Real Estate Blog

Tax rebates:

Almost everyone earning a paycheck, including low-income earners will receive $300. Social Security recipients and disabled veterans making too little to pay income taxes would receive $300 checks as well, as long as they have at least $3,000 in income from various sources in 2007. People paying income taxes could receive rebates of up to $600 per individual and $1,200 for couples.

Families with children would receive an additional $300 per child. The full rebate would be limited to individuals earning $75,000 or less and couples with incomes of $150,000 or less, but a partial rebate would go to individuals earning up to $87,000 and couples earning up to $174,000. The caps are higher for people with children.

Click Here for PDF of Bill HR5140

Housing:

Federally insured loans are raising the limit on Federal Housing Administration loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.

The link below will show the estimated new loan limits for Fannie Mae and Freddie Mac under the economic stimulus package. These amounts are tentative and will be certified in about 30 days. Also keep in mind that we expect the FHA loan limits to be 85% of what you see here for Fannie & Freddie. Loan Limits