Home Load Deadline Approaching

Tuesday, Nov 11, 2008  |  Updated 5:42 PM PDT
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Home Load Deadline Approaching

AP

Time is running out for FHA loans.

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If you want to get a mortgage of nearly $700,000 and still have it be guaranteed by the federal government, you'll have to do it before Dec. 1, said one local expert.

SDSU Professor Mark Goldman says the temporary conforming loan limit for San Diego County is $697,500 and lasts until December 31.  But for accounting reasons buyers will have to act soon. 

"Most banks want to book those loans by December 1st because they want to make sure the buyers for those loans have been lined up," he said.  The new limit for loans guaranteed by the Federal Housing Administration in San Diego County will be $546,250.   

FHA loans have much lower interest rates.  Goldman said a 30 year mortgage of $600,000 with a federal guarantee could have an interest rate of 6.125%  He said non-conforming rates can be as high as 8%.

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