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New FHA, Freddie Mac, & Fannie Mae Loan Limits – Revisited

I posted earlier this week on the new, higher conforming loan limits for Freddie Mac & Fannie Mae as well as FHA loan limits for the Big Bear, San Bernardino area. After a few more days of consideration, I think it is safe to say that these new limits will have no immediate benefit to the real estate sales in our area. I come to this conclusion based on couple key factors: Most of the homes in Big Bear are second homes. Given that approximately 70% of the homes in Big Bear are second/vacations homes for … [Read more...]

New Loan Limits From FHA, Freddie Mac & Fannie Mae – What Does This Mean For Big Bear?

I received the email below from the California Assocation of Realtors this past Friday and thought I would pass it along. UPDATE! Government Announces Conforming Loan Limit Increases The Office of Federal Housing Enterprise Oversight (OFHEO) today announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, … [Read more...]