Economic Stimulus Act – How does it effect Jackson Hole??
The Economic Stimulus Act of 2008 signed into law by President Bush in Feb. provides help for some homeowners facing a more challenging lending environment. The act contains provisions to increase the availability and affordability this year for the kinds of loans that finance many Jackson Hole area homes.
The act provides a good opportunity for homeowners who purchased homes in the Jackson or Teton Valley of Idaho area during the past 3-5 years and used an adjustable rate mortgage to fund the purchase. Between March 1 through December 31 new jumbo-conforming loan limits apply. The economic stimulus package temporarily increased the limit on mortgages that can be purchased by the government-sponsored Freddie Mac and Frannie Mae. The Office of Housing and Urban Development, Freddie Mac and Frannie Mae have designated Teton County, Wyoming, and Teton County, Idaho, as among certain high-value areas of the country where a higher loan limit will be necessary to be coupled with a lower conforming rate. The traditional loan amount is still $417,000 but the jumbo conforming loan limit is now $693,750.
The new rules only apply to 30-year fixed rate and five year adjustable mortgages.
For more information on the new mortgage rates feel free to touch base with Taylor Mortgage, John Curry at 307-733-5800 or T.R. Pierce at the Bank of Jackson Hole 307-733-8064. They’d be happy to assist you. If you are interested in real estate information please feel free to call Garth Gillespie 307-413-5243 or email me.