|
President signs economic stimulus bill, which includes raising
conforming loan limits
President Bush today
signed off on the $168 billion stimulus packaged approved by
Congress last week, which, in addition to tax rebates for
millions of working Americans and business owners, includes a
vital, but temporary increase in the conforming loan limit. 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.
Raising the conforming loan limits to more accurately reflect
the cost of housing in California and other high-costs areas of
the nation has long been a top C.A.R. objective. Currently,
Californians are forced into more expensive non-conforming jumbo
loans, decreasing homeownership opportunities for many and
forcing others into more costly – and often riskier – loan
products. |
