Proposed mortgage plan could aid higher priced markets!
The government’s proposed economic stimulus plan could greatly effect prices for homes here in Sunnyvale, California.
Associated PressAll Associated Press news
WASHINGTON (AP) - A component of the government’s tentative economic stimulus package announced Thursday would give an immediate lift to buyers and sellers in higher-priced housing markets.
The package agreed upon by Democratic and Republican members of the House would allow government-sponsored Fannie Mae and Freddie Mac to buy mortgages up to 75 percent more expensive than the current $417,000 limit. The Senate and White House still must sign off on the proposed stimulus plan, which also includes tax rebates for Americans.
Raising the limit on so-called conforming loans will allow a larger pool of borrowers to find lower rates when buying a new home or refinancing an existing mortgage…Read entire article.
January 25th, 2008 at 1:33 pm
Sunnyvale Real Estate Team- Great Post. Thanks for the up-to-date info regarding mortgages.