Increasing conforming loan limits part of stimulus package
January 26, 2008 - Congressional leaders and the White House today reached an agreement to increase conforming loan limits as part of a larger economic stimulus package. 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 an objective of C.A.R. While it’s not a “done deal” and the details remain to seen, this is a huge win for Californians.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.
Under terms of the proposed stimulus package, the conforming loan limit — the maximum loan amount that government-sponsored enterprises like Fannie Mae and Freddie Mac may purchase or guarantee on the secondary market — will be raised from $417,000 to as high as $725,000 in high-cost areas.
The Office of Federal Housing Enterprise Oversight (OFHEO) continues to oppose conforming loan limits reforms.
Posted: January 27th, 2008 under Pasadena California Real Estate, Buying a home in Pasadena, Pasadena buyers agent, Pasadena CA real estate, Pasadena California real estate, Pasadena real estate, Pasadena real estate agent, Pasadena real estate companies, Pasadena real estate investment, Pasadena Realtor, Pasadena residential real estate, Real estate in Pasadena, Real estate Pasadena, Pasadena Mortgage Rates, Pasadena Mortgage Information, Glendale California real estate, Glendale buyers agent, Glendale CA real estate, Glendale mortgage information, Glendale real estate, Glendale real estate agent, Glendale real estate companies, Glendale real estate investment, Glendale realtor, Glendale residential real estate, real estate in Glendale, real estate Glendale.
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