727: Not Just an Airplane Anymore!

It looks like under the stimulus passed this week and about to be signed into law by President Obama, the Fannie Mae mortgage limit will go up to $727,000.

This is not across the country, but in “high cost” areas. So, if you are in LA county, you can rejoice if you need a mortgage up to that size but if you are in Philadelphia, the limit for jumbos probably won’t go above $420,000 (big deal, because rates are better at $417,000).

Also, the first-time buyer tax credit is now at $8000 and will not have to be repaid! Good new for those that fit into that category. If not, I have ranted about what else should happen (please see below).

But, let’s not look a gift horse in the mouth (did I just call Congress a horse)!

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