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Congress Passes Economic Stimulus Package

Congress Passes Economic Stimulus Package

For months we have anxiously been awaiting the House and Senate to pass legislature to increase loan limits in many areas.  See the update from NAMB sent today (below).  We will post new loan limits once they are made available.

“Congress passed with overwhelming support an economic stimulus package that will now provide relief to millions of homeowners.

The stimulus package, which is expected to be signed by the President as early as today, will temporarily increase the conforming loan limits of Fannie Mae and Freddie Mac (GSEs) allowing them to now purchase loans up to $729,750 in the most expensive parts of the country, such as California and Massachusetts. The package also temporarily increases the FHA loan limits up to the same amount, depending on locale.  Further details will be sent to you after FHA and the GSEs determine the exact loan limits for each locality.”

We’ll keep you updated!

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

NMLS Unique Identifier #1838215

Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

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