FHA Loan Limits increased in SLO County
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The day had finally come when I can announce that FHA has in fact restored higher loan limits in San Luis Obispo County. Good news for buyers!
Sure, not all buyers need to utilize an FHA conforming loan but some buyers will and it is a peace of mind knowing that the limit for FHA loans has been restored to $687,500 in SLO County. Why is our limit higher than other counties? Our Median home price in some of our areas are considerably higher. When you look at home prices along the coast it isn’t uncommon to see a price near 1 Million Dollars which may need to utilize that loan limit for a buyer to close. This also helps to preserve current values of homes here so that sellers don’t have to artificially lower their purchase prices just to get a property sold. Actually, there are many reasons why this increased loan limit is good for the housing market beyond just allowing qualified buyers to get loans.
San Luis Obispo County FHA Loan Limits: $687,500
Santa Barbara County FHA Loan Limits: $729,750
Happy Thanksgiving Folks~
Dom
