This is maybe the first thing EVER from Bush that has actually made us HAPPY. With the stimulus plan, they intend to increase the jumbo loan limit to $625,000 for 12 months. You see, anything under the jumbo loan limit gets a much lower interest rate than above that limit. Before it was around 417K which would have caused us to get a percent or more interest rate higher because our loan would have been around 575K. Here's a quote from the news:
"For instance, the interest rate difference between loans that fall
within the cap limit and jumbo loans was more than 1 percent on Thursday
-- 6.39 percent compared with 5.30 percent, according to Bankrate.com.
On a $500,000 mortgage, the difference is about $350 a month."
Below is the full story:
http://money.cnn.com/2008/01/25/real_estate/stimulus_plan_targets_pricy_housing/index.htm
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1 comment:
That's good! I'm just as excited about the proposed $1200 that may be coming our way. Installed floors, here we come!
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