Federal Housing Finance Agency “FHFA” Announces Conforming Loan Limits for 2009

In 2008 Congress passed legislation that increased the “conforming” (i.e., not jumbo) loan limit from $417,000 to $729,000 for high-cost areas including L.A. County.  This actually resulted in a three-tier system this year: true conforming loans up to $417,000 (which have the lowest rates of interest); “jumbo conforming” loans from $417,000 to $729,500 (which have been approximately 1/2 percentage point higher); and “true jumbo” loans over $729,501 which have the highest interest rates.

For 2009, the high cost area conforming loan limit will be lowered to $625,500 and the interim tier between $417,000 and $625,500 will probably be eliminated.

What this means to buyers:  if you are looking in a price bracket where you need a loan greater than $625,500 but less than $729,500 — BUY NOW!!  Your interest rate will be higher after December 31, 2008.  Call me for more information.

First Ever Pasadena Marathon This Weekend

From PasadenaNow.com: Pasadena Forward has announced that the inaugural Pasadena Marathon presented by Kaiser Permanente has reached capacity and sold out in all events.  8,000 runners, walkers, and cyclists will converge on Sunday morning, November 16, to compete in the inaugural Pasadena Marathon, Half Marathon, Bike Tour, 5K and Fun Run/Walk.

The Marathon course will feature the City’s historic landmarks, including Colorado Boulevard, Old Pasadena, Orange Grove Voulevard (passing by the Tournament of Roses House), Caltech, and the Colorado Bridge.  With its tradition of hosting world-renowned events such as the Annual Tournament of Roses Parade, NFL Superbowl and Soccer World Cup, Pasadena is uniquely suited to hosting a major marathon event.  Its hotels, restaurants, and cultural attractions provide a phenomenal venue that is expected to make the Pasadena Marathon of America’s top running events in the near future. 

Pasadena residents should know that traffic impacts are unavoidable due to street closures that will be enforced to maintain a safe race course for marathon participants.  However, they have attempted to mitigate inconveniences to residents, and taken steps to ensure the maximum mobility possible for community members.  Residents should visit the marathon’s website at www.pasadenamarathon.org and click on “Pasadena Residents” for updated information specific to their needs.

All athletes are expected to attend the Expo at the Pasadena Convention Center on Friday, November 14, from noon-7:00 p.m., or Saturday, November 15, from 9:00 a.m.-6:00 p.m., to pick up their race packets and visit a variety of health and fitness related vendors.  The Expo is free to the public; friends and family are encouraged to attend.  The event is also expected to attract spectators upwards of 50,000 at the Start/Finish Line and along the course.  The Start/Finish Line is located directly in front of Pasadena City College on Colorado Boulevard.  The Finish Line Festival is from 6:00 AM – 2:00 PM on the college campus, and is free to the public.

The race start times on Sunday, November 16 are 6:00 AM Bike Tour Start, 6:30 AM Full and Half Marathon Start, 6:50 AM 5K and Fun Run/Walk Start.  For more information, visit www.pasadenamarathon.org.

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