As part of the government stimulus package the new FHA loan limits will increase from $362,000 to $729,000 for LA and Orange County.  What this means to buyers, and those who may be sitting on the fence, is that 2008 is the time to buy.  Interest rates remain low, and this stimulus package is TEMPORARY.  It is designed to get the economy back on its feet and stable.  Be part of the market correction now while prices are low and inventory is high.  You may not have been able to qualify in the past, and you won’t be able to again once this package expires…

LA and Long Beach new FHA loan limits:
1 Unit: $729,750, 2 units: $934,200, 3 units: $1,129,240, 4 units: $1,403,400

1. 3% down payment options on owner occupied properties including 2-4 unit buildings.
2. Eligible for financing despite challenged credit.
3. Borrower's entire cash investment can be gifted by family members, employers, or other approved sources.
4. No reserves required on all 1-2 unit properties.
5. No minimum credit scores required.
6. Not subject to declining market conditions.
7. Non-occupant co-signers can be used to help qualify.
8. Seller concessions allowed up to 6% on all LTVs.
9. There is no maximum cap on income or debt ratios.
10. Home buyer and seller can individually or jointly pay closing costs.