Yesterday it was announced that Congress and the White House had come to an agreement on an economic stimulus package that would raise the limit for conforming home loans, those backed by government-sponsored loan securitizers Fannie Mae and Freddie Mac, from the current $417,000 to about $730,000 in the most expensive states (of which we are obviously one).Why does this matter? Because the rates on conforming mortgages tend to be quite a bit lower than those on loans above $417,0[...]
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[Source: The Money Blogs]
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