{"id":2579,"date":"2008-02-08T09:07:29","date_gmt":"2008-02-08T16:07:29","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=2579"},"modified":"2008-02-08T09:07:29","modified_gmt":"2008-02-08T16:07:29","slug":"higher-loan-limits-ok-ed-by-senate","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2579\/higher-loan-limits-ok-ed-by-senate\/","title":{"rendered":"Higher Loan Limits OK-ed by Senate"},"content":{"rendered":"

We talked about the foregone conclusion of higher loan limits for conforming and HUD loans two weeks ago<\/a>:<\/p>\n

The word inside the Beltway is that the deal has been fast-tracked for approval (by The Senate and President) under the following terms:<\/em><\/p>\n

1- GSE (conforming) loan limits will be temporarily increased to $650,000 and remain in place until 12\/31\/2008. That means that states like California, Illinois, New York, Massachusetts, and New Jersey will get some much needed relief.<\/em><\/p>\n

2- FHA loan limits, currently locked at $362,790, will be recalculated to 125% of the county\u2019s median price, with a limit of $729,000. This is useful for states like California where the conforming loans are subject to LTV decreases due to declining market conditions. FHA loans aren\u2019t subject to those blanket LTV guidelines. This loan limit hike is expected to be permanent, unlike the temporary GSE hike.<\/em><\/p><\/blockquote>\n

Nothing is rock-solid; it\u2019s all rumor at this point.<\/strong> The Senate will play with the numbers but the Beltway Crowd says that President Bush has signaled the loan limits he will support, today. Expect this to be a reality sometime between Valentine\u2019s Day and St. Patrick\u2019s Day. <\/em><\/p><\/blockquote>\n

The Senate played some politics, then promptly passed the bill<\/a>:<\/p>\n

Congress on Thursday passed a $152 billion economic stimulus package designed to provide a timely, targeted and temporary boost to the flagging U.S. economy. <\/em><\/p>\n

One day after Republicans successfully filibustered a broader plan favored by the Senate Finance Committee, the Senate approved the Republican-backed measure, nearly identical to one passed by the House last week, on an 81-16 vote. <\/em><\/p><\/blockquote>\n

The House approved the measure hours later on a 380-34 vote.
\nPresident Bush is expected to sign the legislation quickly.<\/em><\/p><\/blockquote>\n

President Bush telegraphed his likely approval:<\/p>\n

“This plan is robust, broad-based, timely, and it will be effective,” Bush said in a statement released by the White House. “This bill will help to stimulate consumer spending and accelerate needed business investment.” <\/em><\/p><\/blockquote>\n

Just in time for Valentine’s Day. Get those loan applications in now; the herd will be stampeding in March<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

We talked about the foregone conclusion of higher loan limits for conforming and HUD loans two weeks ago: The word inside the Beltway is that the deal has been fast-tracked for approval (by The Senate and President) under the following terms: 1- GSE (conforming) loan limits will be temporarily increased to $650,000 and remain in […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[],"class_list":{"0":"post-2579","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2536,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2536\/conforming-loan-limit-of-650000-fha-loan-limit-of-729000\/","url_meta":{"origin":2579,"position":0},"title":"Conforming Loan Limit of $650,000, FHA Loan Limit of $729,000","author":"Brian Brady","date":"January 24, 2008","format":false,"excerpt":"A conforming loan limit of $650,000 and an FHA loan limit of $729,000 are being telegraphed as part of the Economic Stimulus Package of 2008. Inman News reports that Congress backed a temporary loan limit increase to $625,000: The government-sponsored enterprises, or GSEs, may soon be allowed to back loans\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4812,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4812\/other-types-of-credit-may-be-feeling-the-crunch-but-home-mortgages-are-still-readily-available\/","url_meta":{"origin":2579,"position":1},"title":"Other types of credit may be feeling the crunch, but home mortgages are still readily available","author":"Greg Swann","date":"October 4, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0Other types of credit may be feeling the crunch, but home mortgages are still readily available Bad news about the economy is coming in from all directions, so you may be in the mood for some good\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14833,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/14833\/the-sky-is-falling-and-so-are-loan-limits\/","url_meta":{"origin":2579,"position":2},"title":"The Sky is Falling… and So Are Loan Limits","author":"Sean Purcell","date":"July 25, 2011","format":false,"excerpt":"The most recent loan limit in San Diego County has been $697,500, thus making it exceedingly difficult for those of us who toil away in the real estate salt mines of America's Finest City to keep beautiful San Diegans housed in the luxury to which they have become accustomed...","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9325,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9325\/va-jumbo-mortgages-determining-the-down-payment\/","url_meta":{"origin":2579,"position":3},"title":"VA Jumbo Mortgages: Determining The Down Payment","author":"Brian Brady","date":"July 28, 2009","format":false,"excerpt":"Sean Purcell and I are really figuring VA-guaranteed\u00a0 jumbo loans.\u00a0 We're getting a steady stream of business from high-cost California counties.\u00a0 One of the common misconceptions is that VA loans are capped at the county loan limit, like FHA and conventional mortgages.\u00a0 I'm going to walk you through the formula\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4751,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4751\/va-and-fha-higher-loan-limit-extension-through-2011-the-main-street-bailout\/","url_meta":{"origin":2579,"position":4},"title":"VA and FHA Higher Loan Limit Extension Through 2011: The Main Street Bailout","author":"Brian Brady","date":"September 30, 2008","format":false,"excerpt":"We don't have a \"Main Street\" in Southern California; we have the US Route 101 (or CA State Highway #1). We call it the Coast Highway, the Pacific Coast Highway, or the PCH.\u00a0 When I think of a bailout plan for Main Street, I think of it for homes within\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10081,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10081\/pent-up-demand-seen-in-purchase-ready-renters\/","url_meta":{"origin":2579,"position":5},"title":"Some Updates from the Marble Tower","author":"Dave Phillips","date":"October 14, 2009","format":false,"excerpt":"Here are a few pieces of kibble from NAR that I thought the Pound might want to chew on... \u00a0 Pent-up Demand Seen in Purchase-Ready Renters There are more than 16 million renter households in the U.S. with enough income to buy a home at the national median price, far\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/activerain.com\/image_store\/uploads\/7\/5\/9\/6\/8\/ar124076527886957.jpg?resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=2579"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2579\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=2579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=2579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=2579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}