Government Loan Limits

Good news to report: President Obama is expected to sign a resolution passed late yesterday by Congress extending the current limits for Fannie Mae, Freddie Mac, and FHA loans through 2010. The limits were set to expire at the end of this year. This is especially critical for California, where more than 80 percent of all loans are financed by Fannie Mae, Freddie Mac, or FHA, and will help maintain the positive signs we are now seeing in California’s mortgage market. President Obama is expected to sign the resolution today or tomorrow as part of a broader piece of budgetary legislation that will prevent a government shutdown.

While home prices in California have declined, the demand for housing has not. The market has been dominated by first-time home buyers who have faced a shortage of financing opportunities. The loan limits are set at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas, including many regions in California. Sales in move-up and high-end markets have been constrained this year; the loan limits extension will help qualified home buyers in these markets to move forward with their purchases.

Although loan limits are safe through 2010, there is still work to be done. Congress has yet to act to extend the First Time Home Buyer Tax Credit past its current Nov. 30 expiration date. Yet the impact of the home buyer tax credit is clear: A C.A.R. survey of first-time home buyers shows that 40 percent would not have purchased a home without the tax credit.

Now The Law - California

Governor Schwarzenegger has signed into law, Senate bill 94..
California law now prohibits Advance fee demand on all/any Loan modifications or loan forbearance service from 1 to 4 unit residential.
This law does not affect agreements entered before October 11, 2009.

The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
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California Condo Home Owner Associations

California Condo Home Owner Associations
Do You feel the monthly dues you pay are justified according the amenities services you complex offers? and if not why?
let me know your feedback.

The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So California since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com

The California King

The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So California since 1989
Contact me Now for your FREE NO OBLIGATION property analysis on your California Condo.
(951)818-9601
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Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
from the Valley to the Sea
951-818-9601
sold@TheCaliforniaCondoKing.com
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I need Your Condo Listings!

I need your Condo listings!

My Inventory is all sold and Buyer demand is higher than available market inventory.

Act Now.
Contact me asap for your free no Obligation market analysis on your condo.

For Exclusive Representation.
Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
The Valley to the Sea

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Proudly Since 1989

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IRS probing home-buyer tax credit claims:

The U.S. Internal Revenue Service is probing more than 100,000 doubtful claims of a tax credit meant for first-time home buyers, the Wall Street Journal reported on its website on Tuesday.
The $8,000 tax credit for first-time home buyers under the American Recovery and Reinvestment Act was passed in February to help prod the U.S. economy back to life.
Lawmakers have expressed concern that significant number of claims might turn out to be fraudulent, the paper said.
The IRS was investigating 167 "criminal schemes" involving the credit, according to the House Ways and Means oversight subcommittee, the paper said.
Source: Reuters