Inman News reports: Cap tied to median home price would limit increases.
A $150 billion economic stimulus package overwhelmingly approved by the House of Representatives Tuesday would raise the conforming loan limit and the upper threshold for FHA loan guarantee programs to as much as $729,750 in high-cost areas, but only until the end of 2008.
The bill would also restrict Fannie Mae, Freddie Mac and the Federal Housing Administration from guaranteeing or purchasing loans above 125 percent of the median home price for a given area. That means that should the bill become law, the existing $417,000 conforming loan limit for mortgages eligible for purchase by Fannie and Freddie would not increase in areas where the median home price is $333,600 or less.
It would be up to the Secretary of Housing and Urban Development to determine the median home price for different housing markets “as soon as practicable,” but no later than 30 days after passage of the bill, relying on existing commercial data where needed.
The existing limit for Federal Housing Administration loan guarantee programs is $362,790. The higher limits for FHA loan guarantees are also set to expire at the end of the year, unless Congress passes other legislation intended to modernize FHA programs by introducing risk-based pricing and lowering down-payment requirements.
While House leaders thought they had reached an agreement with the Bush administration to include FHA modernization as part of the stimulus package, they agreed to continue working on that issue separately at the administration’s request, the Associated Press reported.
Passed in a 385-35 vote, HR 5140, the Recovery Rebates and Economic Stimulus for the American People Act of 2008, would provide tax rebates of $600 to $1,200 per family and about $50 billion in tax breaks for businesses.
The Senate is debating an economic stimulus bill of its own, which could come to a vote this week. While Sen. Richard Shelby, R-Ala., has advocated tighter oversight over Fannie Mae and Freddie Mac before increasing the conforming loan limit, it’s unclear whether opponents will be able to introduce amendments blocking the plan, which has the support of many Democrats.
But the Bush administration has warned that the entire economic stimulus package could be derailed if the Senate attempts to add more programs to it.
Sen. Charles Schumer, D-N.Y., said Tuesday he will call for an additional $500 million in emergency foreclosure prevention measures in the stimulus plan, Reuters reported.
這項由布希提出, 經眾議院同意的, “有期限的提高聯邦擔保貸款(Conforming Loan)上限額度方案”, 讓其額度由原本的41.7萬調高至72.9萬, 但僅適用於2008年, 由於 聯邦擔保貸款(Conforming Loan)的利率要比高額貸款(Jumbo Loan)要低, 因此這項方案將有助於預計今年將在房價昂貴的舊金山灣區購屋的買家, 可享有更好的貸款利率. 我們也預估, 原本猶豫不決, 處在觀望的準買家, 也會因為這項方案的時效性而出手購屋.
有意思重新貸款的屋主, 應該先請銀行或Mortgage Broker幫你以現有的貸款金額, 房屋價值, 貸款年限及利率等等做評估, 如果扣除手續費後仍有差價, 才在今年年底前重新貸款, 因為不是每位屋主都適合重新貸款的.