Currently FHA loan limits (for first time homebuyers) available for your San Clemente real estate purchase are $729,750, however, this will not last forever. Under current legislation, the FHA increase only lasts until the end of 2009 at which point the limits will be adjusted to $625,500. In order to take advantage of this temporary increase, you must close escrow by December 31, 2009. Under a typical 30 day escrow, this means you will need to have your offer accepted and executed by the beginning of December. Since it can take a couple months to find that ideal San Clemente home or condo for your purchase, we suggest contacting us no later than September or October if you want to take advantage of this opportunity.
Don't forget, however, that in order to take advantage of both the increased FHA loan limits and the $8,000 tax credit passed by the Obama administration for first time homebuyers as outlined in one of our previous blogs "$8,000 for First Time Homebuyers in the Economic Stimulus Bill", you must close escrow by November 30, 2009. This means you need to go into escrow by the beginning of November and realistically begin your home search by August or September.
For more information on taking advantage of both of these opportunities, please feel free to contact us.
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