In February, the President signed into law the Economic Stimulus Package in an effort to revive our battered economy.
There have been many misstated facts in the press regards the benefit to consumers of this Package. First and foremost - will the plan help anyone in Eastern Washington?
Not likely.
The Economic Stimulus Act of 2008 is a $168 billion plan intended to jumpstart the sliding U.S. economy. The new bill is designed to help certain ‘high-cost regions' of the struggling housing market by 1) Temporarily increasing the ‘conforming loan limit' from $417,000 to as high as $729,750 in specified areas; and 2) Temporarily increasing the size of loans the Federal Housing Administration (FHA) can insure from $362,000 to as high as $729,750 in specified areas."
None of Eastern Washington falls into the ‘high cost" category and thus the aforementioned limits are left unchanged in our communities.
Hoepfully you weren't waiting for this package to save your home.
Comments(0)