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The long talked about economic stimulus package is closer to helping out the struggling economy

 

The President now has the ability to approve an economic stimulus package aimed at boosting the struggling economy.

The much talked about fiscal stimulus package has been approved by congress and now awaits the Presidents approval to go into affect. Here is what we know and the potential benefits to home owners. Key points of the pending legislation include provisions to temporarily raise the loan limits for Fannie Mae and Freddie Mac as well as the FHA insured loan programs. The temporary increase will allow the companies to guarantee loans up to $729,000 depending on the area of the country. States such as California have lobbied hard for this to be included as the demise of the jumbo loan markets have significantly limited home owner financing options. It is estimated that Fannie Mae and Freddie Mac are now ensuring over 80% of the lending market in wake of the credit crunch from last August and the government probably would prefer to lower that ratio but are faced with the task of boosting the struggling housing market. The proposal also call for tax rebates typically ranging from $600-1200 for most households which the government is hopeful will be quickly spend in the economy to help fuel growth.

2-9-2008 ? LoanNetwork.com

 

 

 

 

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