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What is the new FHA loan limit for Long Beach?

I was a guest on Real Estate Radio USA, yesterday, hosted by Barry Cunningham and Barry Johnson.  I talked about the impact of the higher conforming and FHA loan limits and how it might shore up the "desperate" real estate markets.  Real Estate Radio USA is a provocative and engaging program for real estate professionals and airs daily from 1PM-3PM (Pacific Daylight Time).  Listen to my interview here.

Sorry to keep you in suspense with the little self promotion there.  The new FHA loan limit for Long Beach is $729, 750.  FHA loans can be useful for Long Beach home buyers because:

1- Only 3% downpayment is required.  Some Long beach homebuyers have had to put as much as 10% down to obtian financing; the FHA loan can solve that problem.

2- Credit scores are not used in the underwriting process.  You still need to pay your bills but a loan can be funded if your credit score fell because of incorrect information on your credit report.

3- FHA loans don't have a "declining market adjustment".  Many Long Beach home buyers have been caught by surprise, when trying to obtain a home loan, and have had to put an extra 5% down.

4- the FHA 203-k loan program allows for "rehab or repair" financing.

Interested in buying a home in Long Beach but unsure about how to finance it?  There are three ways to get started:

1- Call Brian Brady at (858)-777-9751

2- Email Brian Brady at brian (at) californialoanconnection (dot) com

3- Apply online for the quickest response (this takes about 20 minutes)