Bush Signs New Bill To Increase Loan Limits

By
Mortgage and Lending with Oceanside Mortgage Group Inc

All I don't know quite yet how the new loan limits are going to help us move more product...  What would have been nicer would be for him to Fannie and Freddie remove the declining markets.  This is what I'm seeing the most impact on my loans.  It seems like every county in the North East is in one of these declining markets.  Having the ability to wirte a conforming loan to 727,000 or 175% of the median home price in a markets is not realy going to help unless we can get supporting comps... 

The good news with this bill is that the FHA loan Limits have increased so there is more opportunity for Home purchases with little down payment!  650K is the new FHA loan limit in high cost areas.  Like Boston, NYC, Providence, and just about any major city and surrounding area!  I think most RE agents will see some up swing in their BIZ... 

 

Good Selling to all...

-George 

Comments (2)

Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate
George:  With the increase in loan limits, I am sure everything else will gradually fall into place.  It usually does whenever the loan limits are increased.  Not to worry !  Everything else Bush has done has worked out well... hasn't it ?
Feb 15, 2008 05:25 PM
Timothy P. McDonald
P. Timothy McDonald, Esq. - Warwick, RI
George: I agree that the raising of the loan limits is not the complete solution.  It is merely one piece of the pie.  This past week some of the larger lenders are talking to the federal government about exactly the issue you raise.  If the values are not there and people are under water, how can people refi into a fixed loan or sell their property.  The easy answer is they cannot.  It will be interesting to see if the federal government steps in to help.  In this election year it is my guess that a lot more help is coming.
Feb 16, 2008 10:29 PM