The Federal Housing Administration (FHA) yesterday announced that it will raise the limits on mortgages. The new limit, which increases from $362, 790 for high cost areas, will vary from county to county across the state.
In California, counties that will be placed at FHA's new $729, 750 maximum limit are Alameda, Contra Costa, Los Angeles, Marin, Monterey, Napa, Orange, San Benito, San Francisco, San Mateo, Santa Barbara, Santa Clara, Santa Cruz and Ventura.
Governor Arnold Schwarzenegger said no state been hit harder by the national mortgage crisis than California. The new FHA limits "will help more working Californians achieve the American dream of home ownership through less expensive and more secure loans," he said in prepared remarks.
The Economic Stimulus Act recently approved by Congress is scheduled to soon raise the "conforming" limit on such loans nationally to as much as $729, 750. HUD was given until mid-March to revise loans limits for the FHA.
Although the anticipated higher limits for Fannie Mae and Freddie Mac will make conforming loans more affordable, the new loans may be slightly more expensive than mortgage of less than $417,000.
And while the stimulus act will raise lending limits for Fannie Mae, Freddie Mac and the FHA, all of the new limits are scheduled to expire at the end of the year.
SO DON'T DELAY!!! GIVE ME A CALL RIGHT AWAY!!!
Excerpts taken from signonsandiego.com by Emmet Pierce
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