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| Oct. '07 |
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Fall has arrived in San Diego and that means school is back in session! This month's newsletter features our annual update of the API Rankings (Academic Performance Index); something you can all use to help your clients be well informed about the schools in specific areas. Did you know that the laws for Real Estate Salesperson licensing is about to change? We have included information that explains the changes for 2008. We also feature a Realty Times article that discusses how FHA loans are poised to make a big comeback-especially if Congress passes legislation to increase the FHA loan limits (Southern California could be at $700,000????). Finally, a fun feature: Pumpkin Patches and Scary Places around San Diego. Enjoy!
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FHA Home Loan Program Poised to Take Off
FHA-insured home mortgages -- marginalized or squeezed out of the market during the subprime loan boom years -- are poised to roar back. And if Congress passes a compromise version of FHA reform legislation, maximum loan limits for FHA could rise immediately to $417,000 -- or even a lot higher.
Last month the House overwhelmingly approved a reform bill that would cut minimum downpayments to zero, and increase loan limits in high cost areas of California well beyond $500,000. Under the House-passed bill, FHA could insure mortgages as high as 125 percent of the median home price in a market area, or 175 percent of the conforming loan limit for Fannie Mae and Freddie Mac -- currently $417,000. In addition, the HUD Secretary could raise limits by another $100,000 if local conditions required such a move.
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San Diego Area
