TOP NATIONAL NEWS. House OK's Temporary Increase in Loan Limits Inman News (01/30/08) As part of the $146 billion economic stimulus package passed by the House, Fannie Mae and Freddie Mac's conforming loan limit and the maximum mortgage amount under the Federal Housing Administration's guarantee program would be lifted to as much as $729,750 in high-cost markets through year's end. Mortgages greater than 125 percent of an area's median home price would not eligible, however, meaning that markets with a median home price of $333,600 or less would not see an increase in loan limits. Additionally, HUD will have 30 days from the bill's passage to calculate median home prices. Though Sen. Richard Shelby, R-Ala., has voiced opposition to boosting the conforming loan limit before legislation to revamp oversight of Fannie Mae and Freddie Mac is passed, higher limits are supported by Senate Democrats as part of their economic stimulus bill. http://www.inman.com/printer.aspx?ID=65942 Here in New Mexico, we have no idea when and if we will have a loan increase. I will keep you informed as soon as I have more information. Thank you!
Jason PikeHome Loan Manager2440 Louisiana Blvd. NE, Suite 160Albuquerque, NM 87110505-828-9400 direct800-264-2114 toll free505-872-2947 fax
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