What's New in California Mortgage Lending?

Finlay Financial Corporation (FFC)


FNMA Desktop Underwriting - 5 DAY LOAN FUNDING!

New Loan Limits for 1997





Max Loan: Number of Units
$214,600 1 - SFR or Condo
$274,550 2 Units
$331,850 3 Units
$412,450 4 Units
Conventional, Conforming Loans are purchased in the secondary mortgage market by Fannie Mae (FNMA), Freddie Mac (FHLMC) and other investors. The NEW MAXIMUM LOAN AMOUNTS for these loans are shown in the above table.

Higher loan amounts are available. Loans amounts which exceed conventional, conforming limits are called Jumbo Loans or Non-conforming.





Max Loan: Number of Units
$81,548 1 - SFR or Condo
$104,329 2 Units
$126,103 3 Units
$156,731 4 Units
FHA Loans - Public Law 103-327, enacted 9/24/94, established new loan limits for FHA loans based upon geographic median housing prices and/or FNMA loan limits. Effective, 1/1/97, the new basic nationwide mortgage limits ("floors") are the amounts shown in the table above.




Max Loan: Number of Units
$160,950 1 - SFR or Condo
$205,912 2 Units
$248,887 3 Units
$309,337 4 Units
The legislation also increased mortgage limit "ceilings" for high cost areas to 95% of the area median house price, to a maximum of the amounts shown above. California high cost areas include Orange County, Los Angeles/Long Beach area, Oakland, Salinas, San Diego, San Francisco, San Jose, San Luis Obispo, Atascadera, Paso Robles, Santa Cruz/Watsonville, Santa Barbara, Santa Maria, Lompoc, Santa Rosa, Vallejo, Fairfield and Napa.

Mortgage loans for Alaska, Hawaii, Guam and the Virgin Islands may be adjusted up to 150% of the new ceilings. Visit HUD's Web Page for more information.

New Area Code in the Greater Los Angeles Area

Effective January 25, 1997, the Los Angeles, California, area code 310, split into two area codes - 310 and 562. FFC's Corporate office phone number, (310) 924-6166 became (562) 924-6166. Cities affected by the new area code include Cerritos, Artesia, Bellflower, Los Alamitos, Norwalk, Downey, Pico Rivera, Whittier, La Habra, and parts of Long Beach (areas east of the Los Angeles River).

For additional information or problems reading these pages, please contact Webmaster:
MacnSan@aol.com, Marilou McSherry, copyright © 1997.
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