What is FHA? The Federal Housing Administration (FHA) was established as a result of the Great Depression to assist the housing industry. The FHA continues to help home buyers who do not meet typical financing needs like not having a great credit history. As of 1/1/2014, FHA has decreased the loan limits on all FHA loans across the nation. The government is trying to tighten up restrictions in hopes to avoid another housing bubble. The question is, has this been enforced too soon? Is the market stable enough to take another hit on high valued homes in each respective county? Will lenders be able to accommodate and help fill the void?
How does this affect San Joaquin County? Some areas of San Joaquin county are not seeing the effects of this change. However, areas such as Tracy are feeling the impact. With little inventory under the FHA loan limit, buyers who are dependent on using FHA are being forced to buy less house or look outside Tracy for a home. Inventory has doubled since the first of the year and homes sales in Tracy are down month over month from the same time last year. Homes are staying on the market longer and prices have flattened in the price range above the FHA loan limit.
The Aguilera Real Estate Team is here to assist you with all of your real estate needs. Let us help you navigate the ever changing real estate market. Whether your are buying or selling, we are on top of the changes and will guide you through a smooth and efficient real estate transaction.
Below you will find a list of counties and their changes in FHA loan limits from 2013 to 2014.
| Counties | 2013 | 2014 |
| Inyo | $437,500 | $369,150 |
| Kern | $368,750 | $271,050 |
| Kings | $325,000 | $271,050 |
| Lake | $401,250 | $271,050 |
| Lassen | $285,000 | $271,050 |
| Los Angeles | $729,750 | $625,500 |
| Madera | $425,000 | $271,050 |
| Marin | $729,750 | 625,000 |
| Mariposa | $412,500 | $322,000 |
| Mendocino | $512,500 | $373,750 |
| Merced | $472,500 | $271,050 |
| Monterey | $729,750 | $483,000 |
| Napa | $729,750 | $592,250 |
| Nevada | $562,500 | $477,250 |
| Orange | $729,750 | $625,500 |
| Placer | $580,000 | $474,950 |
| Plumas | $410,000 | $336,950 |
| Riverside | $500,000 | $355,350 |
| Sacramento | $580,000 | $570,450 |
| San Benito | $729,750 | $625,500 |
| San Bernadino | $500,000 | $355,350 |
| San Diego | $697,500 | $546,250 |
| San Francisco | $729,750 | $625,500 |
| San Joaquin | $488,750 | $304,750 |
| San Luis Obispo | $687,500 | $561,200 |
| San Mateo | $729,750 | $625,500 |
| Santa Barabara | $729,750 | $625,500 |
| Santa Clara | $729,750 | $625,500 |
| Santa Cruz | $729,750 | $625,500 |
| Shasta | $423,750 | $273,700 |
| Siskiyou | $293,750 | $271,050 |
| Solano | $557,500 | $400,200 |
| Sonoma | $662,500 | $520,950 |
| Stanislaus | $423,750 | $276,000 |
| Sutter | $425,000 | $271,050 |
| Tehama | $312,500 | $271,050 |
| Tulare | $325,000 | $271,050 |
| Tuolumne | $437,500 | $331,200 |
| Ventura | $729,750 | $598,000 |
| Yolo | $580,000 | $474,950 |
| Yuba | $425,000 | $271,050 |
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