On July 30, 2008 President Bush signed into law a sweeping housing bill
that aims to boost the struggling housing market. Following is brief review
of how this may affect you if you are a prospective buyer using FHA or a
Conforming loan:
1) Non Profit Seller Funded Down Payment Assistance programs are no longer
available
2) Minimum Down Payment requirement for FHA will increase from 3% to 3.5%
down on Oct 1st, 2008
3) The TEMPORARY conforming and FHA loan limit increase to $729,750 for Los
Angeles County is only in affect until the end of 2008.
4) The PERMANENT loan limit increase for conforming and FHA loans will be
$625,500 in 2009 for high cost areas like Los Angeles County in 2009.
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