Dear DeeDee, what are the FHA loan limits for 2017?

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Loan limits in Los Angeles County and the South Bay for FHA Loans…

Single Family $636,150

Two Units $800,775

Three Units $967,950

Four Units $1,202,925

Mortgage brokers are offering 3.5% down payment on FHA Loans right now, but if you can’t do an FHA, you’ll have to come up with a minimum of 10% down.

If you decide to put less than 20% down, you might consider a HELOC (Home Equity Line of Credit) to finance the rest of the downpayment so you avoid paying PMI (Principal Mortgage Insurance).  Of course you’ll want to talk to your mortgage broker to discuss actual numbers with the variety of financing options available to you.