Congress gave overwhelming final approval on 2/7/08 to the Economic Stimulus Package supported by NAR and Realtors across the country. As a result, the government will be sending payments to most American households and grant tax incentives for business investment The plan totals $152 billion. The final deal came yesterday after the Senate added low-income seniors and disabled veterans to the list of people who would receive money under a package previously approved by the House, then approved the bill, 81 to 16.
The House took up and passed the Senate measure last night in a 380 to 34 vote, ensuring that checks would begin reaching eligible recipients by mid-May.
In a nod to the housing problems, the stimulus plan will increase the limits on home loans that can be purchased by Fannie Mae and Freddie Mac, the government-sponsored finance companies, and on loans that can be insured by the Federal Housing administration. The one-year increases will make it easier to refinance loans or obtain new mortgages in expensive markets. The new limits will vary based on local conditions. The increased loan limits means borrowers will see immediate relief with new liquidity in the mortgage market and the nation will see an additional 300,000 home sales. The increased FHA loan limits means an additional 138,000 Americans will purchase homes, and with the needed FHA reforms means 200,000 families can refinance their homes safely and affordably. (info from NAR and The NY Times)
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2 comments:
Lenders and how we get them to listen!
As many borrowers know from their own experience is that the resistance from
their lender is high and just getting through to the appropriate person is very
difficult. However, when MyRecast is
involved it seems as if the calls start to get answered and the letters are
responded to. On our MyRecast Team we have the best HUD advisors involved, state
wide attorney representation and the BEST sub-prime underwriters to QC / and
audit the original files.
We use powerful laws like the Truth in Lending Act (TILA) and the Real Estate
and Settlement Procedures Act (RESPA) to bring lenders to their knees. So,
naturally, the lenders will be very amicable to working and negotiating with
MyRecast Team for a modification of the note and work out to more
affordable terms to avoid costly
litigation. Not to mention your credit and
how this will affect your ability in the future.
Jackie
I just purchased property for which the loan is required and the consultant i got in touch was very kind and helpful.
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