President Bush signed into law the propsed economic stimulus package, among other benefits raising the loan limits from $417,000 across the country to a number equal to 125% of the median home price across the country. For the Ultra High cost areas in Orange County California, this results in a conforming loan amount of up to $729,750. The effects of this package according to the National Association of Realtors will be approximately 350,000 more new home sales this year.
The time is right to buy now. The impact of the stimulus package should stabilize the home prices in the 500-800,000 price range by providing easier access to competitve loan products underwritten by the GSE's FNMA (Fannie Mae), FHLMC (Freddie Mac)and FHA/VA.
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