To recap and summarize, here are the major highlights of the recently signed economic relief plan that will affect California housing:
- Lower interest rates for home mortgages. Though they are VERY good right now. Keep in mind that rates fluxuate daily so don’t try to time it perfectly. Just know that rates are historically extremely low…
- Increased conforming loan limits for high-cost areas like San Francisco. More buyers can get safe, affordable FHA, Fannie Mae and Freddie Mac loans.
- A true tax credit for home buyers
- Foreclosure mitigation and short sale standards
Stay tuned for details on how this will play out locally!
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