Blog of the Mortgage

February 8th, 2008 9:27 AM
Don't you just love an election Year?
It's full of excitement, uncertainty, new opportunity and ACTION!
Pol's just love to get off their butts in the final hour to get stuff done for THEIR constituents. This is apparently the way the political game is played. Call it the D.C. Scramble or Call it the American way.
Whatever your opinion is make sure you vote for your favorites. that's action.
Yesterday the Senate Agreed to pass the House version of the Stimulus Package.
It gives some gas money to families that need it, some credit card money to some families that need it and also has some nice incentives for businesses to build big buildings or buy big trucks and the like.
Most importantly:
It gives US a new Opportunity with bigger loan limits!
We're talking 125% of Median Sales price for : Sonoma, Alameda, Contra Costa, Solano, Napa etc.
Marin, San Mateo and Santa Clara will likely get capped at $729k for FHA and $729k GSE's as well. The math here is Maximum of 175% of current conforming limits : $417k x 175% (This is the absolute ceiling on these loan limits).
You can read my earlier thoughts about the effects on conforming rates/rebates in My Blog.
To see how it will work though you're going to have to go to Education Station and read the three most recent articles.
There is an excel spreadsheet for your review as well so you can play around with the numbers if you wanted to.
I have posted: the text of the bill, our Potomac Partners Update and an Excel spreadsheet. Check them out and then Float your Loans in to close this month!
Posted by Raoul Badde on February 8th, 2008 9:27 AMPost a Comment (0)
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