Mission Viejo and Orange County, California Real Estate Blog

President Signs Stimulus Bill

Last week Congress passed the American Recovery and Reinvestment Act of 2009. President Obama has signed the bill today. Among other things, the stimulus legislation resets the conforming loan limit cap at $729,750, up from $625,500 and reinstates these 2008 loan limits through Dec. 31, 2009.

The bill also increases the

President Signs Stimulus Bill

Last week Congress passed the American Recovery and Reinvestment Act of 2009. President Obama has signed the bill today. Among other things, the stimulus legislation resets the conforming loan limit cap at $729,750, up from $625,500 and reinstates these 2008 loan limits through Dec. 31, 2009.

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.

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. (Brought to you by C.A.R.)

Fannie Mae recently announced an expanded policy regarding multiple mortgages to the same borrower. To help support the recovery of the housing market, Fannie Mae is increasing its limit from four loans per borrower when the mortgage being delivered to Fannie Mae is secured by an investment property or second home, to a maximum of 10, for high-credit quality investors.

Eligibility and underwriting requirements include a minimum FICO score of 720 and 70 to75 percent maximum loan-to-value (LTV)/combined loan-to-value (CLTV)/home equity combined loan-to-value (HCLTV), depending on the transaction and type of property. The requirements apply to any investment property or second home loans being delivered to Fannie Mae, regardless of whether Fannie Mae is the investor on the borrower's other mortgages.

C.A.R. and NAR are working with Freddie Mac and are hopeful it will follow Fannie Mae by adopting the same policy changes. We will continue to keep you updated on policy changes and legislation regarding the housing market recovery.

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