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Sheep may safely graze? Veterans, Boomers, Xers and Yers at work Lender gambled trust...literally Winning MEGA Millions ticket still unclaimed, Lotto says Bringing business to Kern ... How low will prices go? Check out our latest home sales map Housing: What you're paying, right now People in Business: A who's who for Aug. 29 58 homes! Check out our home sales map People in Business: A who's who for Aug. 22 January 08 February 08 March 08 April 08 May 08 June 08 July 08 August 08 September 08 Contact us with your news and information: Team leader: Christine Peterson, cpeterson@bakersfield.com, 395-7418 Assistant team leader: John Cox, jcox@bakersfield.com, 395- 7345 Reporters: Courtenay Edelhart, cedelhart@bakersfield.com, 395-7372 Jenny Shearer, jshearer@bakersfield.com, 395-7234 Gretchen Wenner, gwenner@bakersfield.com, 395-7368 
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Kern's FHA loan limit rises
New loan limits from the federal government may help locals buy, or refinance their homes. The U.S. Department of Housing and Urban Development is temporarily raising Federal Housing Administration loan limits in some parts of the country — including Kern County, according to a Wednesday news release from HUD. Through the end of the year, Kern’s FHA loan limit will be $368,750. The previous limit in Kern County was $280,250, according to HUD’s Website. In January 2009 the temporary increases will revert to their previous settings. The press release concedes there is no "silver-bullet" to address the crisis of rising defaults and foreclosure rates. But tens of thousands of Californians may benefit from the new limits, the release states. What do you guys think? How important are these FHA limits? Will they make a difference in our local housing market? -Vanessa Gregory, staff writer 4 comments from 4 users
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posted by
witbee
on Mar 6, 2008 at 03:13 PM
What about income limits for borrowers? posted by
MoneyTalks
on Mar 6, 2008 at 03:40 PM
There are no income limits for FHA borrowers. I double checked with Helen Thomas, branch manager for Platinum Home Mortgage in Bakersfield. Thomas likes to say she has been doing FHA loans since before they were cool. "On standard FHA loans...there are no income limits and you don't have to be a first-time homebuyer," Thomas said. Some state programs, however, do have first-time homebuyer and/or income eligibility guidelines. You can find more information here. -Vanessa posted by
Bakersfieldbubble
on Mar 6, 2008 at 03:53 PM
This will not do anything. What is wrong with home prices becoming more affordable? Is that against the law? Why is the Bush Admin trying so hard to be like Japan in the 1990's and let prices drop for 12 years in a row? The market should be left alone, if not, it will only prolong the pain. But then again, I have nothing to gain from this, so my opinion is not based on making a buck off the local suckers! posted by
lynchracing9
on Mar 7, 2008 at 05:41 AM
That`s really a rosie outlook on the future, now people can live in a really NICE house for 3 months before they walk away, no more medium income forclosures , now we can really buy some Nice foreclosures on city hall`s steps, I say raise it higher!!!, I want to get some upper income property to rent out.....Wake up people and browse some educated forums instead of the local Cheerleader " everything is going to be fine" dreams. It`s not going to get better for a long time and you had it good for a while, now the party is over.....Try these forums for the real future outlook... http://www.marketwatch.com/... http://www.zillow.com/forum... http://implode-explode.com/...
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