What We Get from The Stimulus Package?

Just got a e-mail message from the National Association of Realtors. It outlined some benefits for homeowners and investors in Obama's stimulus plan. And I'd like to share with you.

1) in high cost areas, loan limits will be raised to $727,000.

2) the tax credit will be raised to $8,000 with NO payback, therefore, it will be a true credit.

3) interest rates will come down 125-150 basis points.

4) the bill has over $50 billion in it for foreclosure mitigation. On top of that, Geitners Treasury plan signaled that the second half of TARP and TALF would be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages.

5) Fanniemae has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

Unfortunately, the highly anticipated $15,000 buyers' credit did not get through. It was considered "too rich" for this package. Go figure!

Well, the information on the stimulus package and the housing market is so wild these days. It is so hard to tell the truth from the rumor. Tomorrow I am attending a conference on what Obama plan is trying to do. I will let you know more in next message.