It should come as no surprise, but Orange County is deeded a “high-cost area” by the Federal Housing Finance Agency (FHFA), along with neighboring Los Angeles County. The good news is that the “conforming loan limits” for Orange County have therefore been increased to $1,149,825. What does that mean? – simply put, more ‘traditional’ lenders are able to loan up to these amounts (vs. having to seek other types of loans that may not be backed by the Federal government and thus may be more expensive with higher rates).
More info…
The Federal Housing Finance Agency (FHFA) announced it will increase the 2024 conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac to $766,550 on one-unit properties and a cap of $1,149,825, in high-cost areas (including Orange and Los Angeles counties). The previous loan limits were $726,200 and $1,089,300, respectively.
C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® (NAR) both have long advocated for loan limits that reflect an area’s cost of housing. As a result of C.A.R.’s and NAR’s efforts, areas with high median home prices have benefited from a loan limit above the national conforming loan limit.
The conforming loan limit determines the maximum size of a mortgage that government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac can buy or “guarantee.”
Check out the interactive map on Conforming Loan Limit Values for 2024 by County and County Equivalent:
https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limit-Map.aspx
– Devin Lucas
Author Devin R. Lucas is a Real Estate Attorney, Broker and REALTOR®, specializing in Newport Beach, Costa Mesa and Orange County coastal communities, serving individual, Trustees and investors in residential real estate, including leasing and select local property management.
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REALTORS® and related Real Estate Law & Tax Considerations
Lucas Real Estate is a unique full-service residential real estate brokerage providing related residential real estate legal services and real estate tax considerations and planning, based in Newport Beach, California. | Devin Lucas is a licensed California Real Estate Attorney, Real Estate Broker and REALTOR® | Courtney Lucas is a California licensed CPA and REALTOR®
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