Happy Valentines Day

Late last evening, the U.S. Senate passed the American Recovery and Reinvestment Act of 2009 by a 60 to 38 vote. Earlier today, the stimulus package passed the U.S. House of Representatives in a 246 to 183 vote. Today's votes followed several days of negotiations by the House, Senate, and White House, with the final tab for the stimulus bill coming in at $787.2 billion.

On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in California experienced a marked decrease in their conforming loan and FHA limits on Jan. 1, and the stimulus bill reinstates 2008 loan limits through Dec. 31, 2009.  Santa Clara County is one of the counties that had their conforming loan limit reduced.

The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years. It also extends the expiration date for the credit from July 1 to Dec. 1, 2009.  Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit.

We are seeing some exciting offer and sales activity that we have not seen for several months.  Several lenders are also indicating that they are seeing signs of slight loosening on the lending guidelines which have been so restrictive for the past several months - hopeful positive signs.

Reader Comments

1.

，
搜索引擎优化


…杭州网站建设、杭州网页制作…！
…！Google推广、Google英文推广。
！…苗木、绿化苗木


…google排名！
…！上海侦探公司！！
！杭州特价机票，！
！是国内领先的通过搜索引擎优化seo、网站优化技术进行网站推广网站推广、网站排名。，
……杭州搬家公司…

Posted Thu May 06 06:45PM by gd

Add your comments

Please keep your comments relevant to this blog entry. Email addresses are never displayed, but they are required to confirm your comments.

Name*

Email

Comment*

* Please enter the text you see in the image above. This is required to reduce the amount of spam within comments on this blog.