Good news for Bay Area home buyers and particularly those looking to buy in cities such as San Mateo, Belmont, San Carlos, Foster City and Burlingame. The economic stimulus package passed by Congress is effective immediately and it includes a temporary provision that increases both the FHA and Conforming Loan limits to a possible high of $729,750 in “High Cost Areas” like those in San Mateo and Santa Clara County.
All this means that Mid-Peninsula home buyers can obtain larger loans at the most favorable interest rates that were formally limited to a maximum of about $417,000, far less than the median price in the area.
There is, however, an important limitation in the bill. A provision states the higher limits are only effective for loans originated between July 1, 2207 and December 31, 2008 on new purchase money loans. This means that there is a limited window of opportunity for home buyers to take advantage of the higher limits.
Better financing, affordable interest rates and softening prices are making 2008 the best home buying opportunity of the decade – so don’t wait while opportunity passes you by.
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Tags: first time home buyer, mortgage, san mateo county real estate, san mateo home buyer, san mateo home owner
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
