An elegant white clock featuring 'DANIELLE LAZIER REAL ESTATE LOGO' on a sleek black background.Vivre Real Estate logo

Higher Loan Limits Now Permanent- What this means for San Francisco Real Estate

August 5, 2008

Our esteemed President has signed the Housing and Economic Recovery Act of 2008 into law. Since I know you can read about the details of this law ad nauseum, I will simply summarize what this means for San Francisco home owners and home buyers.

FHA, Fannie Mae and Freddie Mac loan limits have been permanently increased. For us in San Francisco, we should have the highest loan limits, or $625,500.

This means that more home buyers will qualify for government-backed mortgages and with lower down payments.

For example, I recently helped a couple purchase a really cute single family home in the Ingleside area of San Francisco. They were able to purchase a home with 5% down payment, using a FHA home loan program.

The loans are safe, secure, with long-term fixed rates and allow 1st time home buyers to take advantage of this more even local market.

Keep in mind that this change does not go into effect until AFTER the short-term plan expires. Right now, the loan limit is actually higher. It's $729,750 but this will expire on December 31, 2008.

If you want to take advantage of the higher conforming loan limits, DO IT NOW! A conforming loan limit of $729,750 will get you into a really nice home in San Francisco. The deals are out there and the savvy will take advantage of the timing.

We now know, 2-3 years later, that the top of the market was in 2005. We are near or at the bottom and won't know for sure until it's long gone.

Seize the day.

*Blogger's note: I used to watch Dead Poet's Society every summer just before the start of the new school year to get inspired. Yes, I know this both dates and embarrasses me. Oh well!

Yelp logo
286 reviews
View All
Zillow logo
204 reviews
View All
Danielle Elazier Realtor on Google My Business- image of Google my business logo
204 reviews
View All

Danielle lazier real estate team

We care deeply about our clients and our commitment to exemplary results. Working with us should be a good fit for you. If you feel our team is the right fit for you and you’d like to talk with Danielle to make sure, contact us today for your complimentary initial consultation.
Contact Me

Do You Need Another Real Estate Newsletter?

Probably not. Yet, in our biased opinion, you should definitely sign up for our twice-monthly email for market insights, webinar invites, local news, gorgeous homes, and more. We never share or sell your information. And, when you’re ready to work with us, please email or call to discuss your plans. We’d love to help!
Consent
Danielle Elazier botanical illustration - 3 different California poppy flower branches. Black and white with line art
Danielle Lazier REAL ESTATE
Privacy PolicyAccessibility StatementTermsCalifornia Privacy PolicyCCPAYour Personal Info
View Full Street Address SAN FRANCISCO, CA 94114 (415) 528-7355 ©2008 VIVRE REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES, OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS, AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT, OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED AND SHOULD BE INDEPENDENTLY REVIEWED AND VERIFIED.
enteruserclockcross