Window of Opportunity

  The Government just announced that it will temporarily increase limits on conforming loans from $417,000 to as high as $729,000. Marin County and thirteen other counties in California qualified. This will affect only those loans originated between July 1, 2007 and December 31, 2008.  The Government is expected to be working out new underwriting standards and plans to offer these new loans soon.
     This is part of the Governments economic stimulus package approved earlier this year calling for temporary increases on loan limits to allow troubled borrowers to refinance out of sub-prime loans and make it easier for many new buyers to qualify for mortgages in high cost areas, particularly in Marin County where home prices remain among the highest in the nation. 
      This may also prove to be a window of opportunity for many buyers as the new home season begins. If your thinking of buying and selling, now may be the best time to take advantage of an opportunity that will not be available after December 31, 2008.