conforming loan

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I am in the market for a new home> With the new economic stimulus package signed by congress, how long before the new conforming loan values change from $417K to $700K? thanks in advance!

gmakerley · Posted: Fri Feb 08, 2008 12:46 pm Post subject:

any proposals, even those which have been apparently worked on by both our president and congressional folk, will take a while to make their way through the halls of congress.

i doubt even those "in charge" in washington could give you a definitive timeframe, but i would think they wouldn't tarry here - this is going to save us all, after all.

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can anyone highlight some aspects of this bill? Is there any benefit for homeowners?

Jessica

Hi Jess,

I've discussed on the same topic at http://www.mortgagefit.com/conforming/economic-stimulusbill.html . Please have a look.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

I heard that Bush just passed the bill today that would temporarily increase the fannie mae loan limit over the 417K current limit on single family residences.

Caron

Yes Lisa, the Bill by the president has been signed on the 13th of February. On account of this, tax rebate checks will be mailed to several people in the forthcoming months. And there will also be tax breaks such that investors put down more money for their investment.

The treasury officials expect a tax rebate of $600 to be sent to an individual having adjusted gross income of $75000 and twice the amount will be sent to couples. In addition, tax rebate of $300 will be provided to children. The best thing for investors is, businesses will be able to deduct half the costs of purchasing new equipments.

But Lisa, experts are still sceptical about the positives in this bill. Is it really something to be sceptical about?

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