Category: First Time Home-Buyers.
There are some changes in the stimulus package that will benefit home buyers. An extension is officially in place of the higher loan limits for mortgages that is just below what is considered a “jumbo” loan. The conforming loan limit will be increased to $729,750. For those buyers that don’t have a down payment, but can afford the monthly payment, they can put down as little as 3% with an FHA loan. The interest rate for these loans will be a little higher, but less than the jumbo loan rates.
The $7,500 tax credit for first time buyers has also been raised to $8,000, and it no longer needs to be paid back.
For investors, the FNMA limit of four loans, has been increased to ten.
The homes in Westlake Village are coming down slightly, with some great buys out there. Call me for any information in the Conejo Valley.
Andrea Maranga, Coldwell Banker Residential at 818-489-9611.