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New Loan Limits - Good News for FHA and Conforming Loans
Both FHA and Conforming Loan Limits have Increased Significantly
Breaking News (March, 2008) -- Maximum Loan Amounts have Increased
The Economic Stimulus Act of 2008 allows a temporary increase in the conforming loan limit in high cost areas across the United States. In San Diego County the limit has increased from $417,000 to $697,500. The new limit is $500,000 in Riverside County and $729,750 in Orange County.
For FHA Loans
The Government has established some NEW guidelines which will make doing FHA loans easier for everyone. It is now possible to buy a home with an FHA mortgage up to $697,500 with 3% down. And, there are special programs that can make it possible with no money down.
Conforming Plus has arrived !
Coldwell Banker Home Loans has just announced their new Conforming Plus program which was created to accomodate the Economic Stimulus Act of 2008.
What has happened in the Mortgage Market?
The non-GSE (Fannie, Freddie, FHA, VA) mortgage market has changed dramatically since the summer of 2007. It is no longer just a sub-prime issue.
Liquidity is at its lowest level in years.
Lenders have faced severe liquidity and earnings challenges.
Many mortage companies, hedge funds and other investors have closed down.
This has caused many changes in the availability of loans.
Things I can do to Protect my Clients
For Home Buyers - I'll help you determine which loan programs are working best today, and I'll put you in touch with a well capitalized, established mortgage banker, such as Coldwell Banker Home Loans.
For Home Sellers - I'll scrutinize "pre-approval" letters for details of financing. I'll check to see if high loan to value approvals are still valid. And, I'll use my preferred lenders as an extra check to verify the qualifications of buyers who are working with other lenders.
Questions? - Call me so we can talk about your situation.