This site will assist you in obtaining a new mortgage and with any questions you may have related to the changes created by the new temporary increase to the conforming loan amounts set by HUD in the Economic Stimulus Act of 2008
The Economic Stimulus Act of 2008 is a $168 billion plan intended to jumpstart the sliding U.S. economy. While a lot of media attention has been focused on the $600-$1,200 rebate checks that millions of taxpayers will begin receiving this spring, the new bill is also designed to help certain "high-cost regions" of the struggling housing market by:
- Temporarily increasing the "conforming loan limit" from $417,000 to as high as $729,750 in specified areas; and
- Temporarily increasing the size of loans the Federal Housing Administration (FHA) can insure from $362,000 to as high as $729,750 in specified areas.
If you're looking to purchase or refinance a home in a "high-cost region," this is great news. These temporary increases could help you avoid the higher interest rates associated with "non-conforming," or jumbo, loans. These new limits only apply until the end of 2008.
While this is great news, I should remind you that qualification standards are tougher than ever. So your credit score and credit worthiness are more important than ever. Give us a call today and we can review your options and discuss if we can make this legislation work for you.
Do You Live in a High-Cost Region?
So how do you know if your neighborhood qualifies?
That has been determined by the Office of Federal Housing Enterprise Oversight (OFHEO), so that Fannie Mae and Freddie Mac may rise conforming loan limits for the high cost areas to the corresponding levels listed below.
What if you do not qualify or your situation is outside the new guidelines?
We can help, go to our forum or use the contacts page to post any concerns you may have and we will be happy to answer any questions for alternative financing if your case still does not fit into the new conforming loan amounts. I encourage anyone who needs help or can help to use the forum.
Our staff is available to answer any questions 24/7 @ (407) 405-4962
