CA Mortgage – LA Home Mortgage – Loan Limits in High-Cost Areas Extended through 2010!
ByThe Temporary High-Cost Loan Limits for a CA Mortgage in High-Cost Areas has been officially Extended through 2010!
LA Home Mortgage - CA Mortgage - 2010
President Obama has signed into law a bill that included the legislation for an extension of the current Temporary High-Cost loan limits through the end of the calendar year 2010. This is great news for those searching for a CA mortgage as the extension of the loan limits will keep rates down on those loan limits as they will not be classified in the jumbo market. Non-conforming or “jumbo loans” carry higher mortgage interest rates than conforming loans, making them less affordable.
The bill effectively extended the higher conforming loan limits for all Fannie, Freddie and FHA guaranteed CA mortgage loans through December 31, 2010.
The Temporary High-Cost loan limits in high-cost counties will remain:
- 1 Unit – $729,750
- 2 Units – $934,200
- 3 Units – $1,129,250
- 4 Units – $1,403,400
The extension has received praise from N.A.R. (National Association of Realtors) and C.A.R. (California Association of Realtors) as the higher conforming ca mortgage loan limits combined with the tax credit have helped stabilize the real estate markets.
I will keep you posted on information we receive on the extension of the homebuyer tax credit as it becomes available.
Look forward to my next post!
