HUD recently released FHA loan limits for 2010. In virtually all California counties, loan limits remained the same as 2009. Great news for San Mateo home buyers, the single unit limit will not roll back to $625,000 as once thought.
2010 FHA Loan Limits for San Mateo County
| Loan Limit | # of Units |
|---|---|
| $729,750 | 1 Unit |
| $934,200 | 2 Units |
| $1,129,250 | 3 Units |
| $1,403,400 | 4 Units |
What about other Bay Area Counties? 2010 FHA Loan Limits for…
Santa Clara County, San Francisco County, Santa Cruz County, Napa County, Marin County, Alameda County, Contra Costa County, Monterey County, San Benito County
These counties have the same loan limits as San Mateo County which are:
| Loan Limit | # of Units |
|---|---|
| $729,750 | 1 Unit |
| $934,200 | 2 Units |
| $1,129,250 | 3 Units |
| $1,403,400 | 4 Units |
Solano County
| Loan Limit | # of Units |
|---|---|
| $557,500 | 1 Unit |
| $713,700 | 2 Units |
| $862,700 | 3 Units |
| $1,072,150 | 4 Units |
Sonoma County
| Loan Limit | # of Units |
|---|---|
| $662,500 | 1 Unit |
| $848,100 | 2 Units |
| $1,025,200 | 3 Units |
| $1,274,050 | 4 Units |
What is an FHA Loan?
An FHA Loan is a mortgage loan insured by the Federal Government against default. Because they are backed by the Federal Government, lenders will accept lower standards than for a conventional loan because they are protected to some degree from the borrower’s default.
Main Benefits of an FHA Mortgage Loan
The main benefits of a San Mateo FHA loan today are:
- Only 3.5% down payment required
- Lower credit requirements than most programs making it easier to qualify
- Easier to accept gift funds from family
- Allows seller credits towards closing costs
- Not just for San Mateo first time home buyers – anyone can qualify
Need an FHA Loan?
Call me at (650) 520-0915 or email me at info@SanMateoMortgageBlog.com to schedule a no obligation consultation. I’ll help you determine whether or not an FHA loan is right for your San Mateo home purchase. If not, we’ll look at other programs and how they may benefit you more.
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Chris Williamson is a Mortgage Advisor with Mortgage California specializing in San Mateo Mortgage.
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