Great news for North Park, South Park and many other neighborhoods in San Diego..  Our congressional representatives committed to extending the current conforming loan limit from $417,000 to $729,750.  Although it is temporary until Sept. 30, 2011, they are working on making it permanent. We in San Diego would have had it a lot harder with trying to buy new homes and even refinancing the ones that we are currently living in. What this means is that because these loans are considered conforming they will be at lower interest rates then the jumbo loans. Jumbo loans carry a higher interest rate which means higher monthly payments and less buying power.