Congress Approves 2008 Stimulus Plan - Benefits For FHA Loans
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Congress approved an economic Stimulus plan that should benefit those trying to sell their homes in high prices areas. The increase in Fannie Mae and Freddie Mac limits from the present limit to as high as $729,750 will enable homeowners to save on their mortgages.
The combined ease of the approval process and the nearly 1 percent lower interest rate should stimulate homes sales across the country.
The stimulus package temporarily raises the maximum size of mortgages that government-sponsored mortgage companies Fannie Mae and Freddie Mac can purchase and market as securities from $417,000 to as high as $729,750 in expensive parts of the country such as New York and California.
It makes a similar change for loans backed by the Federal Housing Administration, a government agency that insures loans to borrowers with poor credit.
The interest-rate gap between “jumbo” loans above the $417,000 limit and “conforming” loans below it has been stubbornly high for months. Last week it was close to a full percentage point, compared with 0.2 percentage point in July, according to financial publisher HSH Associates. via The Associated Press
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
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By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
BY USING FIRST CLAIM INSURANCE ADJUSTERS YOU WILL HAVE THE ABILITY TO LOOK AT YOUR INSURANCE SETTLEMENT AND REALIZE FIRST ...
Comment by Chris Heath on 9 February 2008:
It does not make sense to only help people in high price areas what are they trying to say or are they trying to lower the risk factor
Comment by Jeff on 10 February 2008:
The “intent” is for this to be temporary, and we all keep using that terminology on our blogs… but many congressional issues intended to be temporary, are never reversed. Don’t you think this will be the same?
Comment by Tego Venturi on 10 February 2008:
I have believed that the Jumbo cap should have been higher a long time ago. It’s too bad the politicians wait until the problem is really bad to fix it.
Comment by dave on 29 February 2008:
any one know when the fha increase to 417,000 will take effect.