$417,000 to $729,750 until December 31st, 2008
Do you fit into the box of what banks are looking for?
Hereâ€™s the checklist. If you can answer yes to all these questions, call me!
Youâ€™re currently in a mortgage rate at (or set to go over) 6%
You have 700+ Mid FICOÂ® scores
All borrowers have a stable job history for the past 2 years
The property is an owner-occupied, single family residence
You have a minimum 20% equity position in the property
You have the ability to provide full documentation of income & assets
You have no mortgage lates in the past 12 months
You want a better mortgage
It is, but itâ€™s worth it!
As Non-Conforming rates climb over 8% for a 30 year fixed and continue to rise, now is the time to take advantage of the â€œEconomic Stimulus Packageâ€ and get into a great 30 year fixed rate.
Beach Town Mortgage, Inc.
With that being said we could see an extension in time for this loan limit increase, or hopefully an overall adoption of it.
Keep checking in.
I just received this email from the California Association of Realtors since my last post. Hope it helps.
PRESIDENT SIGNS $168 BILLION ECONOMIC STIMULUS BILL
President Bush today signed off on the $168 billion stimulus package approved by Congress last week, which, in addition to tax rebates for millions of working Americans and business owners, includes a vital, but temporary increase in the conforming loan limit. The economic stimulus package will allow the Federal Housing Administration, as well as Fannie Mae and Freddie Mac to offer mortgages above the current conforming loan limit of $417,000 to as much as $729,750 in high-cost areas for loans originated between July 1, 2007 and Dec. 31, 2008.
The president signed the bill today and it is my understanding that it is effective immediately and the loan limit will remain till the end of the year. If you have equity in your property you should be able to refinance to fall under the conforming loan limits. I would consult with your local lender to see if you and the property qualify. Good luck.