Fed Stimulus Package Could Boost FHA Home Loan Business For Appraisers

By Ken R. Trippet • March 24th, 2008

I wanted to share some information that you may or may not have seen regarding the “Fed Stimulus Package” President George Bush Signed. This information was given to me by an instructor here in Southern California. This should bring new loan business and new appraisal business.

1. FHA……New loan limits of 125% of median price with a max. of $729.750. Reverse mortgages, 203(k) loans and standard loans should increase also.

2. Conforming Loan Limits…..could be raised to as high as $725,000.

3. Tax Rebates. More cash for buyers!

4. Refinances….Will become affordable again! The Federal Stimulus package included raising the conforming loan limits for 2008. The new FHA loan limits were recently posted: https://entp.hud.gov/idapp/html/hicostlook.cfm

Fannie Mae and Freddie Mac have also been changed. These changes should have a positive effect on the lending and appraisal industries. We all should become approved w/FHA (if you are not already) to obtain the ability to perform those appraisals. I know we can all use more and new avenues of income.

 

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