25 January, 2008 |

PRESIDENT/CONGRESS ECONOMIC STIMULUS PACKAGE

FHA/AFFIRMATIVE MARKETING

Congresswoman Shelley Berkley met with SNHBA yesterday at our office and brought with her information on the above captioned item.

The Stimulus Package is expected to have “quick” congressional action with anticipated passage within a couple of weeks.

Three items which have been included at this point (always subject to further congressional action) of interest to us are:    

▪        A one year increase in Fannie Mae’s and Freddie Mac’s conforming loan limits (from $417,000 to a maximum of $729,750).  The conforming loan limit is the maximum loan amount that Fannie Mae and Freddie Mac are permitted to buy.     

▪        It also includes a permanent increase in the FHA loan limit from the current $367,000 up to a maximum of $729,750. Note:  We have contacted HUD/FHA and offered our assistance on new loan limits, regulations, etc., and requested any information we can transmit to you.

▪        The legislation will also include other changes that immediately help families facing foreclosure refinance their loans and get the housing counseling they may need.  These provisions are still being finalized by the House Financial Services Committee.

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