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$729,750: The New Jumbo (for now)
That's right, the economic stimulus package will be in effect shortly, and with it will come the ability for Government Sponsored Entities Fannie Mae and Freddie Mac, along with the Federal Housing Administration (FHA), to increase their loan purchase limits significantly in higher cost areas.  Sure, more of us are thinking about the $600 or $1200 check we're getting back as part of this (flat-panel TV anyone?), but for those who own higher value homes, this potentially means two more important things:
Easier to refinance to a better loanMore buyers can get better financing to buyFor homeowners and homebuyers considering pricier homes, they may be able to qualify to spend more than they can currently.  At present, rates for loans that can be purchased by Fannie Mae or Freddie Mac are averaging 5.67%, while rates for what are currently "Jumbo" loans in excess of $417,000 are averaging over 7%.  That difference in rate becomes very significant when you consider that a homeowner might be paying 1.33% more on a $500,000 loan, or $6650 more per year in interest! 
Now, I don't expect to immediately see $729,750 loans available at the same rates current conventional loans offer.  Rather, it will take some ... more

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