Congress Passes Economic Stimulus Package
For months we have anxiously been awaiting the House and Senate to pass legislature to increase loan limits in many areas. See the update from NAMB sent today (below). We will post new loan limits once they are made available.
“Congress passed with overwhelming support an economic stimulus package that will now provide relief to millions of homeowners.
The stimulus package, which is expected to be signed by the President as early as today, will temporarily increase the conforming loan limits of Fannie Mae and Freddie Mac (GSEs) allowing them to now purchase loans up to $729,750 in the most expensive parts of the country, such as California and Massachusetts. The package also temporarily increases the FHA loan limits up to the same amount, depending on locale. Further details will be sent to you after FHA and the GSEs determine the exact loan limits for each locality.”
We’ll keep you updated!