The much anticipated new conforming loan limits are now off and running. These new conforming and FHA loan limits are good through the end of 2008 unless the program is extended. This is excellent news for homeowners and potential buyers in high cost areas such as California.
Conforming loans are loans that can be purchased by Fannie Mae and Freddie Mac. They do not need to be sold on the open secondary market, and as such, they carry favorable terms and some expanded approval criteria. FHA loans are in a similar boat, and the higher loan limits open the door to many more borrowers to take advantage of the low rates of today.
Now is a fantastic time to look into loan options, whether looking to buy or refinance. If you currently have an adjustable rate loan, or even a fixed rate loan, there are many options available today that were not on the table last week, at terrific terms. Please call me directly at 877 462 3422 for your California home loan needs and I will be more than happy to discuss the options available to you.
If you would like to view the new FHA and conforming loan limits by county in California, you can do so here.