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When will conforming rates be set for loans between 417K and

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ed Joined: 08 Feb 2008 Posts: 1 1.33 Dollars($)	Posted: Fri Feb 08, 2008 1:57 pm    Post subject: When will conforming rates be set for loans between 417K and Like 0 Dislike 0 President Bush will shortly be signing the Economic Stimulus Bill? How long should it be before lenders have their programs put into place?
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Fri Feb 08, 2008 10:09 pm    Post subject: Like 0 Dislike 0 Welcome Ed, As I've heard President Bush will be signing the bill next week itself. So, I suppose it won't take much time for lenders to have their programs in place. _________________ Procrastination is the enemy of your financial success
Jess Guest	Posted: Sat Feb 09, 2008 2:37 am    Post subject: Like 0 Dislike 0 can anyone highlight some aspects of this bill? Is there any benefit for homeowners?
Jessica Community Mentor Joined: 08 Jun 2004 Posts: 808 Location: OHIO 435.69 Dollars($)	Posted: Sat Feb 09, 2008 4:52 am    Post subject: RE: Impact of Economic Stimulus Bill Like 0 Dislike 0 Hi Ed, Welcome to our community forums. The Economic Stimulus Bill has been passed by the Senate and will be shortly signed by the President. It aims to provide tax refunds to besides bringing about significant changes in the mortgage market too. The Bill redefines the non-conforming or jumbo loan by extending its limit to $729, 750 from $417,000 in high cost areas for 1 year. So, this is good news for home buyer willing to settle in high costs areas as they can avail benefits now limited to conforming loans, that is an interest rate 1% lower. That is, if they go for a mortgage worth $417, 000 or less, they would get 1% lower than the new conforming limit which is $729, 750. I think this will open up more opportunities for those willing to buy as well as those interested in refinancing. This is because when credit is hard to get, you don't find buyers and housing prices decline and people can't refinance existing subprime and other loans. So, the bill hopes to open up the market for homeowners as well as help them save thousands of dollars in interest. However, the Bill may not be a boon for troubled borrowers living in areas where home prices are on a decline and are much below what they owe on their mortgages. Therefore, such borrowers cannot refinance into loans which are offered by Fannie and Freddie Mac approved lenders. Regards, Jessica _________________ http://jessica.mortgagefit.com/ Last edited by Jessica on Sat Feb 16, 2008 3:03 am
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Tue Feb 12, 2008 4:00 pm    Post subject: Like 0 Dislike 0 Hi Ed, President Bush reveals on an interview that he is going to sign this Economic Stimulus Bill on this Wednesday. Low-income people, retirees who live on Social Security and the disabled veterans who do not pay income any taxes, will get checks of $300. Best of luck. Larry
charlesarmbruster Community Expert Joined: 12 Oct 2006 Posts: 169 Location: Chandler, AZ 43.85 Dollars($)	Posted: Thu Feb 28, 2008 11:37 am    Post subject: Like 0 Dislike 0 Best advice is 1st week of March. _________________ Chuck Armbruster Phoenix, AZ payjunction chuck [on facebook]

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