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The L Spot's Business Section is all about business and finance. We feature articles and columns written by professional women, and information on local groups and meetings invloved with business or finance.. Link to our Business Directory for a list of LGBT friendly businesses |
Desert Business Association (DBA) Mixers Our GLBT business group hosts two mixers a month for members and non-members to come, socialize and network. They welcome the women's community to come and join! This is a great opportunity to network your business or service within the community. Members are free, guests $5.00 Monday, May 5th from 6-8pm at Tropicale in Palm Springs. Complimentary appetizers, happy hour prices, no-host bar. 330 E. Amado Rd. Monday, May 19th from 6-8pm at the Desert Aids Project. Complimentary appetizers, no-host bar. 1695 N. Sunrise Way, Palm Springs. For information on events and membership, go online to www.dbaps.org or call 760- 864-7110 |
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Kelly Lynch, KPL Select Companies
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The Raise in Conforming Loan Limits May Result in Lower Interest Rates for Many Homeowners in California By Kelly Lynch, Broker/ Loan Specialist, KPL Select Mortgage, Inc. March, 2008
On February 13, 2008, President Bush signed off on the $168 billion stimulus package approved by Congress the prior week. In addition to tax rebates for millions of working Americans and business owners, the package includes a temporary increase in the conforming loan limit.
The economic stimulus package will allow the Federal Housing Administration, as well as Fannie Mae and Freddie Mac to offer mortgages above the current conforming loan limit of $417,000 to as much as $729,750 in high-cost areas. The California Association of Realtors calls this as a significant victory for homeowners in California where home prices are among the highest in the country.
The increase calls for raising the conforming loan limits to 125 percent of an area’s median home price with a cap of $729,750. U.S. Housing and Urban Development Secretary Alphonso Jackson will have up to 30 days or until mid-March to determine exactly what the loan limits will be for high-cost areas. (At the time of this writing, Jackson has not announced loan limits for California.)
What does this mean for you? Typically, interest rates for conforming loans are as much as 1% lower than rates for jumbo loans (e.g., loans in amounts greater than the conforming limit). Due to the high real estate prices in California, many California homeowners have mortgages that are greater than the current conforming loan limit of $417,000. The increase in the conforming loan limit will allow some homeowners to refinance into low rate mortgages and some new home buyers to better afford their monthly mortgage payments. About the author: Kelly Lynch has worked in the real estate industry since 1987. In 1992, she founded KPL Select Mortgage, Inc. providing residential mortgage brokerage services to individual clients. Since 1992, KPL Select Mortgage has facilitated well over a billion dollars in residential loans helping thousands realize their dreams of homeownership. Today, KPL Select Mortgage is approved with over 100 wholesale lenders and is an approved VA/FHA lender with the United States Department of Housing and Urban Development. KPL Select Companies provides finance, escrow and property management services for residential and commercial real estate transactions throughout California from offices in Sherman Oaks and Palm Springs. Kelly is a member of the California Association of Mortgage Brokers and the National Association of Mortgage Brokers. She graduated from California State University, Northridge with a degree in business, and is a licensed Real Estate Broker in the State of California. |
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