Posted On: Friday, October 1, 2010 - 11:19am | Posted By: Matthew Goulden
Topics: Buyers and Sellers | Tags: loans, mortgage, news, San Francisco, San Francisco housing
Late yesterday, President Obama signed a resolution that included a provision extending through fiscal year 2011 the current conforming loan limit of $729,750 for high-cost areas, including many in California. The same limits will also be extended to loans insured by the Federal Housing Administration.
We’re extremely pleased that the Obama administration recognizes the need for such an action so that the housing market can recover. Without the extension, which was set to expire at year’s end, FHA loan limits would have dropped by as much as 50 percent in some areas, and the conforming loan limit would have dropped by about 40 percent.