Good News Friday Podcast
Week 9
February 15, 2008
(4 Minutes and 40 Seconds.)
(Click The Play Button Above To Listen To The Podcast.)
Hello and Welcome to Good News Friday! Today is Friday February 15th 2008. My name is Bruce Karasik.
Each week we bring you good news and positive developments in the Real Estate Market, Mortgage Market, in our economy and our country. If you miss any podcast, we have archived all or our past shows so you can listen to them at any time by going to www.GoodNewsFriday.com.
The good news for today is that President Bush signed into law this week the $151 billion stimulus package which did more than just provide rebates to tax payers. There are specific provisions in this bill that increase the maximum loan limit for conforming loans. Those loans backed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance companies. This bill will increase the current limit from $417,000 to as high as $729,750 depending on the median home price for your area. However, not everyone will benefit from this new law. I had some extensive discussions today with the office of Congressman Gallegly in and with Senator Boxer’s office also in Washington.
The people who will benefit from this bill are people who purchased their home or will purchase their home between July 31, 2007 and December 31, 2008. So if you were thinking of buying a home this year, the government is giving you an incentive to do so by providing lower interest rates to more people. Conforming rates have been traditionally lower than jumbo rates. Buyers who act now will be saving thousands of dollars over the life of their loan. This bill has some very complicated provisions in it and Banks and lenders across the country are working around the clock to interpret the language and put the new provisions into place.
The other benefit of this bill is that FHA limits were also increased. So people who qualify for an FHA loan will be able to buy a higher priced home and still qualify for benefits of the low down payment that FHA loans provide.
In order for you to know if you qualify for the benefits of this new bill you need to talk to a professional who understands its complexities and able to explain them to you. Now more than ever is the time to give us a call so we can analyze your unique situation and give you advice and counsel.
The key to success is having the right advisers and consultants in place so you can have the right strategy. As your trusted Real Estate consultants and advisers, we at the Karasik Team work in our unique ability. My unique ability is consulting, negotiating and overseeing the transaction details. We take a customized approach and enable our clients to make informed decisions to accumulate wealth through Real Estate. In addition, we at Karasik and Associates, Mortgage Consultants, can help you come up with a strategy to determine whether this is the right time for you to buy your first home or to refinance your existing home.
Bruce@TheKarasikTeam.comWe continue to believe that homeownership will remain to be the best avenue for American families to secure their financial future. I look forward our continuing dialog and we invite your feedback. Please feel free to email me at Bruce@TheKarasikTeam.com, or call me at my office at 805-267-0366, or you can post your responses on our blog at www.GoodNewsFriday.com.
So we do have some good news to be grateful for. And so, my friends, I wish you and your families a Happy, Healthy, and prosperous week. And that’s it for now. I’ll see you back here next week for another episode of Good News Friday!
