Amazingly, a government institution has done its job more efficiently than the public would have expected. Yesterday, HUD submitted its guidelines for the new conforming loan line to be used by the FHA in California (the figures for the rest of the country were released today). The news was good for us: in both Los Angeles County and Contra Costa County, the conforming line will be moved to the maximum of approximately $729,000. It is our hope that this will benefit both potential buyers of our house and us in our quest to buy a new house. There have been indications that lenders might not confer much of a benefit on borrowers seeking to obtain funds near the conforming loan line, which would be a distinct and unfortunate policy switch from years past. We remain hopeful, however, that some small discount in interest rates may fall to those of us who find ourselves near the jumbo line.
In the meantime, we continue to keep our house open every Sunday afternoon, and we continue to have dozens of people come through every weekend. We keep hearing that there are people who are interested in the house, but none of them had seen fit to make an actual offer. Maybe the financial landscape will change just enough to shake loose an offer. Springtime is coming. It's time to get this done.
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