Economic Stimulus Package

Mortgage Loan Limits to Increase as Part of Economic Stimulus Package
On February 7, Congress passed an economic stimulus package that includes increases in the loan limits for Fannie Mae, Freddie Mac and FHA loans. The FHA limit will increase to as much as $729,750 in high cost areas (to 125% of local median home prices) for loans approved on or before December 31, 2008. The Fannie Mae and Freddie Mac limits will also be increased up to $729,750 for loans originated after July 1, 2007 to December 31, 2008. President Bush has indicated that he will sign the legislation later this week.

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