Hey, look, a shot at homeownership in the Bay Area!

Every homeownership article I've read lately tells me two things: first, that the National Realtors Association is really good at planting stories and second, that all articles about homeownership are written for Not-California. All the rent vs. own calculations are based on $1500/month mortgages. Where in the hell can you find a mortgage that low in California? Certainly not the hell around here, I can tell you that. In Tracy? I don't even think there.

Anyway, because the allure of homeownership and the demanding squeal of the American Dream insists we all have access homes we can't really afford - presto! - we have new options!

The FHA is a federal Department of Housing and Urban Development agency that insures mortgages for people who can't get conventional financing. This guarantee encourages private-sector lenders to make loans and investors to buy them.

Before today, however, FHA could not insure single-family home mortgage loans in the continental United States that exceeded $200,160 to $362,790, depending on location. Because of these low limits, FHA guaranteed only 5,000 loans in California in 2005.

Starting today, FHA can temporarily insure single-family loans up to 125 percent of each area's median price, with a minimum of $271,050 and a maximum of $729,750.

"For many people putting down less than 20 percent, I think it may become the preferred loan," says Joe Rogers, retail national sales manager for Wells Fargo Home Mortgage.

Look, kids, have the last 8 months taught you nothing? If you don't have 20%, don't buy a house. If you can only find a house that's more than 3-4x your gross annual income, don't buy a house. Really, that b.s. about tax deductions, etc, is, uh, b.s. if you end up having to sit on milk crates and driving a modern-day pinto because your so house poor.

Don't get me wrong, there should be some kind of allowances made for our bat poo crazy real estate market, but I think it would be great if we were a bit more realistic about why we want to OWN a home. It's because someone said you were supposed to want one. Because you're an American. Americans need a single-family home.

But really, is there any market in which that makes LESS sense than this one, right here, on our own spit of land.

All Bay Area counties qualify for these new FHA limits. Except Sonoma and Solano. Ha! Suck it Sonoma! You got the grapes, but we got your mortgages!