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Discussion Starter · #1 ·
Congress and the White House have agreed to specific elements of a proposed stimulus package to get the economy moving again. On top of getting your $600 checks, they also increased the loan limits on Fannie Mae and FHA loans to $729,725

"Housing rescue

Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on Federal Housing Administration loans from $362,000 to as high as $729,750 in expensive areas.

Increase the availability of mortgages by providing a one-year boost to the cap on loans that Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets."
 

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The next thing your going to tell me boat prices are going up:D:D
 

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Congress and the White House have agreed to specific elements of a proposed stimulus package to get the economy moving again. On top of getting your $600 checks, they also increased the loan limits on Fannie Mae and FHA loans to $729,725

"Housing rescue

Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on Federal Housing Administration loans from $362,000 to as high as $729,750 in expensive areas.

Increase the availability of mortgages by providing a one-year boost to the cap on loans that Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets."

Nice talk about digging a bigger hole:)hammers
 

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Nice talk about digging a bigger hole:)hammers
How do you figure? They aren't making it easier to get a loan, they are making loans more affordable in areas where homes are more expensive. Using the same solution for the entire country is stupid and punishes those of us who have the bad luck to live in places like california.:D
 

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How do you figure? They aren't making it easier to get a loan, they are making loans more affordable in areas where homes are more expensive. Using the same solution for the entire country is stupid and punishes those of us who have the bad luck to live in places like california.:D

True, I was refering more to the US government digging itself deeper not the consumer. With the dollar where it is and inflation pressure, but we will need to see.

As far as the consumer it might help some, but interest rate I don't think is the main reason for the bad housing it is at historic lows. the problem lies in the affordability to income ratio and tap credit out the arse. it could be 0% loan and It still is not low enough.

the average household income in California is below 60k if i remember right, that translates to a 250k or lower loan. Not a lot of home in that range....yet.;)
 

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True, I was refering more to the US government digging itself deeper not the consumer. With the dollar where it is and inflation pressure, but we will need to see.

As far as the consumer it might help some, but interest rate I don't think is the main reason for the bad housing it is at historic lows. the problem lies in the affordability to income ratio and tap credit out the arse. it could be 0% loan and It still is not low enough.

the average household income in California is below 60k if i remember right, that translates to a 250k or lower loan. Not a lot of home in that range....yet.;)
It is at historic lows, but just a few years ago it was even lower. I think there will be another refi boom in the next few months. Wont last a long time I dont think since you actually have to qualify for a loan now, but there are plenty of people who can affor their current loans who would still like to lower their payment.

As far as the average income in California, that figure trumps the national average by close to 20%, thats with 2-4 million illegals pulling at our coat tails insisting we give them more free shit for nothing.

If you ask me thats the problem with this stimulus package. Nobody that makes any money gets crap, yet they are the ones who pay all the taxes. Its just another scheme to rob form the rich and give more to the poor.
 

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Discussion Starter · #10 ·
That is very true - in a normal market. :D I have one loan officer who gets about 25 applications per month. 90% of them are upside down on value. But, even if the value was there, most can't qualify because their DTI ratios are worse than their LTV ratio. :))eek:))

It is a good thing that the 3 legged midget escort service is going pretty strong. :D
and FHA have ratios 28/43 makes it even tougher
 
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