Beginning tomorrow, Sonoma County’s limit on loans insured by the Federal Housing Administration will be temporarily raised to $662,500.
HUD will announce tomorrow the new conforming loan limit for Sonoma County and other markets, a spokesman said. Conforming loans are sold to government-sponsored buyers such as Fannie Mae and Freddie Mac and have a current limit of $417,000 in California and most states.
What this means is much more affordable loans for those buying property in Sonoma County, especially on the Coast where our median price is well over $800,000. This is great news for both buyers and sellers.
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