Once the economic stimulus package becomes law, how long until the new Jumbo mortgage is implemented?
Wednesday, December 30, 2009 10:19Posted in category 2009 Stimulus Check
Under the economic stimulus package »”>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.
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WFR says:
December 30th, 2009 at 11:09 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.