Many are curious how Bush's economic package will affect us here in California. This $168 billion stimulus packaged approved by Congress will increase the conforming loan limit from $417,000 to as high as $729,750 depending on the median price for an area. My loan agent has informed me that March 13th will be the official date that this will be put into affect. Those of you planning to refinance or purchase a home it is time to get ready.
A few things to keep in mind:
- Be sure to clean up any late fees, unpaid debt. It is very important to have good clean credit in this market.
- Keep in mind that these loans still may not be at the regular conforming rates but they should be still lower than jumbo rates.
For more details this is an excellent Mercury News article.
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