The Bay Area Needs it's FHA Guidelines Raised
Posted Sep 25, 2007 @ 4:11 pm, Viewed by 377 Visitors, Read 406 Times.FHA financing helps to make home ownership a reality for many people, however in the Bay Area, because of our high home prices the FHA guidlines do not represent our market. Currently the limit for FHA financing is $417,000. However the Median price in the Bay Area is over $600,000. Fortunately, the House of Representatives passed HR 1852 which proposes to raise the FHA limit to better accommodate high cost areas like our market. Realtors in my market are pressuring our elected officials to push for this type of legislation which would hopefully raise the FHA limit to our median price range.
Also, lenders who provide FHA loans are publishing guidelines which will enable home owner’s whose rates have increased to refinance with a 97% LTV. This should help many homeowners avoid foreclosure who otherwise would have no other choice.
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Hamid Grinage is a Realtor with the Grand Lake office of Prudential California Realty in Oakland. He is E-Certified, a graduate of Sonoma State University, and a member of the National, California and Oakland Association of Realtors.
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This would be a major step in the right direction. Around the Bay Area you are lucky to buy a condo for the 7,000 cap have the numbers more accurately reflecting local prices makes sense.