Arizona Mortgage Rates for November 14, 2008
Mortgage Related News This Week
This week, the new loan limits effective January 1, 2009 were announced by the government. For conforming loans, the loan limit stayed at $417,000 for all of Arizona. For FHA loans, the loan limit went down to $271,050 for all counties except for Coconino where the FHA loan limit is $333,500.
In addition to the new loan limits, there was much discussion this week about the federal government using some of the 700 billion bailout package to incentivize lenders to modify mortgages at record numbers and possibly guaranteeing up to 50% of the losses.
This mortgage-modification plan is a hot topic right now – so hot in fact that KTAR contacted us to speak about it on the air where we had a brief question and answer session with callers moderated by KTAR superstar Darrell Ankarlo.
Will the mortgage modification plan pass? Stay tuned. In today’s financial world, I have learned that you can’t rule anything out – particularly if the government is thinking about getting involved.
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