However, as you should know by now, just because it was signed doesn’t make it effective immediately.
Here’s what needs to happen before you can get a $729,750 loan (sent by one of my wholesale lenders)
IMMEDIATE ATTENTION REQUIRED…
Recently, the President signed into law the new stimulus bill – called the American Recovery and
Reinvestment Act of 2009.
For conventional and FHA loans, the Act temporarily reverts the current loan limits back to the loan
amounts/levels allowed in 2008 with the Economic Stimulus Act. Three things must happen before
LENDER can accept loans with higher loan amounts:
1. The Agencies (Fannie Mae and Freddie Mac) and FHA must determine whether pricing, policy and/or
delivery requirements will be changed.
2. The Agencies and FHA must communicate their requirements to mortgage lenders.
3. LENDER must identify impacts caused by the Agencies’ and FHA’s requirements and implement the
Watch for additional information in the future about dates and specific changes. Until official notice of
the effective date for the American Recovery and Reinvestment Act of 2009 loan limits, Brokers should
continue to follow existing polices and processes regarding loan limits.