Home Renovation Loan Limits in San Diego County

February 8, 2018

When considering a Fannie Mae Homestyle Renovation loan, it’s important to remember that the total loan amount (initial loan + renovation costs) cannot exceed the county limit. 

 

In San Diego County in 2018, that county limit is $649,750.  So for example, if you were buying a home for $550,000, and the estimated repairs were $150,000, that would equal an After Repair Value of $700,000.  Now remember that these loans only require 5% down.  However, because 5% of $700,000, would leave you with a loan amount of $665,000, you would be above the San Diego county limit.  This would NOT work. 

 

Your lender can only lend to the specified county limit.  In San Diego county, that’s $649,750.  So if you wanted to do $150,000 in renovations on this property, the amount above $649,750 would have to be paid for out of pocket.

 

The same principle applies to multi-unit properties, however they have higher county loan limits.  In San Diego County, they are $831,800 for 2 units, $1,005,450 for 3 units, and $1,249,550 for 4 units.

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