The Federal Housing Finance Authority (FHFA) has raised their conforming loan limits by 6.9% to a maximum amount of $726,525 in Los Angeles and Orange Counties, even higher for multifamily! Buyers will now have flexibility (and possibly lower rates) when financing a higher priced property.
Typically an FHA loan is one of the easiest types of mortgage loan to qualify for because it requires a low down payment and you can have less-than-perfect credit. For FHA loan, down payment of 3.5 percent is required for maximum financing. Borrowers with credit scores as low as 500 can qualify for an FHA loan.
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