2022-Some Important Real Estate Changes
1. FNMA/FREDDIEMAC/FHA Loan limits:
Limits have been raised dramatically to $970,800.00 for High Value Areas (such as Orange County). The significance is that these “conforming” loans usually have the lowest interest rates of all real estate loans. Also, keep in mind that they also require the lowest down payments. For example, FHA loans require only a 3.5% down payment.
2. COVID related assistance for distressed California homeowners facing possible foreclosure:
Effective immediately, California is providing possible substantial assistance to distressed homeowners. To find out if you or anyone you know can qualify, access the State’s website, www.camortgagerelief.org, or feel free to call us for assistance.
3. The Value of Your Home:
The biggest change for nearly all of us who are homeowners is that the value of our homes has increased dramatically in the last year. The median price increase over the 12 months, ending November 30, 2021, was over 13%.
If you’d like to know how much the value of your home has increased, feel free to contact us for an evaluation.
2021 was an incredible year for real estate, fueled by low inventory and the lowest interest rates in our recent history.
2022 appears to be offering much of the same.
This is a great time to buy or sell! Call us if we can assist you or your family members in making the best real estate decisions for you. Please call 949-500-6365, email Frank@FrankDiLauro.com, or through our website, www.FrankDiLauro.com
