Just in from Dan Klebesadel at Wells Fargo

FHA did publish the new increased loan limits for Los Angeles County  - $729,750

The big lift, is that with FNMA loans being cut to 90% financing, and Jumbo loans being cut to 80% financing, this will allow both categories to offer buyers lower downpayments and at higher loan amounts as well.  New buyers with less than 5% downpayment and those who need to refinance, but with diminished equity, are all eligible for very attractive rates as well. 

I am waiting for more details from Dan, but I think the down payment requirement is less than 3%!!!