What Will You Do with Your $100,000 Housing Credit from Uncle Sam?

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Economic stimulus package is a sweet deal for California homeowners.

there has been a slight correction, but the home values here are protected by the limited supply and high demand to live here.

Your $600 tax rebate may be in the mail soon, but if you live in Orange County California and other "high cost areas", there is much bigger news in the recently passed Economic Stimulus Package of 2008.

According to Paula Pelton, a real estate agent in Yorba Linda California, "You could essentially qualify for an extra $100,000 of buying power on your next home purchase. And, with market conditions as they are, you can count on saving even more on your purchase."

In fact, Pelton has set up a "Stimulus Benefits Package" to help homeowners take advantage of the recently passed legislation.

Between July 1, 2008 and December 31, 2008 this new law will raise the "conforming loan limits" on loans Fannie Mae and Freddie Mac will insure from $417,000 to $729,000. But only in high cost areas. (like Orange County California)

What that means to you is that you won't have to pay an extra point of interest if your loan is over the old limit of $417,000. So, with a conforming loan, you would be able to afford more home for the same payment you're making now on your jumbo loan.

Remember the old FHA, 30 year fixed loans? Those are back too, but with these changes, you'll be able to use an FHA loan to buy a home in sunny California.

However, this change in loan rates is temporary. It's only through the end of the 2008 year. So, now is the time to get your credit report check up, get your finances in order, and begin looking around for the best deals. In fact, with news like this already on the horizon, if you've been waiting until the real estate market to hit bottom before you buy - - You may already be too late.

In highly rated communities like Yorba Linda California, multiple offers are already back on nice properties. "Yorba Linda real estate is like most of Orange County," says agent Paula Pelton, "there has been a slight correction, but the home values here are protected by the limited supply and high demand to live here."

So, if you've been waiting for the best time to buy, the next 6 months could be your opportunity to own the home of your dreams with the payment and interest rate that's the envy of the neighborhood.

Contact Paula Pelton with Prudential California Realty in Yorba Linda California. 714-348-2359 http://www.PeltonTeam.com tom-pel@msn.com For more information on conforming loans and the "Stimulus Benefits Package."

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