About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

Leaders from the House of Representatives worked out a deal with the White House on Thursday regarding the new economic Stimulus package. Here is an excerpt from a recent AP report:

To address the mortgage crisis, the package also raises the limits on Federal Housing Administration loans and home mortgages that Fannie Mae and Freddie Mac can purchase to as high as $725,000 in high-cost areas. Those are considerable boosts over the current FHA limit of $362,000 and the $417,000 cap for Fannie Mae and Freddie Mac’s loan purchases.

However, the Senate still needs to concur before the bill is sent to the President for a signature:

Senate Majority Leader Harry Reid said the goal is to send the package to the White House by Feb. 15 for President Bush’s signature

Comments (0) Posted by G.R.A. Admin on Friday, January 25th, 2008

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