"Congress voted on a $790 billion economic stimulus bill that includes a modest expansion of a first-time homebuyer tax credit and restores to
$729,750 the upper loan limit in high-cost areas for Fannie Mae, Freddie Mac and FHA loan guarantee programs."
http://www.inman.com/. The prior limit was $417,000.
This may help those on our North Georgia Lakes, including Lake Lanier, Sinclair, Oconee, Chatuge, Nottely and others to sell and buy these homes.
Of course we need to see an increase in JOBS in order for people to be able to afford these higher priced lake homes. My concern: The jobs that are being created do not appear to be the higher paying jobs that people will need to afford high priced housing.
But there are always those who will qualify for these loans and now that this loan limit has been almost doubled, it could shake lose those buyers that have always wanted a lake home and can now get the loan which was so elusive in the past.
Happy Valentines Day to everyone out there.
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