Grab 'em While You CanTake firm hold of something you value because when this mess takes effect it may be the only thing left worth squeezing.
14 Calif. counties get maximum FHA limit----
Counties that get the $729,750 maximum for FHA loans are likely to get that same level for Fannie and Freddie mortgages, experts said. HUD is expected to designate new Freddie and Fannie limits for other parts of the country too.
In California, the counties at the maximum level for FHA loans are Alameda, Contra Costa, Los Angeles, Marin, Monterey, Napa, Orange, San Benito, San Francisco, San Mateo, Santa Barbara, Santa Clara, Santa Cruz and Ventura. At the other end, Lassen, Modoc and Trinity counties are subject to a loan cap of $271,050 -- a standard amount in an area with normal home prices.
Won't that be just peachy. All those $700k loans causing so much trouble for banks and investors can now get dumped into the taxpayers' lap via FHA, Fannie and Freddie. And what does $700k get you in bucolic Ventura County? maybe you'd be interested in this:
Sweet Camarillo bungalow 1,662 Sq. Ft. only $679,900. Good to know your nation invests in only the best. Oh, and don't forget, while some lucky homeowner kicks back in thissartorial castle three families in non-bubble areas go without getting mortgages as the money is all in this one beauty.
Perhaps something a little newer. This honey is what happens when planner social engineering and developer greed mesh:
Built in 2006 this 5 Bed, 3 Bath 2,851 Sq. Ft. is a modern classic in the Neo-Traditional style. What is NeoTrad? In this case it means a 2,851 sf house on a 4,347 sf lot.