Loan Proposal Should Be Great for Buyers and Sellers in Oak Park, and ALL of the Conejo Valley, CA!

Buyers and sellers in Oak Park, CA and all of the Conejo Valley should be helped by the agreement reached yesterday by the White House and Congressional leaders on a proposal to increase conforming loan limits. This agreement is part of a larger economic stimilus package. While all the details are not firm, this should be GREAT for buyers and sellers in much of Southern California!

The proposal increases the maximum loan amount that government sponsored enterprises such as Fannie Mae, may purchase or guarantee on the secondary market. The current amount of $417,000 doesn't buy a lot of house in this area! The loan amount may go as high as $725,000 in high cost areas!

Many buyers in here in Ventura County, and in much of California, are currently forced into the more expensive non-conforming loans. There are not too many homes under $417,000 here in the Conejo Valley. The higher loan amount will make it easier for many consumers to now qualify, and be able to afford a home, using a lower interest conforming home. Having more qualified buyers out there will obviously help the homes for sale that have been languishing on the market.

Let's all hope this goes through. It should be a win-win situation for everyone!