Economic Stimulus plan and what it means to the South Bay

An informational note on the 2008 Economic Stimulus plan:

The Economic Stimulus plan, as a lot of you may know, was signed through on Feb 13th, 2008 and establishes a temporary increases to Fannie and Freddy's conventional loan limits for first lien mortgage loans in high cost areas, as defined by the US Department of Housing or better known as HUD.

For us folks in the south bay, are loan limit is the full $729,750 so it's time to save yourself some money if you are in the market. Remember that this loan limit is only good through 2008, which means your loan must fund and close in 2008. Fannie Mae finally announced last week that they will start purchasing loans with this new limit starting April 1st, 2008, so be sure to give your lender a call to run some new numbers if you fall within that loan amount. If you don't have a great lender I highly recommend Adeline Johnson from Century Oak Mortgage. She is a great resource for you to have on your side! Happy buying!