President Bush today signed off on the $168 billion stimulus package approved by Congress last week, which, in addition to tax rebates for millions of working Americans and business owners, includes a vital, but temporary increase in the conforming loan limit. The economic stimulus package will allow the Federal Housing Administration, as well as Fannie Mae and Freddie Mac to offer mortgages above the current conforming loan limit of $417,000 to as much as $729,750 in high-cost areas for loans originated between July 1, 2007 and Dec. 31, 2008. Hopefully this will help buyers and sellers to purchase property in high cost areas such as San Diego where affordability is low.


To read the president's remarks regarding the signing of this bill, go directly to http://www.whitehouse.gov/news/releases/2008/02/20080213-3.html.