.  It could happen, as our experience has shown, that a Conventional Offer comes in and steals the show.  FHA and VA have more strict requirements as they relate to “home condition”. Fixers, except for specific types allowed by the FHA 203k rehab program, are not accepted by FHA or VA financing.  That previous statement also will depend on how much the “seller” is willing to bring the home around to conform with those home condition standards that have been established by an FHA or VA appraiser.

Before a Good Realtor will take their client out to a home, condo or town-home, they will have run the area, home or complex to ensure that those homes they are showing to their clients, are approved for the FHA and or VA loans.

It is very important to meet with the agent you are choosing before you look at house 1. Today, right now, you could pick up the phone and find a Realtor that is willing to meet with you at a particular property that you found on line.  However, you are not buying a pair of shoes. Get good information and take the time to see if the Realtor you are hiring is a good fit and if they have your best interests at heart.