CONFORMING LOAN LIMITS GOING UP UP UP…HOPEFULLY

The US Congress passed a stimulus package.  We all need stimulation right now. 

Regarding the mortgage industry, one item stands out.  If the President signs the bill, there is a good possiblity that the conforming loan limits will increase.

It is estimated that conforming loan limits for 1 unit properties will go from the current $417,000 to (an estimated) $729,000! For many people who are going to be buying properties and would be stuck with jumbo loans (i.e. much higher interest rates), this is big news.  And many people will be able to refinance from two loans, often with higher-interest second mortgages, into one loan with better interest rates.

Look for updates.

 

12 February 2008 | First Time Homebuyers, Fixed Rate/ARM, Programs, Interest Rate | Comments

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