President Bush will now sign the Economic Stimulus package into law. Last week, Congress gave overwhelming final approval to the Economic Stimulus Package supported by NAR and REALTORS® across the country. As a result, the government will be sending payments to most American households and grant tax incentives for business investment.
The legislation includes the requested GSE and FHA limit increases strongly backed and lobbied by NAR(National Association of Realtors) . The increased GSE loan limits means borrowers will see immediate relief with new liquidity in the mortgage market and the nation will see an additional 300,000 home sales. The increased FHA loan limits means an additional 138,000 Americans will purchase homes, and with the needed FHA reforms means 200,000 families can refinance their homes safely and affordably.
Over 85,000 REALTORS® contacted the Senate on this issue, and together we made a significant difference.We sometimes forget that we can have such an impact on people and their lives. Hopefully this will be a great relief to a lot of people.