Thanks to Mark Robertson over at Samuel Scott Financial for sending me the press release today from the Federal Housing Finance Agency regarding the increased conforming loan amounts. This is a result of the American Recovery & Reinvestment Act.
This is good news for our real estate market as conforming loans generally have lower interest rates than Jumbo loans. In my opinion this will go towards supporting prices and not forcing them down more as buyer’s try to stay under the conforming loans rather than seek out Jumbo loans.
San Diego County will go to $697,500 and may be even higher in spot areas as we learn more. Currently the loan limit was set at $546,250.
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