Breaking News (March, 2008) -- Maximum Loan Amounts have Increased

The Economic Stimulus Act of 2008 allows a temporary increase in the conforming loan limit in high cost areas across the United States. In San Diego County the limit has increased from $417,000 to $697,500. The new limit is $500,000 in Riverside County and $729,750 in Orange County.

For FHA Loans

The Government has established some NEW guidelines which will make doing FHA loans easier for everyone. It is now possible to buy a home with an FHA mortgage up to $697,500 with 3% down. And, there are special programs that can make it possible with no money down.

Conforming Plus has arrived !

Coldwell Banker Home Loans has just announced their new Conforming Plus program which was created to accomodate the Economic Stimulus Act of 2008.

What has happened in the Mortgage Market? 

The non-GSE (Fannie, Freddie, FHA, VA) mortgage market has changed dramatically since the summer of 2007. It is no longer just a sub-prime issue.

Liquidity is at its lowest level in years.

Lenders have faced severe liquidity and earnings challenges.

Many mortage companies, hedge funds and other investors have closed down.

This has caused many changes in the availability of loans.