Robin Camacho
Las Vegas Real Estate
David McKee
Stiffs & Georges
Jean Scott
Frugal Vegas
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Posted At : January 24, 2008 12:38 PM | Posted By : Administrator
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The economic stimulus plan expected to reach President Bush for his signature in mid-February could bring some very welcome relief to buyers and prospective buyers of real estate.
The package includes a provision to raise the caps on FHA loans and home loans that Fannie Mae and Freddie Mac can purchase to $725,000. The current caps are $362,000 for FHA and $417,000 for Fannie Mae and Freddie Mac.
In high-cost areas where homes for $362,000 may not exist, it's tough for first-time homebuyers to purchase. FHA loans, which are not as FICO-driven as other loans, can be secured by first-time borrowers with a 3% down payment. Higher limits would allow more buyers to enter the market in areas designated as high-cost.
I'll be watching this to see what happens. I'll detail further implications to the Las Vegas real estate market as information arises.
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