That’s the buzz word right now! It will be extremely beneficial for our local real estate market. As we discussed in our office meeting this morning, the most interesting part will be that the ‘conforming’ loan limits will go up but even more important, that the loan limits for FHA loan programs will go up.
Hmm for many agents …. FHA… let me think, that was a long time ago that we would even do these loans in Sonoma County, the current loan limit is around $ 380,000. Yep, but it’s going to be good, FHA (Federal Housing Administration) allows for 97% financing, it can be combined with gift funds (Nehemia program) and is very lenient with your credit score and the best part… the rates are great!
This increased limit for FHA loans might take an other month or before it can be used by lenders but it’s good news.
I am not going to repeat the stimulus program, please visit the info on the CAR website or this link to Inman News
An by the way… there are some tremendous deals out there right now, this property at 421 Manka Circle for $349,900 is one of them.
Have a great day!
Mirjam (mirjam@c21alliance.com)