Stimulus Package Passes Senate-What Now?
February 7th, 2008 Categories: Mortgage, Real Estate News
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This is a topic that has been the big talk in the Real Estate and Lending World. One of the items that has been heavily fought for is the Fannie Mae and Freddie Mac Loan Limits from $417,000 up to $730,000 in some of the more expensive areas of the country. Currently Fannie and Freddie cannot by loans more than $417,000. Those loans are called Jumbo and have a higher interest rate. Some parts of California is actually funny to say $417,000 is Jumbo when they can be a starter home.
Also following suit will FHA loan limits which currently are maxing out at 87% of the Fannie Freddie limits. This has been needed for some time and the national situation has sparked the senate to finally pass this thing. What politician would want to go on record saying they aren’t willing to help the housing market.
This combined with low interest rates can help things. Those that had loans above the $417,000 mark are going to be able to refi into a much lower loan amount.
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