New Loan Limits in Riverside County

Filed under: Temecula Real Estate

Tagged with: · ·

Did you know that loan options have changed, affecting people that are buying homes? If you are planning to apply for financing, then you need to know about the new loan limits that are in place here in Riverside County.

2018 Loan Limits

In 2018, we have new loan limits for both conventional loans and VA loans. The current limit is set at $453,100, which is about a seven percent increase compared to the loan limits in 2017.

FHA loan limits have also changed: they are now at $405,950, which is also a significant increase compared to the limits last year.

What Does It Mean for You?

Why is there significance in the loan limit changes that we’ve seen this year? Higher loan limits are beneficial for sellers, because buyers now have more money available when buying a home. These changes bring more people into the space where they can compete for homes that are priced between $400,000 and $500,000 when using a down payment.

Buyers also benefit from these loan limit changes. As a buyer, you have a little more flexibility in being able to purchase a home that will be perfect for your family. Instead of being limited by the financing that is available, your options open up since you can qualify for a bigger loan.

Higher Loan Limits = Good News for the Housing Market

Overall, I view these changes as good news for the housing market. Both buyers and sellers benefit when more funding is available for the real estate transactions. I anticipate that the higher loan limits will be a catalyst to make prices go higher. So, it might be a great time to buy a new home for your family so that you can maximize the potential equity that is available in the future.

If you need help finding a home that fits your budget, then I am always here to assist! I work hard to stay up-to-date with the real estate trends in the Temecula area. Call, text or email me if you are looking for an experienced real estate agent in the area: (951) 473-0390 or [email protected]