Economic Stimulus or Stagnation?
by Mike Wiegert
After months of hopes and expectations our legislative and executive branches of government have come together to approve the economic stimulus package containing higher mortgage limits for both FHA and FNMA/FHLMC mortgages. Although this is certainly a step in the right direction, what affect does the new bill really have on our local and regional real estate economy?In many instances, particularly in California we will see that the plan will provide limited benefits to specific geographic areas. The bill sets the FHA and conforming (FNMA/FHLMC) loan limits to the lesser of $729,750 or 125% of an area’s median home sales price. If 125% of an area’s median home sales price is below the current conforming loan limit of $417,000 the current limit still applies. In other words, you will not be any worse off than you are today.
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