Mortgage Payment Relief – will the New Stimulus Package help?

Posted on February 28, 2008. Filed under: First Time Buyer help, Informed Investor Alliance, Orange County Real Estate | Tags: , , |

Hi All!
Manny Piceno, one of our OC preferred lenders, wrote an informational email about the new Stimulus bill that Congress has been working on.  Call him at 949-285-0216 if you would like more info….
So where is the relief? As you know, President Bush signed the Economic Stimulus Bill into law Wednesday February 13th.
HUD has 30 days to publish the median area home prices, Metropolitan Statistical Areas and mortgage principal obligation limits after this bill became law. 
The New Proposed Fannie Mae and Freddie Mac loans (what we know so far):
·         125% of the area median home price not to exceed $729,750.
·         Changes are set to expire on December 31, 2008
·         The new limits will apply to 30 year and 15 year fixed rate, fully amortizing (sorry no interest only) and OWNER OCCUPIED homes!
·         Adjustable rate mortgage are being considered but don’t count on it.
This is a huge undertaking, and isn’t likely to happen fast. Today’s lending environment is difficult but for those prepared, great opportunities exist. Stay informed. I will keep you posted on any changes that may impact your investments. If you have questions, call or write.
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