You may have already heard, but it’s done – Bush has signed the Economic Stimulus Bill. The Bill will provide tax rebates between $300-$1,200. The bill also included some changes for the lending industry.
As the bill has been passed, the loan limits for conventional loans and FHA loans will be increased once they are re-assessed. I’ve been shared a website to find the new FHA limits as they’ve been released, that is posted below. I will keep you in the loop as things move forward with the new loan limits with conventional loans. For Iowans, these changes MOST LIKELY will not effect our loan limits since we haven’t seen the run up in values of our homes. I will share a link as soon as it becomes available with conventional loan limits.
Just a quick side note, I currently have access to professionally calculated estimates of the new limits. However, I cannot share it on this blog since it is copy written information from another source only available to it’s members. I would however answer questions on limits one on one if you’d like to e-mail me or shoot me a question from the questionnaire section on the right side of the page. Eventually, these limits will be made public once they are reviewed and modified. I’ll let you know when that happens.
The FHA limit’s website is: FHA Mortgage Limits
