The FHA loan limits for Riverside County will remain the same as last year’s limits Listed below are the FHA loan limits for Riverside, San Bernardino, and Ontario California. This is not good news for some of the cities within the county where the median price is above the FHA loan limits. Areas like Temecula where median home value in is $395,800. The Temecula home values have gone up 4.5% over the past year and many predict they will rise another 4%. To view the complete list of 2015 California FHA loan limits click on the highlighted link.
Listed below are the FHA loan limits in Riverside County CA for 2015
- $355,350 Single
- $454,900 Duplex
- $549,850 Tri-plex
- $683,350 Four-plex
Other areas in Riverside County are also not going to be able to receive a FHA home loan due to the 2015 loan limits. Cities right next to Temecula like Murrieta, The median home value in Murrieta is now at $363,100. Murrieta property values have gone up 5.5% over the past year, and they are continuing to rise. Also, other cities in Riverside County, or example Corona, the home values are in the neighborhood of $442,100. The home values in Corona have rose 5.8% from 2014 and should rise another 5.0% within the year of 2015 some predict. The actual city of Riverside has homes that will fall into the 2015 FHA loan limit guidelines. There the median house is at about $301,000. Riverside County California values for homes has gone up 8.9% over the past year should go up another 6.2% within the next year of 2015.
Here is a list of cities that are in Riverside County in alphabetical order
Desert Hot Springs
Buying a home can be fun, however it is also very stressful as you wait to learn if your mortgage has been approved. There are many things that must be taken into consideration before an approval. Keep reading for simple tips anyone can use to help get them through the home mortgage process. Before you apply for a mortgage, know what you can realistically afford in terms of monthly payments. Don’t assume any future rises in income; instead focus on what you can afford now. Also factor in homeowner’s insurance and any neighborhood association fees that might be applicable to your budget.
Work with an experienced mortgage expert who understands how to find the best home loan for you. Not all lenders are the same, and although many my be approved to do FHA or VA home loans, many charge different fees. Get a copy of your credit score before you apply for a FHA mortgage. It is best to know where you stand before you complete an application for a new mortgage. You should check your credit even if you are sure you have a good score since identity theft or mistakes can occur. Never take out a new loan or use your credit cards while waiting for your home mortgage to be approved. This simple mistake has the potential of keeping you from getting your FHA home loan approved. Make sacrifices, if need be, to avoid charging anything to your credit cards. Also, ensure each payment is received before the due date. Do not close out any credit card accounts while you are in the middle of applying for a loan. This will negatively impact you since all of your credit cards were used when determining your eligibility for a loan. If you need to close your account for any reason, wait until the loan process is over.
Current interest rates on home mortgages are lower than they have been in years. Experts expect them to begin increasing again shortly, so now is a great time to purchase a home and finance it at a low rate. The shorter the term of the mortgage, the better the rate you will be able to get. Consider having an escrow account tied to your loan. By including your property taxes and homeowners insurance into your loan, you can avoid large lump sum payments yearly. Including these two items in your mortgage will slightly raise the monthly payment; however, most people can afford this more than making a yearly tax and insurance payment. If you are looking for more information about a FHA jumbo loan in Riverside California, or about doing a FHA Streamline or even a HECM reverse mortgage, speak with a licensed mortgage professional.
Use the tips located above to ensure you have the knowledge to complete a FHA home mortgage.