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Old 03-05-2008, 06:36 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,372 posts, read 55,173,351 times
Reputation: 15448

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The maximum used to be $362,000 which, in California is basically a rat hole if at that. But theyve adjusted their limits to accomodate very expensive places.

$729,000 is a much more reasonable amount-still not a great house in a great neighborhood, but a comfortable house in a relatively better area.

Anyway,
The new FHA loans are now available to 14 California Counties and will probably be offered to the NY Metro and Hawaii at some future date.

Northern CA
Alameda
Contra Costa
Marin
Monterey
Napa
San Benito
San Francisco
San Mateo
Santa Clara
Santa Cruz

Southern CA

Los Angeles
Orange
Santa Barbara
Ventura

California gets first crack at new FHA mortgage limits
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Old 03-05-2008, 06:40 PM
 
Location: Orange, California
1,573 posts, read 5,651,790 times
Reputation: 721
Not sure how much help this will be in solving the housing situation in California. FHA set the limits higher to make it easier for banks to repackage the "insured" mortgages into securities and sell them into the secondary market. The problem is, the demand for mortgage-backed securities has diminished tremendously since the housing bust began in 2005-2006.
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Old 03-05-2008, 06:44 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,372 posts, read 55,173,351 times
Reputation: 15448
The idea is to stoke investor demand for securities made up of more expensive mortgages - so-called jumbo loans - backed by Fannie and Freddie, the two biggest mortgage financers in the country. That would drive interest rates lower and spur home buying and refinancing.
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Old 03-05-2008, 07:09 PM
 
Location: San Diego
939 posts, read 2,830,180 times
Reputation: 438
why doesn't San Diego qualify? Its expensive as $@$)/@/?"&{€<>|?€~| here!
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Old 03-05-2008, 07:20 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,372 posts, read 55,173,351 times
Reputation: 15448
Quote:
Originally Posted by SouthCali4LifeSD View Post
why doesn't San Diego qualify? Its expensive as $@$)/@/?"&{€<>|?€~| here!
beats me? SD is very pricey.

San Benito is an odd choice imo. Id pick Sonoma instead.
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Old 03-05-2008, 07:47 PM
 
Location: Southeast Missouri
5,812 posts, read 16,657,970 times
Reputation: 3335
Wow. Sometimes you forget how expensive homes are out there.

Hopefully this will help California.
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