President Signs Economic Stimulus Package
President Bush signed the economic stimulus package, H.R 5140, today with the provision for higher conforming loan limits intact. This legislation allows for a “temporary” increase in the conforming loan limit up to $729,750. Fannie Mae and Freddie Mac will be allowed to buy loans up to $729,750 that were originated between July 31st, 2007 and December 31st, 2008. This is an increase from the previous limit of $417,000. The move will also allow FHA to insure loans as high as $729,750 in more expensive markets.
Texas residents, however will not qualiofy for the new limit based on MSA (Metropolitan Statistical Area) averages. Texas has some of the most affordable housing in the nation, so we aren’t going to benefit from the new loan limits.
For the official press release in print or video you can visit www.whitehouse.gov
For more information about real estate issues in Katy or West Houston contact Steve Reddell. He is a licensed real estate agent you can trust. You can contact him directly at 281-994-5173. You can also visit him on the web at www.katyfamilyhomes.com.
Filed under: Economy/Market, Katy Family Homes
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