Here they are, part of our recovery act to stimulate the market. The FHA limits have been increased again to where they were last year. $729,750 in most counties. I have also inclosed a few attachments which outline all the counties in the country. For all the Northern Virginia Counties, it will be the max which is covered under the attachment titled ceiling and for those counties on the outskirts you will be able to find for the ones in between the floor and the ceiling.
With all the changes in the loan programs and investors tightening up on conventional loans especially JUMBO, FHA and VA are back and in full force.
VA loans are now 100% upto $812,500 in case you didn't know
Jumbo loans (above $625,500 and not a VA or FHA) are looking really good right now, in you are looking to purchase or refi. Today a 5/1 ARM was 5% and a 30 yr was 5.5%, thats awesome for hugh money such as this.
Sunday, March 8, 2009
Saturday, March 7, 2009
Obama's plan to minimize Mortgage Interest Deduction!!!
You may have seen news reports about President Obama’s budget proposal that was released today at 11:30 AM Eastern Time. A small section of the sweeping budget plan has the potential to become a major impediment to a recovery in real estate markets across the nation. NAR is 100% opposed to the provision that modifies the Mortgage Interest Deduction and is prepared to use its formidable array of resources against its enactment.
As currently drafted, the plan changes the Mortgage Interest Deduction by reducing the amount of mortgage deductibility on families earning over $250,000. This proposed change in the Mortgage Interest Deduction will result in further erosion of home prices and home values. If this proposal is enacted it will lead to a new round of price depreciation, will cause greater distress on the balance sheets of banks as the collateral value of mortgage backed securities declines. A second credit crisis could emerge before the first one is resolved.
As you read this NAR is launching a multiphase plan of action to eliminate this provision from the budget plan. In the next 24 hours, NAR will be expressing our concerns directly to President Obama, to all members of the United States House of Representatives and the Senate, placing advertisements in the publications read by Washington, DC decision makers
As currently drafted, the plan changes the Mortgage Interest Deduction by reducing the amount of mortgage deductibility on families earning over $250,000. This proposed change in the Mortgage Interest Deduction will result in further erosion of home prices and home values. If this proposal is enacted it will lead to a new round of price depreciation, will cause greater distress on the balance sheets of banks as the collateral value of mortgage backed securities declines. A second credit crisis could emerge before the first one is resolved.
As you read this NAR is launching a multiphase plan of action to eliminate this provision from the budget plan. In the next 24 hours, NAR will be expressing our concerns directly to President Obama, to all members of the United States House of Representatives and the Senate, placing advertisements in the publications read by Washington, DC decision makers
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