Real Estate Journal

A $150 billion 2008 Economic Stimulus Package was supposed to have jump started the flagging economy, but a lot of people still find it difficult to understand why another $150 billion has to go to the country’s national debt. The new law provides for the expansion of loan limits for “conforming” loans that are beyond the current $417,000 maximum for each person. This will not apply tp some areas where new loan limits are tied to 125% of the median price in specific markets.

Local borrowers in the January Ada County will not benefit, with the median price at about $220,000 as the country limits. Potential buyers living in more expensive markets, like Calfornia, may be able to seel their homes, so that they can live in other areas. But new and larger loans do await them. New rules and regulations are being formulated but these could these new loans cannot be included in the same mortgage pools similar to those previous oan pools that conform.

Also the government needs severy months to determine the median prices for each of the various areas of hte country.