What the Conforming Loan Limit Increased to

Posted on March 10, 2008 | by Denny Oh

In an effort to help those in need(read: anyone who bought their home in the last 3 years), President Bushs Stimulus Package has just increased Californias conforming loan limit to $697,500! Up from $417,000, this increase will help buyers tremendously. Allowing borrowers to pay 1% less in interest rates, todays home buyer is in the best possible situation. San Diego real estate has not been this attainable in quite some time and people are taking advantage of this while they can.

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The San Diego Daily Transcript recently published an article titled, 2008 mortgage rates will hit 4“decade low(3/4/08). According to Freddie Mac, the article suggests that mortgage rates will drop 0.75% or more this year, which would be the lowest rates in at least 45 years. With record breaking low interest rates, an increased conforming loan level and desperate sellers, what more do you need?

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