It has been signed, into being something that will happen, on February 17.  Apparently, those powers that be have 30 days to finalize the package.  What is the economic stimulus package was designed to do.  Looking at it from a lay-person’s perspective - It should be able to kick start the housing market and allow other factors that depend on Real Estate to start to move and increase. 

Here are some of the things that are on the table:

When you borrow over 417K you are in a jumbo loan configuration - That means that those 10 year bonds are sold on the foreign market are is how these items are being bought and sold - Thereby making that interest rate for the Jumbo loan product more than the main line under 417K loan amount.  If they do indeed agree that the $417,000 figure should be increased to where the rumors lie - That would be somewhere, depending on local economic figures, at $750,000.  What would be the charge for borrowing money - Where would the banks make their money.  Would there be a loss recorded being able to capture a $750,000 loan amount at 5.5% interest? These are questions that pop into my mind - Oh Ye (me) of So Little Trust.

Also they are talking about increasing the FHA loan amount.  $360ish"K" is where that is.  If they did increase that figure to over $550K, then that would open the market to people wanting to purchase homes in those amounts.  But, we still have the qualification process and the restrictions that have been put in place by those regulators.

Long Term Survivability - This package is only good for one (1) year.  That should put some hot pokers to those buyers that are on the fence.  But the underwritten allowances would allow for this to increase for another year (one) after a "study" was conducted. 

Is it a good thing?  That one is tough question to answer and would take more "sheepskins" than I possess.  However, being a person that people can talk to helps my drive and mission.  To bring you the very best in Real Estate in Santa Clarita Valley, Antelope Valley and both Ventura County and Los Angeles.  I also want you to know your loan is covered.  I do not originate loans.  But for a buyer, where your closing costs are only made up of Title, Escrow and the Lender’s fee, it is important for us to have a handle on the Loan Process and what to educate you to look out for.  That is what we do - We want you to have that Good Faith Estimate generated from the lender you choose - We also want you to have a copy of your credit report made - We want to have a look see on what you have been given by any lender.  There are a lot of good lenders in the world - as their are a lot of good Realtors.  But with the good, we have the bad entering stage left in droves. 

One thing that I cannot stand, is any type of injustice being done on another by someone that deems themselves superior or is superior.  This is why I have strived so long to produce positive results as a Los Angeles Policeman 1990-2007.  Why I still am an Active Reserve Officer (Twice a Citizen).  This is the primary reason that I have entered this profession, of Real Estate, back in 1998.  I hate to see injustice and wish to make all of the wrongs done to those of us that cannot protect ourselves or understand the right from wrong.  If I have one mission in life, it is to make sure everyone has a great experience in any and all Real Estate Transactions - Never being slighted, or viewed as the next meal ticket by one of those predators. - Enough of the Soap Box - CONNOR with HONOR

I hope you realize this is a training DAY!  - But funny just the same…