Q: What does this new "Economic Stimulus Act" mean for the Housing Market?
A: One of the key features of this act was to raise new loan limits for FHA Fannie Mae & Freddie Mac conforming loans. Raised limits is a solution to the current housing market slow down. The new limit provides for raised loan limits to 125% of the HUD published median prices, not to exceed $729,950. This new limit will stimulate lower interest rates in the mortgage market - the ultimate outcome will help thousands of new home buyers and those who wish to re finance to prevent foreclosure.
For more information on this topic, please see:
http://www.realtor.org/GAPublic.nsf/Pages/economic_stimulus_fha_limits?OpenD
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