legislative update: The Loan Limit Increase is Almost Here!
- 02/11/08 05:26 PM
The big day is almost here! President George W.Bush is set to sign the Economic Stimulus Plan on Wednesday. Here is the nitty-gritty of the Increased Loan Limits on Bill HR 5140. One of my trusted sources tells me that we'll be able to finance residential loans that were considered "Jumbo loans" (real estate financing above the industry-standard definition of conventional conforming loan limits) which is great news. But the question is, will this reform help the majority of homeowners? In the real world, this update will work for a drastically limited number of borrowers. It is nevertheless, good news for homeowners living in in expensive … (6 comments)
legislative update: HR 5140 Passed, Now what?
- 01/31/08 07:12 AM
By now, we have all heard the good news of increased lending limits in high cost areas, and tax rebates to help stimulate the economy. On the surface, we all rejoice now that more loans and with less restriction will become available, right? This is what's happening: The US House of Representatives overwhelmingly passed HR 5140 recently - an economic stimulus package that includes a temporary increase in the conforming loan limit and the upper threshold for FHA loan programs to as much as $729,750 in high-cost areas. The temporary increase would last only until the end of 2008. This bill would also restrict Fannie … (4 comments)
The big day is almost here! President George W.Bush is set to sign the Economic Stimulus Plan on Wednesday. Here is the nitty-gritty of the Increased Loan Limits on Bill HR 5140. ;)
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