May 23 2004--The blistering pace of the increasing San Bernardino counties home prices has caused HUD to increase the FHA loan limits within the county to keep its promise of affordable housing. Home prices in San Bernardino County increased an average of 22.8% over the previous year's home prices. Although the dramatic increase in real estate prices is great for current homeowners many current homebuyers whom need the flexibility of FHA home loans were priced-out or left competing for a very limited amount of available lower priced homes.

Jessie J. Beaudoin a California mortgage broker states "In the past using the FHA home loan programs we had been able to assist many home buyers whom would not have otherwise been able to qualify for a mortgage loan to buy a home. With the increased real estate prices and low FHA loan limits in San Bernardino county FHA loans were no longer a mortgage option. This increase in FHA loan limits and the historically low mortgage rates will now allow more home buyers to enter the real estate market."

FHA home loans are a popular choice for many first time home buyers due to the flexibility of loan qualifying. There are three main qualifying guidelines for home loans, which are income, savings and credit. FHA loans are not as stringent in the verification of a two year work history and income. Those individuals with a past bankruptcy on their credit report can buy a home using FHA loans a full year sooner than with a conventional mortgage.

Another advantage of FHA loans is regarding the down payment requirements. FHA loans allow a gift from a family member, relative or approved down payment assistance organization that may be used for a portion or the entire 3% down payment requirement of FHA loans. Versus a conventional loan where the down payment must be the borrowers own money saved in an account for three months or more. For additional information regarding FHA loans an excellent resource is: http://www.fha-home-loans.com

Jessie J. Beaudoin is a California mortgage broker with over 12 years of experience who is specialized in helping home buyers with buying a home. He may be reached at: (800) 931-7377.




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