Good information from Brenda DeArmond

The House and Senate recently passed broad-based housing legislation which was signed into law by President Bush on July 30, 2008. It includes the creation of a strong regulator for Fannie Mae and Freddie Mac, changes in conforming and FHA limits, a modernization for FHA, and the Hope for Homeowners plan, which may help distressed homeowners by refinancing with FHA. These should all be effective January 1, 2009. The FHA limits are set per county so be sure to check with your mortgage professional as to the limits for your county. The minimum downpayment will increase from 3% down to 3.5% down.