Thursday, January 24, 2008

Good news on interest rates and loan limits

This just in, and it's good news. What it means: conforming loan limits are currently at $417,000. Home buyers who can get those loans can also get really low interest rates -- 5.15%! A rise in the loan limits really helps us here in CA, where most houses cost more than $417,000, by lowering monthly payments considerably.
Note: not a signed law yet!
Bush, Lawmakers Say Accord Reached on Stimulus Plan (Update2)
2008-01-24 14:15 (New York)
By Roger Runningen and Laura Litvan
Jan. 24 (Bloomberg) -- The Bush administration and House
lawmakers announced agreement on an economic stimulus package
that would distribute rebate checks to 117 million families and
give businesses incentives to invest in equipment...The accord includes a provision allowing Fannie Mae and Freddie Mac, the largest U.S. mortgage finance companies, to temporarily buy mortgages of up to $625,000, exceeding a $417,000
federal limit...

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