Stimulus Package to Help Refinance and Home Purchases
By Scott Dovala, Santa Rosa Mortgage and Home Loans
(Ascent Home Loans)
With the new stimulus package being nearly passed by the President, now is the time to start thinking about refinancing out of those higher interest option arm rates or purchasing a new home. We all know how California has suffered through this housing slump, mainly because of our higher median home prices. The majority of Californians could not even think about refinancing their homes due to the fact that our homes are still to far above the conforming loan limit of $417,000. While we sat and watched many parts of the country such as the Midwest and Southern portions of the US refinance into lower conforming rates, we were basically held hostage by the secondary markets where loans are bought and sold. Since the credit crisis became news, the secondary market has virtually closed down ...
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