We get a ton of questions every week regarding the Housing Relief Bill. This latest economic stimulus type Bill which passes the Senate has the following three goals: 1. Help distressed homeowners, 2. Tax credit for First time homebuyers and 3. Permanently increase Fannie Mae loan limits to $625,000. 
The most shocking provision of the Bill requires lenders to reduce a borrower's loan balance to 90% of the home's appraised value. The distressed borrower will then be able to refinance to an FHA loan.
The tax credit for first time homebuyers will be $7,500. However, it will only be eligible for homes purchased from April 2008 until April 1, 2009. And finally, it will increase loan limits to $625,000 to try and keep the high cost states humming along. This is a re-podcast.
If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.
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