President signs economic stimulus bill, which includes raising conforming loan limits

President Bush today signed off on the $168 billion stimulus packaged approved by Congress last week, which, in addition to tax rebates for millions of working Americans and business owners, includes a vital, but temporary increase in the conforming loan limits up to $729,000 in higher cost areas (here link for more info) http://www.car.org/index.php?id=MzgyNTI=
This is very helpful to the market... loans over $417,000 were considered jumbo prior to this, automatically increasing the interest rate by roughly 1%. On a $600,000 loan that lowers a payment by $500+ per month! It may take a little while for the effects of it to be seen in the market but it’s a boost we really needed.
The stimulus package also will deliver tax rebates of $600 to $1,200 to taxpayers, and $300 checks to disabled veterans, the elderly, and other low-income people.