February 15, 2007- President signs Law LIfting Conforming, FHA Limits
President George W. Bush signed into law the Economic Stimulus Act of 2008, which will send $300 to $1200 rebate checks to millions of Americans - and temporarily lift the limits for both conforming loans and loans backed by the Federal Housing Administration. (FHA).
One of the most visible aspect of the package are tax rebates of up to $600 directed to individuals and $1200 to couples. Rebate checks could begin arriving in May. They would be based on 2007 tax returns, which are due April 15.
The measure extends the increased FHA and conforming limits only until the end of 2008 unless Congress extends the time period later. For areas where the median home price is $333,600 or less, the conforming loan limit would not demonstrate an increase. The Secretary of Housing and Urban Development (HUD) would determine the median home price for various housing markets within the next 30 days.
