More Good News… In August 2007 the “Credit Crunch” began in earnest. The first casualty was the home buyer in La Crescenta, La Canada or Glendale who needed a loan for more than $417,000. Begining in August loans for more than $417,000 became increasingly difficult to get. Fast forward to March 2008 – loans of more than $417,000 are almost impossible for qualified borrowers to find. Sunland, Tujunga and Shadow Hills were especially affected since homes in those areas had recently gone over the old conforming loan limits.

That should get easier now. The agency in charge of this, “Office of Federal Housing Oversight”, has increased the conforming loan limit for our area to $729,750 for a single family home. For people buying 4 units apartments loans will be available for up to $1,403,400. That’s right, conforming loans (attractive interest rates) will be available for income property of 4 units for 1.4 million dollars. More details are available at target="_blank">by clicking here for government info released 3/7/08

If you know anyone who’s been hoping to refinance please tell them these rates will only be available until the end of this year.

Final rules from lenders should be availabe in a few weeks.

Remember, these loans will also be available for multi-family property!