The Federal Housing Finance Agency has released the conforming loan limits change for 2017. This change resulted in higher loan limits beginning in January for many counties across the country.
The Federal Housing Administration is insuring loans for people looking to purchase a home or refinance a home with a little equity. The program insures loans up to the maximum loan limit in the county in which the property is located.
The maximum loan limit in San Diego County is rising to $612,950 for 2017. This represents a significant change for people looking to purchase a home who have good income, sufficient credit, and a healthy debt-to-income ratio who are otherwise tight on cash to close. This change represents bigger borrowing power in nearly every county across the United States.