The past year's news about the mortgage industry has produced little but doom and gloom for homebuyers. But there's good news on the horizon. The economic stimulus bill, poised to become law, would increase maximum loan limits for "conforming loans" -- taking them to $729,750 in the pricey Long Beach, CA market.

This change will make "jumbo" loans less expensive. Right now, a loan for $400,000 carries an interest rate of almost 1% lower than a loan for $450,000! That's a big difference!

For Long Beach, CA homebuyers, this will finally mean that they can purchase entry-level home loans without paying hefty jumbo loan interest rates!