05 Mar 2008

Great News for SoCal Home Buyers and Home Owners!

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shouse-pretty.jpgshouse-pretty.jpgGood news for our SoCal real estate market!shouse-pretty.jpg

 Effective March 6, 2008, HUD (Housing and Urban Development)  extends FHA loan limits that will range from $271,050 to $729,750


FHA loan limits  in California are not all the same. They’re based on the county in which a property is located. SoCal home buyers will be able to increase their purchasing power with the increased loan amounts. In addition existing homeowners may be eligible to re-fi an existing loan with the new FHA loan limits.


 The maximum loan amount of $729,750 is applicable to extremely high-cost metropolitan areas of Southern California including,  Los Angeles County and  Orange Counties.  Until now,  FHA loan limits in these very high-cost areas were capped at $362,790, making the program ineffective in many communities.


It’s important to note however, in January 2009, FHA’s maximum loan limit will return to $362,790, That is unless Congress agrees to an extension.


Want more info on the new guidelines, contact me, Lynda@PreferredHomeBrokers.com


About the Author

I maintains an active residential re-sale brokerage in Brea, CA, located in Orange County, about 20 minutes north of Disneyland. Contact Lynda directly at (714) 595-1494, or Lynda@PreferredHomeBrokers.com – CA License #00402040

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