Increased Loan Limits Can make Your Dreams Come True:
This entry was posted on 2/25/2008 2:13 PM and is filed under Real Estate marketing,GENERAL INFORMATION.
INCREASED LOAN LIMITS CAN MAKE YOUR DREAMS COME TRUE:
Many of you who have been dreaming about buying a new home, today is your day! You may have heard about the economic stimulus package which was signed into effect February 13, 2008 . The package allows Fannie Mae, Freddie Mac and Federal House Administration to increase their loan limits. Now hundreds of thousands of you, who may have thought you couldn’t get a loan for the home you wanted, just might!
“While such an increase will not solve the full range of housing challenges, it will play a vitally important role in improving the nation’s economy and making the dream of homeownership more attainable for thousands,” said Richard Gaylord in a Washington press release of the new economic stimulus package. Gaylord is president of the National Association of Realtors, which is the leading advocate for homeownership and affordable housing.
In a study by the NAR the increase in FHA loans could singularly help nearly 200,000 people refinance their current mortgages, decreasing the number of foreclosures, and help addition 138,000 people achieve the dream of owning their own home!
Further NAR research shows lenders such as Fannie Mae and Freddie Mac increasing loan limits means nearly 500,000 can refinance, and 300,000 could be granted the power to buy a new home!
What this means for you? Put in a loan application for that house you’ve had your eye on! Loan limit increases are only temporary at this stage, so get out and take advantage of them while they last!
