Posted by Joan Bergstrom on 2/13/08 10:22pm
Msg #235221
Federal Stimulus Package
It will be interesting in the next few months to see how the housing part of the stimulus package impacts us?
Concerning the housing problems, the stimulus plan will increase the limits on home loans that can be purchased by Fannie Mae and Freddie Mac, the government-sponsored finance companies, and on loans that can be insured by the Federal Housing administration.
The one-year increases will make it easier to refinance loans or obtain new mortgages in expensive markets. The new limits will vary based on local conditions. We in Southern Calif. (if I read the info correctly) will have the maximum available amount; $729,000
Democrats said they would move ahead with a separate bill to provide assistance related to the decline in the housing market, including bonds that would let states help homeowners at risk of foreclosure.
This should free up money for refinancing. Time will tell!
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