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.
"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%.