Buyers of larger, middle-class homes may see loan costs rise this fall if the real estate industry can’t persuade Congress to keep higher dollar limits in place for federally backed mortgages. But experts differ on the impact for Sonoma, Lake and Mendocino counties. In Sonoma County, buyers seeking federally backed mortgages this fall may be limited to $520,950, down from the current level of $662,500. Do you think such a change would have much impact on the local housing market?
As a follow to Sunday’s story on home refinancing, loan officer Scott Sheldon passed on news for those who might consider refinancing with an FHA loan. Sheldon, who works for First Cal mortgage company in Petaluma, noted that on Monday the mortgage insurance premium that borrowers must pay upfront will [...]