We don’t have a “Main Street” in Southern California; we have the US Route 101 (or CA State Highway #1). We call it the Coast Highway, the Pacific Coast Highway, or the PCH.\u00a0 When I think of a bailout plan for Main Street, I think of it for homes within 5-10 miles of the PCH.<\/p>\n
We got that “Main Street bailout” a few months back.\u00a0 FHA loan limits were hiked <\/a>to as much as $729,000, earlier this year and the VA followed suit, this summer<\/a>.<\/p>\n Both provisions are gone after Christmas…unless…<\/strong><\/p>\n …President Bush gets to leave a legacy for the Main Streeters on the coasts.\u00a0 The scuttlebutt in D.C is that President Bush wants to extend the life of those temporary loan limits, for FHA and VA, through 2011.<\/p>\n This program has helped us a lot.\u00a0 Consider that California loan originators have funded more FHA product in August, 2008 than we have in the prior two years.\u00a0 When declining market conditions limited agency jumbo loans to 85% loan-to-value, FHA picked up the slack.\u00a0 With the tenuous outlook for PMI companies, FHA and VA jumbos are filling the vacuum for new home buyers.<\/p>\n It is further rumored that these “guvvie jumbos”, limited to purchase transactions, will be made available for refinance transactions; 100% loan-to-value for VA and 95% loan-to-value for FHA.\u00a0 The rumor is that President Bush believes that government financing can provide relief for homeowners stuck in jumbo ARMs, soon to be adjusting.<\/p>\n It’s conjecture at this point but we may just have these loan products until 2011.<\/p>\n","protected":false},"excerpt":{"rendered":" We don’t have a “Main Street” in Southern California; we have the US Route 101 (or CA State Highway #1). We call it the Coast Highway, the Pacific Coast Highway, or the PCH.\u00a0 When I think of a bailout plan for Main Street, I think of it for homes within 5-10 miles of the PCH. […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,5],"tags":[245,244],"class_list":{"0":"post-4751","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","8":"tag-fha-loan-limits","9":"tag-va-loan-limits","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2536,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2536\/conforming-loan-limit-of-650000-fha-loan-limit-of-729000\/","url_meta":{"origin":4751,"position":0},"title":"Conforming Loan Limit of $650,000, FHA Loan Limit of $729,000","author":"Brian Brady","date":"January 24, 2008","format":false,"excerpt":"A conforming loan limit of $650,000 and an FHA loan limit of $729,000 are being telegraphed as part of the Economic Stimulus Package of 2008. Inman News reports that Congress backed a temporary loan limit increase to $625,000: The government-sponsored enterprises, or GSEs, may soon be allowed to back loans\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2579,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2579\/higher-loan-limits-ok-ed-by-senate\/","url_meta":{"origin":4751,"position":1},"title":"Higher Loan Limits OK-ed by Senate","author":"Brian Brady","date":"February 8, 2008","format":false,"excerpt":"We talked about the foregone conclusion of higher loan limits for conforming and HUD loans two weeks ago: The word inside the Beltway is that the deal has been fast-tracked for approval (by The Senate and President) under the following terms: 1- GSE (conforming) loan limits will be temporarily increased\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3052,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3052\/hr-5830-here-comes-the-bailout-act-of-2008\/","url_meta":{"origin":4751,"position":2},"title":"HR 5830: Here Comes The Bailout Act of 2008","author":"Brian Brady","date":"May 3, 2008","format":false,"excerpt":"The best thing about being suspicious of politicians is that you learn how they think.\u00a0 I actually think this is a GOOD idea.\u00a0 Libertarians will hate it but I think this bill has merit. Remember my Bailout Post, in March? I have a little idea about how to save the\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11762,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11762\/fha-va-tip-the-amendatory-clause\/","url_meta":{"origin":4751,"position":3},"title":"FHA\/ VA Tip: The Amendatory Clause","author":"Brian Brady","date":"April 13, 2010","format":false,"excerpt":"Here's a tip for real estate agents, when presenting an offer with FHA\u00a0 or VA financing; include the FHA\/VA Amendatory Clause to the Purchase Contract as part of the offer.\u00a0\u00a0 You'll save you, the seller's agent, the escrow company, the lender, and most importantly your buyer, a lot of last\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7456,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7456\/bloodhoundblog-radio-va-home-loan-tutorial-for-california-realtors\/","url_meta":{"origin":4751,"position":4},"title":"BloodhoundBlog Radio: VA Home Loan Tutorial For California REALTORS","author":"Brian Brady","date":"March 11, 2009","format":false,"excerpt":"I recorded this webinar on March 11, 2009. The AUDIO IS HERE and will open in a new window.\u00a0 Listen along and click through the links as I discuss them: The zero-down loan limits for California counties How a purchase price, above the VA loan limit, might not require a\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7903,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7903\/fha-and-va-assumable-loans-offer-an-exit-strategy-for-todays-buyers\/","url_meta":{"origin":4751,"position":5},"title":"FHA and VA Assumable Loans Offer an Exit Strategy For Today’s Buyers","author":"Brian Brady","date":"April 16, 2009","format":false,"excerpt":"How can an FHA mortgage or VA home loan sell a home faster?\u00a0\u00a0 When mortgage rates are 10% and the 5% government loan is assumable. I've taken a few pokes at the contributors on Active Rain; John MacArthur isn't one of them.\u00a0 John is a Branch Manager with Long and\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/4751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=4751"}],"version-history":[{"count":7,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/4751\/revisions"}],"predecessor-version":[{"id":4758,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/4751\/revisions\/4758"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=4751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=4751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=4751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}