US Senate Passes $150 Billion Stimulus Package

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It's official. On Thursday, the Senate passed the proposed $150 billion stimulus package aimed to avoid a recession sparked by a mighty messy credit market.

The stimulus package includes tax rebates up to $1,200 for households with an additional $300 per child.  To qualify, individuals must make less than $75,000 and families must have incomes less than $150,000.  The rebate phases out for households that earn more than the specified limits.

In addition to the rebates, it will also increase the conforming loan limits in high cost areas.  Fannie Mae and Freddie Mac will be able to purchase loans as large as $729,750 in high cost areas (175% of the current limits).  The increase in conforming limits is targeted to help homeowners qualify for conventional loans (instead of the jumbo loans they originally financed their homes with).

The bill goes to President Bush this week to be signed into law.  I'm about 183.4% sure this will be signed.

If you're mortgage is not currently under management, you need to get in touch with someone who can advise you if and when there is a good time to refinance your home.   If you need a recommendation, I know a guy.

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** Click Here For The Original Post on WealthWithMortgage.com**