President Bush Signed the Stimulus Plan
The bill will temporarily increase the size of loans that may be purchased by Fannie Mae and Freddie Mac, raising the current level of $417,000 to reportedly up to $729,750 in the highest cost regions of the housing markets. A change from a Jumbo Mortgage to a conforming mortgage will help you to possibly save hundreds of dollars a month on your mortgage payment. If you or someone you know has a loan that:
Has a loan balance currently between $417,000 and $730,000 at an interest rate higher than 6%.
Has a Second Loan with an interest rate higher than 6%.
Is a loan that is fixed for 3, 5, 7 or 10 years that will become an ARM anytime in the next 18 months.
Is an ARM that is scheduled to adjust anytime in the next 18 months.
Have been considering a purchase but you're not sure you could afford to or that you would qualify.
Contact us or your lender for more information
Wednesday, February 13, 2008
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