Economic Stimulus Package on the Way to the President!!

02/08/2008 by Pamela St. Peter

Great news for troubled homeowners! Last night, Congress approved HR 5140, the Economic Stimulus Package and it is now on its way for President Bush’s signature. The Senate added low-income seniors and disabled veterans to the list of people who would receive money under the House-approved package, then passed the bill by a vote of 81-16.

The House then passed the bill with the added Senate language by a vote of 380-34.

This legislation includes increases to the GSE (which stands for Government Sponsored Enterprises - they are a group of financial service corporations created by the United States Congress) and FHA conforming loan limits.

Borrowers will see immediate relief with new liquidity in the mortgage market and the nation will likely see an increase in home sales. The increase in the FHA limits will mean an additional 138,000 Americans will purchase homes, and 200,000 families can refinance now, safely and affordably.

Over 83,000 REALTORS® took action by lobbying their Senators and Representatives to help bring this bill to the President.