063. Conforming Loan Limit Extended

Mortgages: Congress holds conforming loan limits at nearly $730,000

Hello everybody and welcome to another episode of the Reside Daily Bite; I’m your host, David Doucette. And today, some interesting news or some good news coming out of Congress; this was reported in the Mercury News in the Silicone Valley at MercuryNews.com and you’ll see a link to that on my website at residerealestate.com. The Reside Daily Bite will have a link to this news article below the video.

The title is “Congress holds conforming loan limits at nearly $730,000“. That is very good news and it says, “Lawmakers have voted to keep the maximum size of loans guaranteed by Fannie Mae and Freddie Mac and the Federal Housing Administration at the current level through the end of 2011.” So, this is really good news for the more expensive areas such as the Bay Area, also here on Los Angeles, on the Westside. This is great news because the average home price right now for single family home, depending on the neighborhood, is around $650,000 to about $800,000. This is a very much needed extension that we received and without it the limits would have fallen to about $625,000.

It’s very good that we have this and I just want to read a couple of quotes. One of the gentleman publisher of a trade publication called Inside Mortgage Finance put a kind of a funny quote… “Nobody wants to oppose or upset the Realtors and the home builders in an election year”. So, it was kind of funny.

They’re predicting it will help about 60,000 borrowers annually. Again, very good news for the Westside of Los Angeles.

That’s going to do it for me today. My name is David Doucette, thank you so much for checking out the Reside Daily Bite.

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