Conforming loan limit raised to $729,750

Happy Valentine's Day to many potential home buyer's in Orange County, Ca. This just could be the sweetest day of the year for our housing market.. or the best gift you can give to your sweetheart!

President Bush signed the economic stimulus package that will allow the Federal Housing Administration, as well as Fannie Mae and Freddie Mac to offer mortgages above the current conforming loan limit of $417,000 to as much as $729,750 in high-cost areas for loans originated between July 1, 2007 and Dec. 31, 2008. This may now put the dream of home ownership in reach for thousands of home buyers in the Orange County, Ca area where a "starter" home may be over $600,000 in many areas.

Assuming that U.S. Housing and Urban Development Secretary Alphonso Jackson understands that Orange County is a high-cost area, this should help stimulate the lackluster Orange County housing market.

Many buyers have been sitting on the sidelines waiting for rates to go down or the loan limit to be raised. The genie was let out of the bottle that will hopefully grant the wish for an improved housing market. You can read the full article dated February 13 at the California Associaton of Realtors web site.

For more information on the Orange County Housing Market , you can visit  Orange County Real Estate Market Trends, or call The Hartanov Team direct at 949.285.3739.

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