Once the economic stimulus package becomes law, how long until the new Jumbo mortgage is implemented?

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Under the economic stimulus package, the amount eligible for a conventional loan would be increased, raising it from $ 417,000 to more than $ 729,000 in some areas.

The question is, how long until that filters down to home buyers and those needing to refinance?
The economic stimulus package has been sent to the President for his signature on the night of February 7th. He has indicated that he will sign it into law.

Savings and Loans approved and loane money to people who truthfully could not afford to pay back, and now the raminding portion of the loan is equal to more than the house appraises at.

Will the Stimulus Package, with interests due, become larger than what our country is worth.

I love my country dearly, but that package is going to destroy the value of our dollar. Do you agree or disagree ?

2 Comments
  1. Reply
    WFR
    February 2, 2011 at 3:15 am

    That’s a great question, but unfortunately no one knows. With the legal wrangling going on over the stimulus package and everyone trying to get their own version passed, it’s hard to say when or if anything will get done. If it is passed, there will surely be logistical details to work out so we can just hope for the best.

    Edit:
    The proposed time frame they say is less than 30 days. The Secretary of Housing and Urban Development (HUD) would have to determine the median home price for various housing markets no later than 30 days after passage of the bill.

  2. Reply
    ktray1275
    February 2, 2011 at 3:39 am

    agree what else is this idiot going to bail out? life on mars certainly they havent been in good shape lately

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