Uncle Sam has thrown California and other high-priced housing markets a lifeline.

“President Obama on Friday signed into law a bill that will reinstate higher limits for Federal Housing Administration-backed mortgages in high-cost areas. In expensive housing areas such as Los Angeles and Orange counties, the limit for these FHA-backed loans had dropped to $625,500 from $729,750 on Oct. 1. The change became effective Friday.”  You can read the rest of the story here

This is incredibly important for folks that want to buy Palos Verdes homes for sale.  The difference in the down payment necessary to buy the median priced home for sale in Palos Verdes is over $100,000.  And as a result of this change in the loan limits, Palos Verdes real estate will be just a bit easier to sell and provide buyers more latitude to use that cash for improvements to the home instead of down payment.  In turn, that will help boost the economy.

For more information on homes for sale in Palos Verdes, please follow the links below.

And to get your finance questions answered on how you can take advantage of this new change, please contact Kent Kirkpatrick of American Capital.  Kent’s been my go to guy for more than 2 decades and in transaction after transaction has EARNED my business.