Great News!! President Bush just signed into law the Housing and Economic Recovery Act of 2008. This is a major victory for REALTORS®, consumers, and the country.
This federal housing bill is a significant move in the right direction for California homeowners. It will aid in stabilizing our economy and help stem foreclosures, while also providing support to first-time homeowners.
The legislation will assist an estimated 400,000 homeowners facing foreclosure, many of whom reside in California, by allowing them to refinance their current mortgages with a Federal Housing Administration (FHA)-backed loan. The bill also will permanently increase FHA, Fannie Mae, and Freddie Mac loan limits in high-cost areas such as ours to $625,500.
Although I would have liked Congress to make permanent the current $729,750 loan limit, the new loan limit of $625,500 will still allow many California homeowners to refinance their loans into safe affordable loan products and allow first-time home buyers to enter the market.
For more details on all of the provisions in the new law, please use the link below.
http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument
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