New conforming loan limits for single to 4-unit properties

Posted by Nicholas Ballard on Wednesday, September 7th, 2011 at 9:08pm.

Beginning October 1, 2011, new limits will be implemented for conforming and FHA loan sizes. These changes will apply to single and multi-family properties (1 to 4-units) and will result in sizeable loan reductions for many counties. Loans above these limits are referred to as "non-conforming" and will still be widely available. Non-conforming loans, however, generally carry higher rates and are somewhat more demanding with respect to qualifying requirements.

The new maximum conforming limit, often referred to as "high balance" or "super" conforming, will be reduced from $729,750 to $625,500 for single family units in high cost areas. Eleven California counties qualify for this maximum conforming loan amount, including six of the Bay Area's nine counties. Alameda, Contra Costa, Marin, San Francisco, San Mateo, and Santa Clara counties qualify for the maximum conforming allowances for 1 to 4-unit properties. Of the remaining three Bay Area counties, loans for single family properties top out at $592,250 for Napa, $417,000 for Solano, and $520,950 for Sonoma.

FHA loans for high cost areas are also being reduced from a maximum of $729,750 to $625,500 and range will from there, county-by-county, to as low as $271,050. In California, the big loser is Monterey County, which is seeing its FHA limit reduced from $729,750 to $483,000 -a difference of $246,750.

Here is a chart listing new conforming limits for all California counties, beginning October 1, 2011:

	1 Unit	2 Unit	3 Unit	4 Unit
ALAMEDA	$ 625,500	$ 800,775	$ 967,950	$ 1,202,925
ALPINE	$ 463,450	$ 593,300	$ 717,150	$ 891,250
AMADOR	$ 417,000	$ 533,850	$ 645,300	$ 801,950
BUTTE	$ 417,000	$ 533,850	$ 645,300	$ 801,950
CALAVERAS	$ 417,000	$ 533,850	$ 645,300	$ 801,950
COLUSA	$ 417,000	$ 533,850	$ 645,300	$ 801,950
CONTRA COSTA	$ 625,500	$ 800,775	$ 967,950	$ 1,202,925
DEL NORTE	$ 417,000	$ 533,850	$ 645,300	$ 801,950
EL DORADO	$ 474,950	$ 608,000	$ 734,950	$ 913,350
FRESNO	$ 417,000	$ 533,850	$ 645,300	$ 801,950
GLENN	$ 417,000	$ 533,850	$ 645,300	$ 801,950
HUMBOLDT	$ 417,000	$ 533,850	$ 645,300	$ 801,950
IMPERIAL	$ 417,000	$ 533,850	$ 645,300	$ 801,950
INYO	$ 417,000	$ 533,850	$ 645,300	$ 801,950
KERN	$ 417,000	$ 533,850	$ 645,300	$ 801,950
KINGS	$ 417,000	$ 533,850	$ 645,300	$ 801,950
LAKE	$ 417,000	$ 533,850	$ 645,300	$ 801,950
LASSEN	$ 417,000	$ 533,850	$ 645,300	$ 801,950
LOS ANGELES	$ 625,500	$ 800,775	$ 967,950	$ 1,202,925
MADERA	$ 417,000	$ 533,850	$ 645,300	$ 801,950
MARIN	$ 625,500	$ 800,775	$ 967,950	$ 1,202,925
MARIPOSA	$ 417,000	$ 533,850	$ 645,300	$ 801,950
MENDOCINO	$ 417,000	$ 533,850	$ 645,300	$ 801,950
MERCED	$ 417,000	$ 533,850	$ 645,300	$ 801,950
MODOC	$ 417,000	$ 533,850	$ 645,300	$ 801,950
MONO	$ 529,000	$ 677,200	$ 818,600	$ 1,017,300
MONTEREY	$ 483,000	$ 618,300	$ 747,400	$ 928,850
NAPA	$ 592,250	$ 758,200	$ 916,450	$ 1,138,950
NEVADA	$ 477,250	$ 610,950	$ 738,500	$ 917,800
ORANGE	$ 625,500	$ 800,775	$ 967,950	$ 1,202,925
PLACER	$ 474,950	$ 608,000	$ 734,950	$ 913,350
PLUMAS	$ 417,000	$ 533,850	$ 645,300	$ 801,950
RIVERSIDE	$ 417,000	$ 533,850	$ 645,300	$ 801,950
SACRAMENTO	$ 474,950	$ 608,000	$ 734,950	$ 913,350
SAN BENITO	$ 625,500	$ 800,775	$ 967,950	$ 1,202,925
SAN BERNARDINO	$ 417,000	$ 533,850	$ 645,300	$ 801,950
SAN DIEGO	$ 546,250	$ 699,300	$ 845,300	$ 1,050,500
SAN FRANCISCO	$ 625,500	$ 800,775	$ 967,950	$ 1,202,925
SAN JOAQUIN	$ 417,000	$ 533,850	$ 645,300	$ 801,950
SAN LUIS OBISPO	$ 561,200	$ 718,450	$ 868,400	$ 1,079,250
SAN MATEO	$ 625,500	$ 800,775	$ 967,950	$ 1,202,925
SANTA BARBARA	$ 625,500	$ 800,775	$ 967,950	$ 1,202,925
SANTA CLARA	$ 625,500	$ 800,775	$ 967,950	$ 1,202,925
SANTA CRUZ	$ 625,500	$ 800,775	$ 967,950	$ 1,202,925
SHASTA	$ 417,000	$ 533,850	$ 645,300	$ 801,950
SIERRA	$ 417,000	$ 533,850	$ 645,300	$ 801,950
SISKIYOU	$ 417,000	$ 533,850	$ 645,300	$ 801,950
SOLANO	$ 417,000	$ 533,850	$ 645,300	$ 801,950
SONOMA	$ 520,950	$ 666,900	$ 806,150	$ 1,001,850
STANISLAUS	$ 417,000	$ 533,850	$ 645,300	$ 801,950
SUTTER	$ 417,000	$ 533,850	$ 645,300	$ 801,950
TEHAMA	$ 417,000	$ 533,850	$ 645,300	$ 801,950
TRINITY	$ 417,000	$ 533,850	$ 645,300	$ 801,950
TULARE	$ 417,000	$ 533,850	$ 645,300	$ 801,950
TUOLUMNE	$ 417,000	$ 533,850	$ 645,300	$ 801,950
VENTURA	$ 598,000	$ 765,550	$ 925,350	$ 1,150,000
YOLO	$ 474,950	$ 608,000	$ 734,950	$ 913,350
YUBA	$ 417,000	$ 533,850	$ 645,300	$ 801,950

Nicholas Ballard is both a mortgage broker and banker specialized in the residential Marin market. Visit him online at Ballard Loans or contact him directly to discuss your real estate lending needs:

Nicholas Ballard

Mortgage Advisor

MLO #263995

Irwin Street Financial

A Division of Pinnacle Capital Mortgage Corp. NMLS # 81395

700 Irwin Street, Suite 300

San Rafael, CA 94901

Tel: 415-453-6200

Fax: 415-762-5307

Nicholas@ballardloans.com

Licensed by the Department of Corporations under the California Residential Mortgage Lending Act. Equal Housing Lender.