The Economic Stimulus Package as it refers to loan limits:

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 The House and Senate passed the Economic Stimulus Package, which includes increases to standard GSE (Fannie Mae & Freddie Mac) loan limits and FHA loan limits. As of February 13th President Bush has signed this package into law.   

We are working diligently with HUD, Fannie Mae, Freddie Mac and FHA to fully understand how they intend to implement the loan limit increases granted by the new legislation and will be implementing these changes as soon as possible, based on the direction we receive from them. 

Here is a brief description of the information that we have been made aware of: 

Overall: 

• The increases are a temporary solution.
• The higher loan limits will not be immediately available. 
• Changes related to FHA Modernization were not included in the Economic Stimulus Package.

GSE Loan Limits: 

•  Limits may be as high as $729,750; however, $729,750 will not be the nationwide loan limit. 
• We are expecting the Orlando area conforming loan limit to be increased from $417,000

FHA:

• Loan limits in high-cost areas may increase to as much as $729,750.
• To determine high-cost areas, the calculation factor will increase to 125% of the area median sales price.
• The increase applies to loans with a credit approval issued prior to Dec. 31, 2008  
• We are expecting the Orlando area loan limit to be increased. 

If you have further questions, please call us at 407-539-3476