The United States Senate voted today to approve a multi-billion-dollar economic stimulus bill which includes anincrease in the federal conforming loan limit. The loan limit increase means that federally guaranteed loans, which carry lower financing costs for home-buyers, will rise to $730,000 in California's high-cost housing markets providing needed mortgage capital and, hopefully, much-needed stimulus to dormant home sales. The stimulus package, approved by a vote of 81 to 16, must go back to the House of Representatives for a vote - expected to be a formality - before its expected arrival on the President's desk next week. The package approved by the Senate is about 20 billion dollars more than what the President sent to them, but he is expected to sign the package next week. I will update this blog as news comes out.
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