FANNIE MAE AND FREDDIE MAC TO RAISE LIMIT TO $729,750

From what I am reading this morning the Economic Stimulas Package sent to Bush includes steps to help the housing market. The most important step is to raise the ceiling for FNMA and FHLM. By raising the ceiling to $729,750 from the current level of $417,000 it lowers the interest rate for those borrowers. One thing I have been trying to discover is will the limit be $729,750 everywhere. I have heard rumors of the limit going up to 125% of the average price, not to exceed $729,750. I cannot find any data regarding that specification. For us in Arizona we want the limit to go to $729,750, not 125% of the average price. Our average price is $313,000. So, to raise the limit to 125% of that does us no good, the limit is already higher.

Let's pray the limit goes to $729,750 EVERYWHERE!