Good news for homeowners! President Bush signed the economic stimulus package will allow the Federal Housing Administration, as well as Fannie Mae and Freddie Mac to offer mortgages above the current conforming loan limit of $417,000 to as much as $729,750 in high-cost areas for loans originated between July 1, 2007 and Dec. 31, 2008.
The increases call for raising the conforming loan limits to 125 percent of an area’s median home price capped at $729,750. This should be welcome news for home buyers.
The complete news release can be found by visiting the web site of the California Association of Realtors.
For more information on how this can benefit you as a new home buyer, please contact The Hartanov Team at 949.285.3739.
Date: 2008-02-13 23:32:51