Mortgage Limit Change Could Help Californians Buy, Sell, Refinance

The President has signed the H.R. 5140., the Economic Stimulus Act of 2008, which provides increased benefits for the economy. The act calls for most taxpayers to receive a rebate of predominantly $600 to $1200.

This act brings some great news for home buyers and home sellers, particularly extending to those in California and Bay Area. Not only does it provide business incentives in tax deduction, it sheds light on mortgage limits. As most know, the house sales plunge has been drawn out extensively. The stimulus act has called for an increase in the conforming loan limit from $417,000 to $729,750. That means homeowners with jumbo loans can benefit by refinancing into conforming loans. This promises an increase in home sales of the Bay Area, and a general increase of the economy!

If you are consider buying or selling, call me to get more info. I’ll help you in taking advantage of this great opportunity.

Frank Liu (408) 313-2688

Links

President Bush Signs H.R. 5140, the Economic Stimulus Act of 2008

Rebate checks in the mail by spring

Mortgage change could help Californians buy, sell, refinance

Example: How mortgage change could help Bay Area buyers

More reference from “The California Budget Project”

Locked Out 2008: The Housing Boom and Beyond

The irony of the recent softening in home prices is that while it has put thousands of homeowners at risk of foreclosure, it has had little impact on the affordability of housing for the typical California family.
Link to see the 60 pages of pdf report

Locked Out 2008: A Profile of California’s Counties

A supplement to Locked Out 2008 provides county-specific data on California’s housing crisis.
Link to see the 54 pages of pdf report