Great News! Congress passed a compromise bill to reinstate the FHA loan limit to $729,750
This limit is important to high-cost areas, such as Los Angeles and Orange counties. This increase is expected to become law and will be in effect for all FHA loans funding through 12/312013.
Keep in mind the unfortunately only affects the FHA loans. The good news is if you are a buyer in the $700,000-$900,000 price range now you are not shut out in the ability to purchase a home.
At this time the conforming limits for Fannie Mae and Freddie Mac loans remains at $625,500. Why the politicians did not include this in the same move is beyond me. I am just grateful that every little bit will help on moving the market forward.
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 email me at firstname.lastname@example.org or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.