@Mortgage-Specialist wrote:
The FHA maximum loan limit for Riverside is $477,250. This means if you were to buy a 500k home, you'd have to put down at least $22,750 (instead of the standard 3.5% down) in order to reduce your loan amount to 477,250 or below. You would surely qualify for this.
You'd be able to qualify for a larger amount amount if you were to go with a conforming loan. You'd probably for a 625k or so home depending on property taxes,homeowners insurance and HOA. With conventional loans, you can get a way with just 3% down.
^^ This is correct.
We were having issues finding a SFR in San Bernardino county due to the low conventional loan limit ($548K).
Once we heard that the new limit for 2022 will be $625K and that some banks were already lending based on the upcoming change, made it possible to finally get our home after a year of searching.
It was a grueling search being overbid by 10-20% over asking on older, decrepit, and awul homes but finally found a newer home that hit all the needs for 5% over asking.
And remember, FHA & VA loan offers are less considered by sellers as conventioal loans are more solid.
