California Mortgage Loan Limits [mortgageloan-processor.blogspot.com]
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Many areas in the country with high costs of living, such as many places in California, will be staying the same through the next fiscal year. This means that conforming loan limits in California will rest at $ 729,750 in the most costly areas. This extension of 2011 California loan limits is the same for California FHA limits. Originally, these loan limits were set to expire at the end of 2010, but now the plan is for these high California mortgage limits to extend into the following year. Before President Obama signed his resolution on September 30, 2010, these rates were set to decrease by 40-50% in 2011.
The conforming loan limits in California determine the largest possible amount you can get from a California mortgage lender. Non-conforming loans are commonly called jumbo loans. These tend to carry higher interest rates than their conforming counterparts. This increases the amount the borrowers pay each month and make moving into a home a financial impossibility for many families. Fortunately, 2011 California loan limits will stay at their heightened level to help you and your family members make their way into a new home with the help of a California mortgage lender.
To understand California FHA limits, you cannot simply assume that since $ 729,750 is the very highest of the California mortgage limits that you will be approved for this amount. The first item that you must take into consideration is that a California mortgage lender will give out loans based on the maximum levels set in your county. If you live in San Joaquin County, the most you can be approved for is $ 271, 050 and this includes amounts for 2011 California loan limits. The highest of the California mortgage limits that of $ 729,750 can be obtained in Alameda, Marin, Stanislaus, and Yolo counties only. All other counties have varying California FHA limits and conforming loan limits in California between these two monetary amounts.
Another fact you must realize is that your credit must be good enough to be approved for the maximum California mortgage limits. You can expect to have a good chance of qualifying for the highest of the California FHA limits if you have a credit score of at least 620 and a debt-to-income ratio of less than 41%. While there are other criteria to be approved by a California mortgage lender in the amount you want to borrow, these are the basics. Recommend California Mortgage Loan Limits Topics
Question by Wendy: How much do you need to make to be able to afford a house in Southern California? I need some concrete advise here. I know all about needing good credit etc, but this issue is that I make about 65k a year, am single so no double income, and looking around it seems almost impossible to be able to buy a DECENT and NICE house in a good ne4ighborhood in the LA area. While i I dont want to live in a hut in south central or some other run-down neighborhood, I also dont expect to be living in a 10 million dollar mansion, but even moderately prized places that are somewhat decent (and dont look like they needed renovation etc) in West LA, Pasadena, West Hollywood etc are about a million or so. Down payment also doesnt seem to be making a huge difference: when you do those online mortgage calculators, the difference in mortgage between down payment and no-down payment is about 500 dollars a month. So, whether i dont own a house and save up for 5 years 500 dollars a month, or own a house and pay 500 dollars more every month in mortgage, doesnt make a difference with respect to end results. So how am I on 65k and then after raises on a 90k salary going to afford a house? I know good credit is important, but let's say you got all that....the mortgage payments are prohibitive (5000 a month for a 500k mortgage etc). How does anybody afford a house? Be a millionaire? Be married and have a combined income of 500k? That doesnt seem right, as i know people with moderate incomes that own. Who do I speak with? Where do I start? Best answer for How much do you need to make to be able to afford a house in Southern California?:
Answer by Big Bully
The problem today is no one wants to start off at the bottom.
