Orange County First Time Buyers Are Taking Advantage of the FHA Jumbo Loan Limit
By Tim Storm, Orange County FHA and VA Home Loan Specialist
(Fairway Independent Mortgage Corporation)
Orange County FHA loan limits are higher in 2009 than they have ever been, allowing for home buyers to purchase "high priced" homes with only 3.5% down payment. Just last year, at the beginning of 2008, the highest the Orange County FHA limit had ever been was $362,790. In mid 2008 the limit was increased substantially to $729,750. For a few months at the beginning of 2009 the limit was down to $625,500, but in March was again increased to $729,750.What Does this high loan limit do for an Orange County home buyer?This allows an Orange County FHA first time home buyer (or any home buyer) to purchase a home for $755,000 with only 3.5% down payment. For a price that high their income would need to be at least $165,000 per year, verifiable, but that's a lot of leverage in a finance environ...
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