Last week the Senate passed the President’s economic stimulus package. It contained a provision which should help Realtors, mortgage lenders, and most of all homeowners/consumers. Any loan originated between July 01, 2007 and December 31, 2008 may be purchased by Fannie Mae and Freddie Mac, as long as the loan amount does not exceed the higher of $417,000 or 125% of the HUD median home value for the area up to $729,750.
This could mean as much as a 2% drop in interest rate on loans over $417,000.
Our hope is that based on the dramatic increase in home values over the past five years has been recognized and the new jumbo lending limit will permanently increase to a more relevant number.
Please call 919.851.0999 for answers to your questions.
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Thank you for the opportunity to serve you and your clients.