Coming loan changes could squeeze high-priced home markets

Time is short for some buyers and owners of more expensive homes to get the best terms on mortgage loans.

Starting Oct. 1, Fannie Mae and Freddie Mac will cut the size of loans they buy from lenders. That will force many future borrowers into more expensive and harder-to-get jumbo loans.

The Freddie and Fannie limits, which are generally $417,000 for single-family homes nationwide, were raised in 2008 in some high-cost housing markets to stimulate the economy. In many areas, the limits rose to $729,750 and next month they'll fall to $625,500. Limits will drop more sharply in some areas and less in others.

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Johnson working to keep Kings in Sacramento

Sacramento mayor Kevin Johnson, a three-time All-Star with the Phoenix Suns, talks with USA TODAY's J. Michael Falgoust about his progress in getting the financing options worked out for a new sports complex that will keep the NBA's Kings and owners Joe, George and Gavin Maloof from leaving:

So what are we going to see from you Thursday when you deliver your report?

We're going to release a report that shows a menu of options on the public financing side. We looked at 30 different things. We're narrowing it down to 10 or nine or eight.

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How Much Will a Payday Loan Cost You?

Payday loans are very popular in the market because many people need short-term financing. However, experts warn consumers against taking out payday loans in a hurry.  Although applying for a payday loan is quick and easy, you should also consider the possible risks.

Anyone can easily get approved for a bad credit payday loan regardless of credit rating.  Whether you have no credit history or poor score, you can still get the cash you need without a hassle.  Payday loans are sometimes called cash advance loan because it gives you the chance to get the cash you need today and worry about repayment later.

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