President Bush signed the housing bill this morning, ending any minor speculation that he in fact would!

It is hoped the action will provide mortgage relief for 400,000 homeowners struggling to retain ownership of their homes. It is also hoped that it will assist in stabilizing financial markets.

As reported by California Association of Realtors and other publications, this bill permanently increases the conforming loan limit to $625,500. In February, the Economic Stimulus Act of 2008 was signed, temporarily raising the conforming loan limit in high-cost areas to $729,750 from $417,000 until December 31, 2008.

There is a more detailed accounting of what this important bill will provide at the link below.

Written for GreatWest GMAC
by: Myrl Jeffcoat