| Conforming Loan Limits to Rise??? | January 24th, 2008 |
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The Senate and White House still must sign off on the proposed stimulus plan, which also includes tax rebates for Americans. Right now the higher cap would only apply for one year. The National Association of Realtors, one of the country’s most powerful lobbying groups was a key player in getting congress to consider this cap increase. Other groups representing bankers and home builders were pushing hard for this increase even before the mortgage meltdown began. A higher cap on the conforming loan limit is designed for an expensive housing market like San Francisco. The $417,000 loan limit has curtailed our ability to get the best rates available– this new limit makes the monthly mortgage payment on any purchase below $781,000 far (far) less expensive. |
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CNNMoney.com reported today that the government’s ambitious economic stimulus plan may raise the conforming loan limit by up to 50% . This would allow buyers to have significantly lower rates on loans up to $625,500!