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What the Conforming Loan Limit Increased to
March 10th, 2008 categories: Real Estate Finance, Real Estate News
In an effort to help those in need(read: anyone who bought their home in the last 3 years), President Bush’s Stimulus Package has just increased California’s 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, today’s 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.
New FHA Conforming Loan Limits
| One-Family | Two-Family | Three-Family | Four-Family |
|---|---|---|---|
| $697,500 | $892,950 | $1,079,350 | $1,341,350 |
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?
Other Related Reads:
Downtown’s Best Deals
San Diego Home Prices are Falling
